Friday, July 27, 2012

ALEC – State Currencies, Distrust of Printed Money

Fifty states
Fifty different currencies
People minting their own currency

He who holds the gold – holds the gold.
Another way to screw the common citizen…..

Separate states, separate state currencies is the topic at the American Legislative Exchange Council (ALEC) annual meeting.

You are absolutely not going to believe this one!!!!
My emphasis throughout.

It’s not just Utah’s public land issues that find a warm reception at ALEC. The organization’s federalism task force also adopted model legislation on Thursday patterned after Utah’s Legal Tender Act, which seeks to enable gold and silver coins to be used in business transactions.

Larry Hilton, a leader in Utah’s gold movement, said ALEC’s action is an important step toward helping states exercise their constitutional role in setting monetary policy.

Some Background on the Utah Law

Earlier this year, the Utah Legislature passed groundbreaking legislation, stating that gold and silver coins can be used as legal tender in Utah — a popular issue among factions of the tea party movement that fear a catastrophic meltdown of the U.S. dollar.

The proposals include clarifying that people who buy a car, for example, with gold coins can pay the sales tax based on a percentage of the weight of the metal, instead of having to pay it in dollars based on the value of the purchase.

A key piece of Utah's transition to a gold-and-silver economy, according to Hilton, involves letting private individuals mint their own coins in various denominations that could be used for day-to-day transactions.

"We feel it makes sense to look at monetizing coins that could be [of] private origin, perhaps produced within this state that would have those correct denominations," Hilton told a legislative committee about two weeks ago.

The grateful donor of the gifts was Wayne L. Palmer, who helped push through the Utah Legal Tender bill, legislation said to be the first step toward states being able to mint their own currency.

Last month, the Securities and Exchange Commission obtained a restraining order and asset freeze against Palmer, alleging he had operated a Ponzi scheme through his real-estate firm, National Note of Utah.

Coming to Your State Soon!!!
Missouri and South Carolina in 2012 are the closest to enacting very similar legislation and creating a gold bullion and silver bullion depository, just like Utah. (Source: CNN Money, February 3, 2012.) Both states echo the same sentiments as Utah and this is evident by the names chosen for the bills. For example, in Missouri, the legislation put forth is called the Missouri Sound Money Act of 2012.

Other states considering legislation to make gold bullion and silver bullion legal tender are Montana, Colorado, Idaho, Indiana, New Hampshire, Georgia, Washington, Minnesota, Tennessee, and Virginia.

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