Utah, Gold now currency

[RGacky3]

http://money.cnn.com/2011/03/29/news/economy/utah_gold_currency/index.htm,

No one is gonna use Gold to perchase anything, this is nothing more than getting rid of capital gains taxes.

This is a joke, you can't have a currency with 2 values.

[Sasha]

almost sounds more like they are trolling the goldstandard people instead of accommodating them:


The law has limited applications. As currency, the gold and silver coins, which are usually purchased by individuals as investments, are still only worth their face value in the eyes of the state.
So even if the actual precious metal in your $50 coin has a market value (http://money.cnn.com/data/commodities/index.html?iid=EL) of $1,400, it still only has $50 dollars worth of purchasing power.
0:00 /00:55Gold rush
According to a person close to Herbert, the governor signed the bill because it eliminates capital gains taxes on a popular investment. The other stuff, not so much.
"If somebody is stupid enough that they want to buy a Snickers bar at 7-Eleven with a gold coin worth thousands of dollars, they will be able to do that," the source said.


makes you wonder how often it happens some kid nicks a gold coin out of dads collection and uses it to buy $50 worth of candy making the store owner very happy :lol:

[IcarusAngel]

I'm back in Utah again. Actually the article is correct. There are a lot of gold nuts here. I even have progressive friends who are gold nuts. They don't know what the hell they're talking about. I had one tell me that the gold standard would help weaken inequality. But there was more inequality and longer depressions when we had the gold standard. Hello!

The only thing that would kind of make sense, instead of having a central bank, is having everybody use their own currencies. This probably wouldn't work either, but it would be better than to a return to the gold standard -- a system that didn't even last very long, required more central planning skills, and violates basic principles of economics.

HeTkT5-w5RA


If they dare to come out in the open field and defend the gold standard as a good thing, we will fight them to the uttermost. Having behind us the producing masses of this nation and the world, supported by the commercial interests, the laboring interests and the toilers everywhere, we will answer their demand for a gold standard by saying to them: You shall not press down upon the brow of labor this crown of thorns, you shall not crucify mankind upon a cross of gold.http://www.virginiawestern.edu/faculty/vwhansd/his122/Bryan_Silver.html

[Dimentio]

I don't understand why most of them don't realise that the Gold Standard was fractional reserve banking too, only that it made even less sense.