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A lot of people write these folks off as nut jobs, but they are right.
Up until the beginning of the 1970's US currency was backed by gold worldwide and by silver in the US. In the US you could take a dollar and trade it for an ounce of silver. Foreigners could trade 32 US dollars for an ounce of gold. Since then the dollar is a fiat currency that is only worth the paper it's printed on and backed by nothing. Yes, currently the dollar is probably the worlds primer currency, but that is only base on faith in the US government. All it takes is one incident to cause the world to lose faith in the dollar and it won't be worth any more then those Deutschmarks printed by Germany in WWI. Of course the real problem here is the Feds are not obeying the Constitution and printing this fiat currency. For more on this the book "The Creature from Jekyll Island : A Second Look at the Federal Reserve"by Edward Griffin is great reading. Arizona legislators urge gold, silver as cash By Cristina Silva Associated Press Mon Mar 18, 2013 10:00 PM Arizona lawmakers say the global economy is on the precipice of financial ruin and the U.S. dollar could soon be worth less than the paper used to make it. These doomsayers are pushing forward legislation that would declare privately minted gold and silver coins legal tender, no different under state law than the U.S. dollar printed by the federal Department of Treasury. The measure is Arizona’s latest jab at the federal government, which prohibits states from minting their own money. It also reflects a growing distrust of government-backed money. “The public sees the value in it,” said Rep. Steve Smith, R-Maricopa. “This is the type of currency we have had over the history of mankind.” The bill, which advanced in a 4-2 vote by the House Financial Institutions Committee Monday, states that gold and silver should be legal currency not subject to tax or regulation as property. The Republican-led Senate gave the bill its blessing in February in a 17-11 partisan vote. The bill would let people use the precious metals as money as long as businesses agree to take them. If made law, it would take effect in 2014. Democrats oppose the measure. They say it would be a bureaucratic nightmare because businesses don’t have the equipment to determine the value of gold and silver. “This should be addressed by the Federal Reserve and not by the state,” said Rep. Rosanna Gabaldon, D-Green Valley. Keith Weiner, president of the Gold Standard Institute, which supports gold-backed currencies, said he envisions a system where people can pay for goods and services with debit and credit cards backed by gold and silver. Paper money is a “recipe for worldwide bankruptcy,” Weiner told Arizona lawmakers Monday. “Everybody is going bankrupt on this system so we need a sound and honest money system, such as gold and silver.” In 2011, Utah became the first state in the country to legalize gold and silver coins as currency. Lawmakers in Minnesota, North Carolina, Idaho, South Carolina, Colorado and other states have debated similar laws in recent years. |