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Arizona Becomes 2nd State To Make Gold & Silver Legal Tender
Just under a month ago we raised the prospect of a number of states following Utah (which authorized bullion for currency in 2011) down the path of gold and silver as legal tender. "The legislation is about signaling discontent with monetary policy and about what Ben Bernanke is doing," was how this shift was previously described and as Yahoo reports, the Arizona Senate on Tuesday approved a measure to make gold and silver legal currency in the state, in a response to what backers said was a lack of confidence in the international monetary system. The bill will make gold and silver coins legal tender as of mid-2014 and more than a dozen other states continue to mull the transition. Those against the bill argue somewhat ironically, "anybody who thinks gold or silver is a really safe place to put your money had better think again," anchored on the last two weeks, but as one supporter of the bill added, a "sound and honest money system such as gold and silver" is needed to bring stability.
Via Yahoo,
The Arizona Senate on Tuesday approved a measure to make gold and silver legal currency in the state, in a response to what backers said was a lack of confidence in the international monetary system.
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The bill calls for Arizona to make gold and silver coins and bullion legal tender beginning in mid-2014, joining existing U.S. currency issued by the federal government.
If signed into law, Arizona would become the second state in the nation to establish these precious metals as legal tender. Utah approved such legislation in 2011.
More than a dozen states have considered similar legislation in recent years, according to the National Conference of State Legislatures.
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He also pointed to the recent decline in the value of gold - which sank to $1,321.35 per ounce on April 16, its lowest price in more than two years - noting that "anybody who thinks gold or silver is a really safe place to put your money had better think again."
The push to establish gold and silver as currency has become increasingly popular in the United States in recent years
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... the legislation was needed to counter what he sees as insolvency in the global monetary system.
"The dollar system and all of the other derivative currencies, including the euro, are a recipe for worldwide bankruptcy," Weiner told lawmakers at an earlier hearing, adding that a "sound and honest money system such as gold and silver" was needed to bring stability.
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Ya'll missing the point...the point here will be to allow payment to people in G+S without the tax liability of its spot price...and as for Arizona not having water, do some research on the largest auquifer in the western US...we have more usable water than we can use and inject it back into the "dry" riverbeds...Just sayin.
This is how people can take back our country. We need to focus and work with local and state governments. Focusing on trying to change Washington D.C. by direct vote is a waste of time. We need to elect state officials that will challenge all of the crazy legislation that is currently being forced on citizens by our federal government. Use the states’ “null and void” provision as much as possible. Do everything you can to resist unconstitutional laws enacted by the Federal government; short of “seceding from the Union” (states are not going to secede). The founding fathers set up “a check and balance” between the states and the federal government. Currently, the federal government has way too much power; now the people need to empower their states. The lobbyists in Washington D.C. do not control our state governments, nor do they have total control of our military. We can work with the military by educating our friends and family members who serve. With the states working together, they can stand up and say “No!” to the out of control and corrupt federal government.
Ok, so how do they price the coins? Based on paper spot? When the spot is 1$ for 1oz of silver then spending it won't make any sense.
There are now zero taxes on this favored asset class in that state. The real market will trade it at a fair value or it won't trade. It will just go into people's closets. They will know when the price is right.
That the spot is $1 for 1oz of silver is irrelevant; what is completely relevant is what you can buy with that $1 (or 1oz).
A Gold Standard ... 2013 ... Why didn't anyone think of that?
Hundreds of countries out there in the world; it would seem that one of them would be eager to install 'sound and honest' money and become a 'stable' economic superpower ...
Even a country like Bangla Desh or Tanzania ... what do they have to lose? (Besides all their gold ...)
Nobody over here seems to have heard of 'Gresham's Law' where the 'bad money' (paper) drives the 'good money' from circulation. There is a reason for it, bound up with human nature. Scarce items such as gold and silver 'money' are hoarded: just look @ all that junk silver coinage out there ... all of it set aside 'just in case'.
Because there is a need for some means of exchange there is today's electronic score-keeping. What money does (among other things) is fix a numerical 'worth' to human labor. There isn't much else that can that is storable and easily transferrable. Adding commodity worth to money leads to that worth exceeding the human labor component ... what is being counted by the money.
@ Yahoo:
"Weiner told lawmakers at an earlier hearing, adding that a "sound and honest money system such as gold and silver" was needed to bring stability."
'Sound' and 'honest' added to 'money' doesn't compute. When a policiian or a lobbyist are pimping something you have know what it is they're pimping is a big lie.
Didn't the Constitution already do this?
Oh, wait...
Which would pay the interest if you sold all the principal? You'd be doing free work for the bank. Period. If you sold everything! Either way, you'll be working for the bank UNLESS the devil's metal goes to the moon! Years are short, and the BS is as big as the world. This crap may not have been flushed by next year. Unless, you're planning on a boat and a default...
If all sane and freedom loving folks would vote with their feet, WE the people would win this war hands down without firing one shot...but too many only run their mouths, that is so so sad...
Fuck, yeah! My state!
Does making gold and silver legal tender eliminate the capital gains tax imposed on the sale of gold and silver?
You had to ask, didn't you? Whose side are you on? You trying to give them ideas? I'm sorry, but are you "slow & naive", or a troll?
Or the sales tax imposed upon purchase?
How utterly fascinating this is to me. I remember in the early 1990s when HIV was taking off and there was serious questions about the safety of the blood supply. There was a group of people who wouldn't hear about the likely hood of a problem. Then there was a push to legislate the option for people to donate blood for themselves ( autologous donation) and donate for family or friends ( donor directed donation). Luckily in Cali ( we were still a bit sane at the time) we embraced both. Other states ( I think Florida was one) actually made it illegal to donate blood specifically for an individual. The reason was this implied the blood supply was possibly dangerous and they wanted people to have confidence it was safe. I wonder how many people got infected due to this... I'm sure it wasn't the jerks who pushed for the law. Nowadays I think all states allow directed donation but it seemed so incredulous to me what lengths TPTB would go to to maintain an air of " safety". Even to the extent of risking another's life.
Miffed;-)
This is one day where I am truly proud to be an Arizonan... :'-)
AZ is psycho, they pass an immigration enforcement and defunding bill, then expand Obamacare and medicaid, then they pass gold & silver bill and ask for more federal money
The Bundesbank announced on January 16, 2013 that Germany is repatriating 300 tons of gold from the New York Federal Reserve. The U.S. took gold for “safe-keeping” from more than 60 countries at the end of World War II. Germany's announcement followed three months after the Federal Reserve refused Germany's request for a physical inspection of vaults in which Germany's gold was stored. Instead, the U.S. Treasury Inspector General's Office published a paper audit. http://www.treasury.gov/about/organizational-structure/ig/Audit%20Report... The Federal Reserve's refusal to return German gold before the end of seven years prompted four Swiss parliament members in March to propose legislation to repatriate Switzerland’s gold reserves. The Netherlands' Christian Democratic Party is also calling for repatriation of Dutch gold held in foreign vaults.
The failure of the press to report accounting scandals at the World Bank involving the U.S. Treasury Department, the Federal Reserve, U.S. Congress, and U.S. federal courts is eroding confidence in the dollar as an international currency. Legislation in U.S. states to recognize gold and silver bullion coins as legal tender and requests by countries to repatriate their gold held by the Federal Reserve are exposing financial institutions who control the media and the Federal Reserve.
The group identified in http://arxiv.org/PS_cache/arxiv/pdf/1107/1107.5728v2.pdf , which bought up the media in the U.S., has censored the scandal. Three systems theorists[1] at the Swiss Federal Institute of Technology in Zurich, ranked as the best university in continental Europe, examined the interlocking ownership of the world’s 43,000 transnational corporations. A core group of companies, mostly banks, controlled forty percent of the entire system and 60% of total revenues. Because of interlocking directorships, the highly concentrated core was ten times more powerful than warranted. According to the study, "the top holders within the core can thus be thought of as an economic “super-entity” in the global network of corporations."[2]
[1]
Stefania Vitali, James B. Glattfelder, and Stefano Battiston, The network of global corporate control.
[2] abstract, page 1
Im a huge silver collector (as many of you are as well)...but why would anybody care that a state makes silver "legal tender"? After all, who in their right mind would want to use their silver as legal tender when they can get goods and services with worthless fiat? Am I missing something?