The Big Change, pun intended
Article 1, Section 10, Clause 1
No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.
The Constitution came hard upon the use, and failure, of paper money during the Articles of Confederation.
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Utah became the first state to introduce its own alternative currency when Governor Gary Herbert signed a bill into law last March that recognized gold and silver coins issued by the U.S. Mint as an acceptable form of payment. Under the law, the coins -- which include American Gold and Silver Eagles -- are treated the same as U.S. dollars for tax purposes, eliminating capital gains taxes.
Since the face value of some U.S.-minted gold and silver coins -- like the one-ounce, $50 American Gold Eagle coin -- is so much less than the metal value (one ounce of gold is now worth more than $1,700), the new law allows the coins to be exchanged at their market value, based on weight and fineness.
"A Utah citizen, for example, could contract with another to sell his car for 10 one-ounce gold coins (approximately $17,000), or an independent contractor could arrange to be compensated in gold coins," said Rich Danker, a project director at the American Principles Project, a conservative public policy group in Washington, D.C.
Similar laws coming: South Carolina, Washington, Minnesota, Iowa, Georgia, Idaho, and Indiana.
Take note of this for this is the most profound change in the United States' economic condition since we left the gold standard. What the states are doing is part of the Constitution, so it cannot be shut down until the tyrants denude Article 1 of authority. They forgot to attack this provision and it is the very one that can drive a stake into their hearts.
Ron Paul has been advocating a competing currency to the U. S. dollar as a simple cure for what ails us. None of the other candidates debated the point as they did not understand what he was talking about, at all, but saw he was popular on business talk shows, so it would be wise to shut up.
Think about this from a practical level: would you sell your car for ten ounces of gold or for $17,000. Before you answer, look up the buying value of your dollar and the projections for inflation. The average man will correct what our "leaders' dread - a loss of control and a loss of the ability to create money. One ounce of gold still buys a high end suit, just like in the 1920s.
A private attempt to create a currency, even in harmony with U.S. law and with the approval of the Treasury, ended with an arrest by the FBI, the Presidential Guard.
The reporting of this movement is quiet in D.C., N.Y., Massachusetts, and California because these places thrive on the games inherent in fiat currency. You have not heard of it, but do not think that is because it is not important.
Labels: coins, gold, silver, state law, U.S. Constitution Article 1, Utah
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