Gold & Silver Coins to Be Legal Currency in Utah
- Posted on May 22, 2011 at 3:58pm by
Scott Baker
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SALT LAKE CITY (AP) — Utah legislators want to see the dollar regain its former glory, back to the days when one could literally bank on it being “as good as gold.”
To make that point, they’ve turned it around, and made gold as good as cash. Utah became the first state in the country this month to legalize gold and silver coins as currency. The law also will exempt the sale of the coins from state capital gains taxes.
Craig Franco hopes to cash in on it with his Utah Gold and Silver Depository, and he thinks others will soon follow.
The idea is simple: Store your gold and silver coins in a vault, and Franco issues a debit-like card to make purchases backed by your holdings.
He plans to open for business June 1, likely the first of its kind in the country.
“Because we’re dealing with something so forward thinking, I expect a wait-and-see attitude,” Franco said. “Once the depository is executed and transactions can occur, then I think people will move into the marketplace.”
The idea was spawned by Republican state Rep. Brad Galvez, who sponsored the bill largely to serve as a protest against Federal Reserve monetary policy. Galvez says Americans are losing faith in the dollar. If you’re mad about government debt, ditch the cash. Spend your gold and silver, he says.
His idea isn’t to return to the gold standard, when the dollar was backed by gold instead of government goodwill. Instead, he just wanted to create options for consumers.
“We’re too far down the road to go back to the gold standard,” Galvez said. “This will move us toward an alternative currency.”
Earlier this month, Minnesota took a step closer to joining Utah in making gold and silver legal tender. A Republican lawmaker there introduced a bill that sets up a special committee to explore the option. North Carolina, Idaho and at least nine other states also have similar bills drafted.
At the moment, Franco’s idea would generally be the only practical use of the law in Utah, given the legislation doesn’t require merchants to accept the coins, either at face value — $50 for a 1-ounce gold coin — or market value, currently almost $1,500 per ounce. And no one expects people will be walking around town with pockets full of gold and silver.
Matt Zeman, market strategist for Kingsview Financial in Chicago, expects more people will start investing in gold as America’s growing debt and bankruptcies in other countries continue to decrease the value of government-backed money.
“You’ve seen gold replacing these currencies as safety instruments,” Zeman said. “If I don’t feel good about the dollar or other currencies, I’m putting my money in precious metals.”
Some supporters, including the law’s sponsor, seek to push Congress toward removing the tax burdens that discourage use of the coins, such as a federal capital gains tax.
“Making gold and silver coins legal tender sends a strong signal to Congress and the Federal Reserve that their monetary policy is failing,” said Ralph Danker, project director for economics at the Washington, D.C.-based American Principles in Action, which helped shape Utah’s law. “The dollar should be backed by gold and silver, so we have hard money.”
The U.S. and many other countries largely abandoned gold-backed money during World War II because they needed to print more cash to pay for the war. Later, during the Great Depression, President Franklin D. Roosevelt took steps that essentially prohibited gold and silver as legal currency to prevent hoarding.
In 1971, President Nixon formally abandoned the gold standard.
Fifteen years later, the U.S. Mint began producing the gold and silver American Eagle coins, primarily aimed at investment portfolios and allowing people to trade them at market value but with capital gains taxes on profits.
Utah is now allowing the coins to be used as legal tender while levying no taxes.
Opponents of the law warn such a policy shift nationwide could increase the prospect of inflation and could destabilize international markets by removing the government’s flexibility to quickly adjust currency prices.
“We’d be going backward in financial development,” said Carlos Sanchez, director of Commodities Management for The CPM Group in New York. “What backs currency is confidence in a government’s ability to pay debt, its government system and its economy.”
Larry Hilton, a Utah attorney who helped draft the law, disagrees and says the gold standard would restore faith in American money at a time when spiraling debt is weakening confidence.
“We view this as a dollar-friendly measure,” Hilton said. “It will strengthen the dollar by refocusing policy matters in Washington on what led to the phrase, ‘the dollar is as good as gold.’”
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Comments (142)
NOBALONEY
Posted on May 22, 2011 at 7:28pmGold, Silver, and Incandescent light bulbs will be of greater value in the years to come.
Report Post »Cris1980
Posted on May 22, 2011 at 6:54pmI think you all have missed the point. You would not have to use the depository. Store owners could accept and issue gold and silver. I hate to tell you that our dollar is only worth the paper it is printed on. My Great Grandparents hid their Gold and silver when FDR came for it and my whole family grew up learning about sound money. So people need to become educated on the subject before make crack judgement.
Report Post »poppajoe
Posted on May 22, 2011 at 6:41pmone of the many comments will agree with ..Goldline is a rip-off . bought items $$$ 2 yrs ago , trusted them , Big Mistake , Do agree about food storage , always add a little each week . Hear latest poles point to a re-election of POS obama . Pray for person like Mr. Cain , or Mr. West , to lead us to common sense . When will the Jewish people WAKE -UP ? ” Never -Forget “…..Looks like most of them did.!!
Report Post »Oil_Robb
Posted on May 22, 2011 at 11:43pmRunning Cain whose has zero experience is a bad idea…..From the outside It looks like the GOP is just trying to copy the Dems by running a Black man. If Cain doesnt win the nomination the Dems will say The Conservatives are racist and wouldnt vote for a Black man…This is a no win situation for the right with Cain in the mix
Report Post »TOPOFTHEGAME
Posted on May 22, 2011 at 6:37pm@TRIPER57 or anyone else that knows………..gold and silver in a safety deposit BOX at a BANK.?????shold I bury it?????????????
Report Post »triper57
Posted on May 22, 2011 at 6:12pmIf you do not physically hold your own gold or silver, the government can confiscate it. A third party can not protect your deposits. As far as gold coins, they come in at least 4 sizes, buy a variety. Silver coins not only come in the 1oz bullion coin but also come in the form of $1, $.50, $.25 and dime from before 1965. Might be a good idea to have some of each. And gentlemen, the scenario where these coins become money for their gold or silver value, means that the paper has become worthless, or so inflated that you can purchase little with a lot of it. And yes, every teller, cash register or business will know the value of Gold and Silver and just how much each common coin contains.
Report Post »Exrepublisheep
Posted on May 22, 2011 at 6:07pm“I’d like to buy this with a gold coin please”. “Let me call a manager who will weigh the coin, and perform tests to see quality of the gold, and check the current gold market to see how much it’s worth”.
Report Post »FANGS
Posted on May 22, 2011 at 5:50pmThe time is near. Public union bldgs, Socialist groups, Tides foundation, Apollo alliance, All left wing news outlets, Crooked officials,Abortion clinics, Acorn . Get ready people…
Report Post »becauseitmatters
Posted on May 24, 2011 at 8:41pmWith this economy it’s hard to get ready. Wishing I could be ready.
Report Post »Elena2010
Posted on May 22, 2011 at 5:33pmJust remember the story of the ant and the grasshopper. I’d like to think of myself as the ant.
Report Post »spirited
Posted on May 22, 2011 at 6:47pmClever! ;^>
Report Post »kramh
Posted on May 22, 2011 at 5:24pmGold and silver will help you if there are things to barter. If food is short all the gold will not feed you. Some advise for preparing for hard times would be to pay off your debts first if you can. Next too purchase one or more years of food and every day supplies such as clothing , meds, soap, toilet paper etc. Then after you have no debt and food security buy some gold and silver.
Report Post »Oldphoto678
Posted on May 22, 2011 at 7:40pmThat’s right, because if you bring gold or silver to buy food from me I’ll be telling you what your gold is worth.
Report Post »Livewofear
Posted on May 22, 2011 at 9:05pmI just recently cashed in part of my silver (bought when it was ~$16oz) at $47oz, just enough to turn a small profit with a nice nest egg left in reserve. Time to buy a few more supplies and stock up on more ammo to barter with. Thinking of buying a couple of bee hives and a military surplus multifuel generator. So gold and silver are a good investment IMHO.
Report Post »Teaple
Posted on May 22, 2011 at 5:16pmWhere’s the link to Utah Gold and Silver Depository?
Report Post »MrButcher
Posted on May 22, 2011 at 7:39pmIn the same vault where they keep their underage polygamous brides…
Report Post »Oil_Robb
Posted on May 22, 2011 at 11:44pmlololol
Report Post »TheGreyPiper
Posted on May 22, 2011 at 5:15pmInvest in lead. Copper-clad lead.
Report Post »Bob_R_OathKeeper
Posted on May 22, 2011 at 6:32pmYep, you’ll be able to acquire all the things you need with copper plated lead, and the way things are going, that’s a pretty safe bet.
Report Post »Sam Brown
Posted on May 22, 2011 at 5:02pmgold is the currency of nations, silver is the currency of gentelmen, barter is the currency of peseants, debt is the currency of slaves, fiat ( the dollar with no gold backing ) is the currency of “Thieves”.,
Report Post »USAMEDIC3008
Posted on May 22, 2011 at 5:39pmMoonbat Where you at?
I think I like you now. and You are welcome..
Point in ?
forget the gold & silver I saw this comming long time ago.Been
stocking up on real precious metals for several years .
BRASS & LEAD
New gov. program Bullets for beans lead for bread
and brass for gass either or as
Your comments here I may not always like them
but I will defend your right to say them.
also this comment for all” If it wern’t for stupid how would we know smart”
Report Post »publicuss
Posted on May 22, 2011 at 5:51pm@Sam Brown The P90 5.7×28mm worked quite well for me in ‘91 during the Gulf and later with the MFO ’98, again in Iraq ‘04, ‘05 and Af’stan ‘06. Now that I’ve retired from active duty I use the PS90 to bring down coyote, wild hogs, etc, using S195/197. Of course the PS90 is 200fps faster than the P90 that I used on active duty thanks to the extra 6″ of barrel. The added feature of both the FNH FiveSeven Pistol and PS90 is the same round works in both. 10 PS90 50rd mags (500rds) vs 500rds of 5.56 in 30rd mags is quite something after 10 hours of humping. Whatever your calibre of choice and there are many, the most important thing to do is to arm yourselves and your friends and don‘t let ’em gather dust, practice!! Don’t let the kooks on the left dictate to you what you can say, think, do… Thanks
Report Post »Sam Brown
Posted on May 22, 2011 at 7:47pm@publicuss
I tried the civilian version of the PS90 and just couldn’t get used to the platform or the optics. I am happy it worked out so well for you.
Sam
Report Post »Sam Brown
Posted on May 22, 2011 at 7:51pm@USAMEDIC3008
LOL
Sam
Report Post »TheGreyPiper
Posted on May 22, 2011 at 5:02pm“not technically a scam”… like the Federal Reserve, Obamacare, Social Security, IRS…..
Report Post »Mr.ManZ
Posted on May 22, 2011 at 4:45pmAnd just when I sold my last ounce of gold and chunk of silver, Oh well.
Report Post »chips1
Posted on May 22, 2011 at 4:50pmSave $25 so you can get a job pumping gas in N.Y.
Report Post »publicuss
Posted on May 22, 2011 at 4:40pmGot Gold? Got Silver? Great!! Got Lead??! With 6 million unemployed whose benefits run out this year, better get armed and practice!! FNH-PS90 and 57
In late 2009 there was an alleged DHS report that was uploaded for only a couple hours before it was removed.
Illegal Aliens in Country
35,000,000
Other Than Mexican Illegals in Country
600,000
Money Wired to Mexico Since 2008
$300,000,000,000
Money Wired to Latin America Since 2008
$400,000,000,000
Cost of all Social Services Since 2008
$500,000,000,000
Illegals in Public Schools
6,000,000
Cost of Illegals in K-12 Since 2008
$250,000,000
Illegal Aliens Incarcerated
500,000
Cost of Incarcerations Since 2008
$30,000,000
Criminal Illegal Alien Fugitives
800,000
Anchor Babies Since 2002
7,000,000
Skilled Jobs Provided to Illegal Aliens
15,000,000
Un-Skilled Jobs Provided to Illegal Aliens
5,000,000
DHS Projected Costs:
Deportation of all 35,000,000 Illegals in 1 year, $750 Billion.
Secure US/Mexican border with manned presence of 150,000 armed guards, $10 Billion/yr.
Keeps in mind:
1) For every illegal with a job, there is an American without one.
2) If France had a problem with Illegal Germans crossing into France, would they hire Germans to guard its border with Germany?
3) Why does the US Border Patrol hire Mexican officers w/thick accents to guard our border against Mexicans?
Try to run just one of the lines above as a classified ad in your local newspaper. Be warned though, s
Report Post »CaptainKook
Posted on May 22, 2011 at 4:49pmevery time you post this here on the ‘net it’s still only “alleged” to have been posted on the ‘net.
funny how that works
Report Post »TheGreyPiper
Posted on May 22, 2011 at 4:57pmPlease please please mods this jerk, its nothing but the same pile of ********* over and over and over
Report Post »Sam Brown
Posted on May 22, 2011 at 5:13pm@publicuss
You are dead wrong. The PS90 uses far too small of round for effective penetration. LOL LOL
Sam
Report Post »chips1
Posted on May 22, 2011 at 4:39pmCurrency is backed by confidence in the governments ability to pay it’s debts? Well, there is the flaw. The government sucks and is backed by confidence in BHO. There isn’t any. We are surrounded by Liberal nuts.
Report Post »ares338
Posted on May 22, 2011 at 4:31pm@Creestoff
Report Post »Only the ugly ones.
ares338
Posted on May 22, 2011 at 4:29pmAhhhhh….I love the smell of burning Progressives in the morning!!!!!!!!!!
Report Post »CaptainKook
Posted on May 22, 2011 at 4:38pmnah…I know that smell…it’s “conservative” brain-cells shorting out. :-)
Report Post »cannon12pdr
Posted on May 22, 2011 at 4:25pmI am all for it. The more we can do to make the Federal Reserve illrelivant the better. I would prefer the abolishment of the federal reserve but making precious metals as legal tender is a good start in the right direction.
Report Post »Ben B. can go ——- himself along with congress. They are suppose to work for us not WE for them. It is time for the dog to bite the tail that is wagging the dog.
SamIamTwo
Posted on May 22, 2011 at 4:20pmOT I know but I spy SPAIN!!!
A Francis Fox Piven moment…just what she expects to happen here in the US.
Rise up, unemployed led by young workers and by students…great…
http://www.dailymail.co.uk/news/article-1389411/People-power-Thousands-defy-Spanish-protest-ban-demonstrations-night.html
I think I’ll go and PW about SPAIN.
Report Post »MeMadMax
Posted on May 22, 2011 at 4:19pmI didn’t know that gold/silver was ever NOT a legal currency.. wtf?
A business can use whatever currency they want. You and me are not tied to the dollar in anyway whatsoever…
But anyways, the fact that many people and countries are starting to dump the dollar is, well, scary as hell. This is the one thing that is keeping our dollar(and economy) alive: It is the standard of the world.
Thanks obama, we are so screwed…
Report Post »SamIamTwo
Posted on May 22, 2011 at 4:14pmAnd every teller will have an exchange rate cranked up and ready to go, eh? Good luck with all of that nonsense. I’ll wait for the infrastructure first.
Report Post »Thevoice
Posted on May 22, 2011 at 4:27pmExactly …Ok I have a loaf of bread and it is worth one tenth a gram of gold ..What would use a file to get that off your precious Krugerrand …You are seeing more and more estate acutions were some poor old idiot got talked into buying gold .That now has two gold coins to auction off. Should we go down the list of the resent …Don’t be left out …events …
Report Post »TheRealElvis
Posted on May 22, 2011 at 4:12pmUtah would probably be the first to start a currency that will be used when they secede from the Union.
Report Post »RandWasRight
Posted on May 22, 2011 at 4:06pmExpect Treasury agents to start popping up like weeds all over Utah.
Report Post »vennoye
Posted on May 22, 2011 at 4:14pmYou got that right!
Report Post »SamIamTwo
Posted on May 22, 2011 at 4:15pmLOL no kidding.
Report Post »Creestof
Posted on May 22, 2011 at 4:24pmI thought they used “wives” as currency?
Report Post »cannon12pdr
Posted on May 22, 2011 at 4:37pmIf I was a Utah legislator I would encourage legislation that all federal agents hindering the use of gold and silver as currency to be arrested a tried by state law for abridging Utah’s right to regulate currency and banking laws within the state. That brings back states rights again.
Report Post »Snowleopard {gallery of cat folks}
Posted on May 22, 2011 at 5:21pmTrue, and it will most likely to grab both all the gold and the guns; they will charge people with some kind of scam criminal charges – made up ones if they have to – just to have their own way.
Report Post »Luckywon
Posted on May 22, 2011 at 5:50pmCreestof, I realize that you consider yourself funny… but I simply find you offensive. Please think before you make stupid comments. Mormons haven’t practiced Polygamy since BEFORE Utah was made a state.
Report Post »There are a LOT of LDS Members who read this site, after all, Glenn Beck is LDS, and this is his site, so it makes sense that a lot of us would listen to him and be his fans. Please Please Please stop being offensive just to seem witty. You don’t come off that way.
LOOKING_BOTH_WAYS
Posted on May 22, 2011 at 6:33pm@ Luckywon…….Creestof said nothing about LDS so there is no need to feel offended. and since Polygamy is still practiced in Utah as well as other states by “Fundamentalist Mormons”, they are still Mormons, so the Stigma is here to stay,… again no need to be offended, nobody has a perfect Religion
Report Post »LOOKING_BOTH_WAYS
Posted on May 22, 2011 at 6:47pmO and btw… Glenn did joke on one of his shows about having more then one wife.
he said something like .. ““ no thanks haha one is enought ””
Report Post »Oil_Robb
Posted on May 22, 2011 at 11:32pmWith all those sister wives running around in Mormonville….eeeerrrrr…Utah they probably need five years of food supply just to feed all the yard apes they spawn.
Report Post »CaptainKook
Posted on May 22, 2011 at 4:05pmI’l bet this can be described as “not technically a scam….”
Report Post »like Goldline, Direct Buy, Food Insurance etc….
Psychosis
Posted on May 22, 2011 at 4:09pma scam huh? if you bought gold 3 yrs ago, you would have made a killing……………..your just mad you have absolutely no idea when it comes to finance and economics
a kook your are indeed
Report Post »Revere1
Posted on May 22, 2011 at 4:10pmRon Paul should appreciate this move. He loves the idea of a metal-backed currency. http://www.elephantwatcher.com/2011/05/ron-paul-officially-enters-race.html
Report Post »CaptainKook
Posted on May 22, 2011 at 4:21pmSurvival Seed
Lets You Plant A
Full Acre Crisis Garden!
Produces Thousands Of Pounds Of Nutrient-Dense Food For Pennies Per Pound… Enough To Feed Friends And Family Forever!
“not technically a scam…”
Report Post »NickDeringer
Posted on May 22, 2011 at 4:24pmYou keep listening to Wiener and everything will be just fine.
Report Post »KickinBack
Posted on May 22, 2011 at 4:24pmJust a sign kookie. We are “progressing” back in time. Those without the gold and silver cash will be bartering with…well, anything. Just like the (not so) good ‘ol days. Feudalism anyone?
Report Post »NoStoppingUs
Posted on May 22, 2011 at 4:27pmDemocrat policies,
Provide healthcare
Provide housing
Provide retirement
Deliver on none, bankrupt the country…
…not technically a scam….
Report Post »Dustyluv
Posted on May 22, 2011 at 4:38pmCaptainkook or Weiner? Tell us the truth weenie man. Its really you isnt it?
Kookie…Gold and silver I will always own. I will be wealthy when it all crashes and you will starve. Good riddance…
Report Post »CaptainKook
Posted on May 22, 2011 at 4:42pmGold and silver I will always own. I will be wealthy when it all crashes and you will starve. Good riddance…
I‘d like to watch you eating those gold coins when there’s no food….I’ll sell you a can of beans from my stash for a couple of Gold Eagles…
if I was a Republican
I‘m not so I’d even share with you.
Report Post »TheLascone
Posted on May 22, 2011 at 5:01pmToo bad this didn’t happen in the rest of the states a while ago …. We might of still had a few bucks left ! http://www.flickr.com/photos/23630227@N06/5642214398/in/photostream/
Report Post »joseph Fawcett
Posted on May 22, 2011 at 5:05pmThere is a lack of confidence in the dollar and the Goverment’s ability to pay off debts. Heck, what is Congress debating right now, raising the Debt limit!!!!!! That means they can’t pay the Debt so they have to raise how much Debt we can take on. Any idiot should be able to see that. The Credit of the United States is terrible and there is no way we can pay it. Stop the damn spending and pay the debt off completely and have a balanced Budget from now on. THEN you will see the dollar mean something and the economy take off. Why cant the people in DC understand this???? That is because they don‘t intend to make this country solvent they want to destroy it and the economy so that we will jump into bed with the One world goverment system and won’t be able to say no.
http://www.josephfawcettart.com western artist
Report Post »Snowleopard {gallery of cat folks}
Posted on May 22, 2011 at 5:16pmThis will be interesting to see what happens, yet the one question I have is what will the state do if or when the federal government decides to grab up all the nations gold and silver, and maybe even to extend that so far as to include jewelry and other such goods…maybe even platinum and other sets of precious or rare metals as well?
Report Post »coladude
Posted on May 22, 2011 at 5:30pmSounds like a scam to me too.
http://politicalbowl.com – Political Videos
Report Post »Ironmaan
Posted on May 22, 2011 at 5:42pm@Capt
Report Post »I suppose you think this scam has been ongoing for the last 5000 years. You can go anywhere in the world and use gold and silver as an exchange medium. You just keep plowing your time and labor into fiat currency and see where that gets you.
http://guerillatics.com
Robert-CA
Posted on May 22, 2011 at 6:14pmOnce again CAPTAINLOON is back LOL
Report Post »Dustyluv
Posted on May 22, 2011 at 6:29pmKookie….I have enough food for me and my family for 4-5 years. I have enough ammo to fend off all the looters like you will become too…
And nope…I would not share with you because you might breed another idiot like you. When we do restore the republic and you live through it, I will give you a job though if you be nice. It will be hard physical labor, but it will pay pretty good. It will be nce to see a liberal work for once instead of spounging LOL
Report Post »GhostOfJefferson
Posted on May 22, 2011 at 7:11pmThey’re already legal currency. Not just in Utah, but across these united States. The fiat crap we carry is not legal currency according to the Constitution.
Just thought I’d share.
Report Post »drphil69
Posted on May 22, 2011 at 7:24pmThe U.S. and many other countries largely abandoned gold-backed money during World War II because they needed to print more cash to pay for the war. Later, during the Great Depression, President Franklin D. Roosevelt took steps that essentially prohibited gold and silver as legal currency to prevent hoarding.
Hey Blaze… see any problem with the timeline here?
Report Post »Snowleopard {gallery of cat folks}
Posted on May 22, 2011 at 7:47pm@Ghost of Jefferson:
Very true indeed. I just wonder though how long it will take the fed’s to react on this matter, say when there are substantial amounts of investments in the metals, and then they go after the people for all matter of trumped up accusations (like Senator Weiner) or potential charges ‘pending unending and open criminal investigations’ that amount to nothing yet see the seizures of all assets.
Report Post »A Doctors Labor Is Not My Right
Posted on May 22, 2011 at 8:10pm“Opponents of the law warn such a policy shift nationwide could increase the prospect of inflation and could destabilize international markets by removing the government’s flexibility to quickly adjust currency prices.”
Bah ha ha!
The whole reason we‘re in the mess we’re in is BECAUSE government is allowed to adjust currency prices!
Not only that, but it‘s the Obama Administration’s goal to inflate our currency to collapse, so that it can be replaced by a global currency.
Prices come from individuals deciding that something is worth trading something else for – central planning creates bubbles.
“We’d be going backward in financial development,” said Carlos Sanchez, director of Commodities Management for The CPM Group in New York. “What backs currency is confidence in a government’s ability to pay debt, its government system and its economy.””
We need to escape the government’s, and the Fed’s, control of the value of our currency if we want a free economy that allows for the calculation of real market values and if we want to retain our national sovereignty.
Remember: prices come from how much someone values what you’re trading – NOT FROM GOVERNMENT. And indeed, government cannot even exist without an existing economy from which to acquire taxes! This is why our Founders said that governments derive their just powers from the consent of the governed.
Report Post »Deuteronomy22
Posted on May 22, 2011 at 8:20pm“, given the legislation doesn’t require merchants to accept the coins, either at face value — $50 for a 1-ounce gold coin — or market value, currently almost $1,500 per ounce…And no one expects people will be walking around town with pockets full of gold and silver.
Report Post »“—
So basically it is a useless law. How much did the legislature pay in salary, printing costs. etc. for this symbolic protest “law”? Wasted tax payer money! This is the problem with having full time legislatures. Way too much time to impose crap legislation. We see it all the time here in Az. Example the law against human animal hybrid cloning.
Cobra Blue
Posted on May 22, 2011 at 8:23pmCaptainKOOK…
Tell you what…you stick to the green back and I’ll bank on gold and silver. Then we will see which one of us survives the coming collapse. Denial can be very costly with the current state of this Nation. I highly recommend a reality intervention PDQ (that’s pretty damn quick where I come from).
Report Post »wildbill_b
Posted on May 22, 2011 at 8:25pm@CaptainKook
“I‘d like to watch you eating those gold coins when there’s no food….I’ll sell you a can of beans from my stash for a couple of Gold Eagles…”
The whole garden thing thing has you really confused doesn’t it. Gardens grow without stores. Where do you suppose YOU are going to find those cans full of food? You really aren’t much good at the whole logic and common sense thing it appears. So IF the **** hits the fan pray that you find someone who foolishly grows a garden who will feed your myopic butt.
Report Post »A Doctors Labor Is Not My Right
Posted on May 22, 2011 at 8:26pm@drphil69,
“Hey Blaze… see any problem with the timeline here?”
I think what he’s saying is “after the war, but before the Gread Depression ended” (”Later, during the Great Depression …”)
Report Post »A Doctors Labor Is Not My Right
Posted on May 22, 2011 at 8:31pm@CaptainKook,
“I‘d like to watch you eating those gold coins when there’s no food….I’ll sell you a can of beans from my stash for a couple of Gold Eagles…”
Asset prices will become so low so as to allow one to purchase cheap capital for the purpose of growing their own food.
Gonzalo Lira: What Hyperinflation Will Look Like In America
Report Post »http://www.businessinsider.com/gonzalo-lira-what-hyperinflation-will-look-like-2010-9
progressiveslayer
Posted on May 22, 2011 at 8:43pm@psychosis you are correct the capt.has no concept of sound money,if you try to explain it to him you’ll get a blank stare.He must of rode the short bus to the very finest public school.
Report Post »MiketheTrucker
Posted on May 22, 2011 at 9:51pmSpreading empty left-wing rhetoric……………… not technically a scam………… but usually lies.
Report Post »Sinista MACE
Posted on May 22, 2011 at 10:21pmIt’s about time. Hope it spreads.
Report Post »jzs
Posted on May 22, 2011 at 10:25pmThis is such a great advertisement for Goldline. Because the end of time are coming, a time when US currency will become valueless, you should immediatly empty your saving to buy coins from Goldline. The smart buyers choice! Your hard earned money is safe once you’ve converted to gold.
Caveat Emptor though! When you buy a coin from Goldline, the amount of gold in that coin is worth only about 20% of what you pay. You’re mostly paying for a nice looking coin and paying Goldline salaries. But if gold prices go up 1000%, then you’ve made out like a bandit.
Of course Goldline is being investigated for consumer fraud, but they have a firesale going on now! Invest in your future, be prepared for the Apocolypse. And buy a few gallons of water too. But when the world collapses, with you coins, you will be like a king.
Report Post »Okie from Muskogee
Posted on May 22, 2011 at 11:07pm@Ghost of Jefferson
@Dr Labor
I‘m having a hard time reconciling this concept of States creating their own currency so indulge me with a quick learning if you don’t mind….
Article 1 8.5
Congress has the power to coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures;
Does this not specifically grant the Federal Congress this power and not States?
I gather the Federal Reserve, an independent company, should not have this power as it’s an independent non Federal company…I’m not understanding the State argument to take this Congressional power…
Can you explain the State argument?
Appreciate you both…
Report Post »Captain Crunch
Posted on May 22, 2011 at 11:14pmRevelation 6:6 …A measure of wheat for a penny, and three measures of barley for a penny: and see thou hurt not the oil and the wine.
I’ve been told that penny represents a days wages and a measure represents enough food to feed yourself for a day, with wheat being more nutritous than barley. I don’t see what the big argument is about. Buy the gold now if you can afford it but definetly store up some food. My personal resources are limited..can’t afford gold. But I began storing food and assuring access to other valuable items since Y2K. Joseph in Egypt was smart. He had foresight. And he was able to bless many people including his family. If you don’t have gold to buy the hyper-inflated food then you will work like a slave. If you have food then you be free to do other things. Seems to me both items are wise to have.
Report Post »You will be able to barter gold, silver, food, guns, ammo, fuel, water, basicly things people need.
Get a dehydrater and some 60 gallon barrels from the nearest coca cola plant for starters. But I’m sure many of you are more in tune to the necessities than lil ol me.
QuietTexan
Posted on May 22, 2011 at 11:16pm@GhostofJefferson
Unfortunately our federal government abandoned the Constitution decades ago. We need to return to it desperately.
Report Post »Oil_Robb
Posted on May 22, 2011 at 11:28pm@ CAPTAINKOOK
You can have all the seeds you want…..where are you going to plant them?…Not on my land, Ill be farming over you by sunrise if people think they are using my land.
Report Post »outsidethebox
Posted on May 22, 2011 at 11:29pmThis sounds like it MIGHT be a good idea. At least Gold and Silver have some actual value, and you can’t just print more of it either.
Report Post »Jediusetheforce
Posted on May 22, 2011 at 11:36pmHey Utah, maybe you should deal with your safe harbor of illegal mexicans first. They seem to like Utah. The can get a drivers license even though they are illegal. Get real.
Report Post »101
Posted on May 23, 2011 at 12:21amSearch the “Mandrake Mechanism” which explains how they destroyed the dollar
http://www.biblebelievers.org.au/jekyll.htm
The American dollar has no intrinsic value. It is a classic example of fiat money with no limit to the quantity that can be produced. Its primary value lies in the willingness of people to accept it and, to that end, legal tender laws require them to do so.
It is true that our money is created out of nothing, but it is more accurate to say that it is based upon debt. In one sense, therefore, our money is created out of less than nothing. The entire money supply would vanish into the bank vaults and computer chips if all debts were repaid.
Under the present System, therefore, our leaders cannot allow a serious reduction in either the national or consumer debt. Charging interest on pretended loans is usury, and that has become institutionalized under the Federal Reserve System.
The Mandrake Mechanism by which the Fed converts debt into money may seem complicated at first, but it is simple if one remembers that the process is not intended to be logical but to confuse and deceive. The end product of the Mechanism is artificial expansion of the money supply, which is the root cause of the hidden tax called inflation… only gold & silver will be of value
Report Post »Dont-hate-on-me-2
Posted on May 23, 2011 at 12:54amSo im all set, glad i bought gold when glen first mentioned it, worked out pretty good, time to move to utah to buy some even cheaper.
Report Post »americangirl
Posted on May 23, 2011 at 2:34amGoldline is a scam. Tried to buy silver from them and they are out of the silver American Eagles. They don’t know when they are going to get them. They can’t tell you anything or want to help you. They tried to push the morgan silver dollars instead. They tried to sell anything other than the silver American Eagles that I wanted. The Goldline rep went as far as saying that the silver american eagles are not as recongnized as other coins if you needed to make a purchase with them. The rep went on to say that she didn’t even know that silver american eagles existed until she worked for Goldline. That makes me feel confident that they know what they are talking about. To add more to it, apparently they don‘t want you as a customer if you are not spending huge amounts of money with them and don’t want to give you the time of day. Furthermore, the rep couldn’t even do the math to add up the purchase, but still wasn’t interested anyways in getting a new customer and said it was too small. The rep was rude and hung up on me. When I called back to speak to a supervisor they wouldn‘t connect me with one and also were rude and hung up on me when I said they didn’t want my business. The final senior rep wasn’t helpful either and not an apology. Thought I would give them a try again. Tried them awhile back and got the same run around. Never ever will I buy from them. I cannot believe that Glenn Beck would have them as a sponsor when they treat customers this way. Makes me
Report Post »A Doctors Labor Is Not My Right
Posted on May 23, 2011 at 4:19amOkie from Muskogee,
“I‘m having a hard time reconciling this concept of States creating their own currency so indulge me with a quick learning if you don’t mind….
“Article 1 8.5
“Congress has the power to coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures;”
“Does this not specifically grant the Federal Congress this power and not States?”
Federalist Papers #42 and #44 help a lot with how the Founders meant this to be understood.
In FP#42 (http://www.constitution.org/fed/federa42.htm), it addresses the effect that the power of Congress to regulate the value of foreign coin has on the value of the national currency: The purpose of giving Congress this power was to ensure that the several states didn’t assign their own values to foreign coins, so as to (as we’ll see) elicit special trade relations between some states and foreign countries (at the expense of other states).
In FP#44 (http://www.constitution.org/fed/federa44.htm) – which alludes to the danger of paper currency, by the way – it says that, in contrast to the Articles of Confederation, the Constitution takes the power of regulating coin away from the states so that they would have the same value among the several states so as not to cause fights between them over their value, and so that the same wouldn’t happen between the US and foreign countries (oops).
(continued on next post)
Report Post »A Doctors Labor Is Not My Right
Posted on May 23, 2011 at 4:20amOkie from Muskogee,
(continued from prior post)
With these in mind, consider this from FP#44:
“Had every State a right to regulate the value of its coin, there might be as many different currencies as States, and thus the intercourse among them would be impeded; retrospective alterations in its value might be made, and thus the citizens of other States be injured, and animosities be kindled among the States themselves. The subjects of foreign powers might suffer from the same cause, and hence the Union be discredited and embroiled by the indiscretion of a single member.”
Notice that the scenario speaks of “as many different currencies as States” – this is a big clue as to how to answer your question. Because why would the author stop at considering only that many currencies, when various smaller communities could just as easily have their own currencies as well?
The reason is because the power of Congress to regulate coin is related to Congress’ power to regulate commerce only between the several states, the Indian tribes, and foreign countries. Remember that the several states, while under compact with each other under a Constitution, are also otherwise sovereign governments in their own rite, so there has to be a way of keeping one state from ripping off another, and so that each state can compete with each other fairly for foreign goods.
(continued on next post)
Report Post »A Doctors Labor Is Not My Right
Posted on May 23, 2011 at 4:21amOkie from Muskogee,
(continued from prior post)
Congress’ power to regulate coin has absolutely nothing to do with commerce occurring WITHIN a state, or even with a state-level currency.
And don‘t miss above where it says that there was a concern on the part of our Founders that our United States wouldn’t be discredited because of funny money practices. This being the case, it becomes quite clear that Quantitative Easing is unConstitutional.
Report Post »VerySeniorCitizen
Posted on May 23, 2011 at 8:49amSorry folks, but with the fluctuation in the price of precious metals can someone please tell me how to buy a loaf of bread and a gallon of milk with a gold (or silver) coin and expect to get the correct change for that metal – at the going price. Every point of sale would need to have access to the ‘ticker tape to get the current’ exchange rate when accepting the metal. That is, of course, if the store-keeper can even give you change for the value of that coin.
Then, what happens when metal crashes – which it has done before. Remember 1980 – 1981 when silver PLUNGED from about $50 an ounce to less than $10 – in just a couple of days. and, of course, gold took a big hit at the same time (but I don’t remember how big a hit) !
http://in.answers.yahoo.com/question/index?qid=20110409011009AALoAFN
Report Post »jackrorabbit
Posted on May 23, 2011 at 9:42amHow long until the US government sues them for “coining” money.
Report Post »Okie from Muskogee
Posted on May 23, 2011 at 10:57am@Dr Labor
Appreciate it very much…You cleared the fog sir… :-) hope your days good.
Report Post »A Doctors Labor Is Not My Right
Posted on May 23, 2011 at 11:33am@Okie from Muskogee,
Keep your eye on http://www.alt-market.com, ok?
It’s the Alternative Market Movement site. They are helping to inform America about what to do BEFORE the dollar collapses, and what to do instead of accepting a global currency when the dollar collapses.
And pass this site on, please!
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