25 March 2011 led the U.S. state of Utah next to the U.S. dollar and gold [b] silver coins as legal tender for a [/ b]. With the signing of the "Utah Legal Tender Act by Governor Gary Herbert, the law was in force. On 4 March 2011 agreed to the House of Representatives in the Utah bill, 15 March was followed by the Senate. In 12 other U.S. states have similar legislative initiatives for consideration.
The new law, with the simple title, legal tender ", met for many conservatives in Utah a heart's desire. The original United States Constitution of 1787 actually saw only gold and silver coins as legal tender. Only a subsequent constitutional amendment made the Output of a fiat currency at all possible. Many conservatives, however, was exactly this Amendment, a thorn in the eye.
In plain words it is in Utah again: "Gold and silver coins, which will issue from the state are legal tender" was also decided that gold and silver transactions in the payments have no tax disadvantage compared to any other legal tender drag you along. may only downer. have neither gold nor silver coins in payment transactions accepted compulsory, as is, for example, in U.S. dollar notes from the case. The law also stipulates that in fiscal year 2011, a commission to examine whether the general sense transition to an alternative legal means of payment appears. In other words, whether the reintroduction of a gold standard (or other monetary system) should be initiated. But still, the greenback remains the most important currency in the Mormon state. The first win was for political groups, such as, Utah Sound Money "but won. ------------------------------------------
At first glance, this decision has far-reaching consequences. Gold is not only at the federal level but also in Utah again legal tender. This, however, relates only to the first U.S. coins. A 50 dollar gold coin can therefore now be used as a normal payment.
But that will change anything in practice. Or, you can imagine that there will be U.S. citizens who go with their 50 dollar gold coin to Wal Mart and then use the coin to buy a new pair of jeans? This makes economic utter rubbish.
The initiators of the law, which come mainly from the conservative Republican tea party intended movement, the initiative also something else: to denounce the loose monetary policy of the Fed are.
The U.S. citizens are meant to regain the ability to deposit their money in safe investments. Republican Brad Galvez, one of the initiators of the law said about the decision: "Our goal is that gold and silver in the future be recognized as a means of payment - and at market prices.
This would protect the citizens of Utah in its assets from the rising inflation and the devaluation of the dollar. "
In this respect, is behind the current project is a greater goal. However, the way to this is long. But a signal for the government in Washington, the new law is in any case.
Greetings
LSS
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