Friday, March 4, 2011

Utah Seeks Return To Gold And Silver

The gold standard may be making a comeback in Utah.
Utah House Government Operations Committee advanced a bill (HB317, introduced by Rep. Brad Galvez, R-West Haven) that recognizes U.S. gold and silver coins as legal tender, and exempts their sale from state capital gains tax.

Larry Hilton, a local attorney and supporter of the “sound money movement,” said that “un-backed money” created by the Federal Reserve to stimulate the economy, is “hanging over us like the sword of Damocles waiting to just come down in an avalanche and destroy the value of our currency.”

While the bill says the use of gold and silver coin as currency would be voluntary, it requires the Legislature to study the “possibility of establishing an alternative form of legal tender,” and to come up with further recommendations for the 2012 session.

Twelve other states have offered similar proposals: Georgia, Montana, Missouri, Colorado, Indiana, Iowa, New Hampshire, South Carolina, Tennessee, Washington, Vermont and Oklahoma.

"There's enough uneasiness going on in the economy to trigger people to feel that, hey, having a little Plan B, kind of a backup system, is not a bad idea," - Larry Hilton (Utah Bill Author)

Return to sound money - now that's a terrific idea!

Companion story here


Eric said...

They have a promo video that is pretty good - except for the mangled Jefferson quotes (while partially fabricated, they are still a true statement - shouldn't need the appeal to authority of Jefferson):

Elisheva Hannah Levin said...

Utah is again the leader in thinking about sound money. According to Amity Shlaes in The Forgotten Man, Utah had its own script with its own backing during the early days of the Great Depression. They were prevented from continuing by FDR.

I have a friend who is talking with the Navajo Nation about establishing a gold bank and silver and gold economy on the rez. I don't know where it is at yet, but I know it is happening.

goldtracker said...

This is awesome to see. And natural when you consider that states do not have the ability to print fiat currency like our over debt stretched federal government. States need money so they are going to turn to that which isn't fiat.

Looking at ExactPrice this week, the news of Utah has probably helped get the spots on silver and gold way up there. Silver has exploded.