Utah raises standard in anti-Fed campaign - state turns to gold?

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ASusilovic

Shops in Salt Lake City will soon be able to accept gold Buffalo and Eagle coins (no foreign minted Napoleons or Krugerrands allowed), after a bill to make gold and silver legal tender passed Utah’s House and Senate.

The state does not trust the US Federal Reserve. However, visitors need not weigh down their pockets just yet.

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The bill, which is under review by the governor, ends state taxes on the transfer of gold – they currently treat it as an asset and not as money – but until the federal government does the same, its green paper will have the edge.

This proto-gold standard in the American west is a rebuke and challenge to the Fed, and a reminder that easy monetary policy since 2007 has won the central bank many more enemies than friends.

“They’ve been a disaster,” says Jeff Bell, policy director of the American Principles Project, a conservative lobby group that has helped the Utah legislators and favours a return to the gold standard. “Mr [Ben] Bernanke, ever since he got on to the Fed, has been a force for fighting deflation and bringing interest rates down to the disappearing point.”

http://www.ft.com/cms/s/0/906b7668-557a-11e0-a2b1-00144feab49a.html#axzz1H4hz7pXZ

I think, Mr. Bernanke will soon enough lose his paper making job... :cool:
 
What are the legal ramifications of this action? Clearly, the weakening national currency is starting to cause problems. I think you are right though, Bernanke will be history fairly soon.
If the country is going to turn around, the Greenspan/Bernanke model must be discarded entirely.
 
Interesting, but how would you give change to someone who walked into your place of business and bought $10 worth of goods and paid for it with the smallest Gold Eagle 1/10 oz. now worth about $170? Even a silver Eagle worth about 36$?
 
Quote from pt199:

Interesting, but how would you give change to someone who walked into your place of business and bought $10 worth of goods and paid for it with the smallest Gold Eagle 1/10 oz. now worth about $170? Even a silver Eagle worth about 36$?
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The same way they used to. In coinage of lesser value. Silver-copper. Or I suppose the customer could accept frn`s also in lieu of silver small change. But if I had 2 bucks change coming to me id take the pre 65 dime over the 2 frn`s personally.
 
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