Utah Gold and Gaddafi have lots in common

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Utah gold – Gaddafi wanted a gold Dinar, now Utah have recognized gold and silver as legal currency

Published yesterday, a post suggesting that the real reason for NATO’s involvement in Libya was to stop Gaddafi putting Africa on the gold standard, therefore destroying the dollar as the world’s reserve currency, a theory a little far-fetched, but in Salt Lake City a similar idea is emerging. Utah gold as legal tender.

This month Utah became the first state in the country to officially recognize gold and silver coins as legal currency:

Utah legislators want to see the dollar regain its former glory, back to the days when one could literally bank on it being “as good as gold.” To make that point, they’ve turned it around, and made gold as good as cash.

The idea was spawned by Republican state Representative Brad Galvez, who sponsored the bill largely to serve as a protest against Federal Reserve monetary policy. Galvez says Americans are losing faith in the dollar. If you’re mad about government debt, ditch the cash. Spend your gold and silver, he says.

Salt Lake City entrepreneur, Craig Franco hopes to cash in on it with his Utah Gold and Silver Depository, and he hopes others will soon follow. The idea is: Store your gold and silver coins in a vault, and Franco issues a debit-like card to make purchases backed by your holdings.

He plans to open for business June 1, 2011, likely the first of its kind in the country.

“Because we’re dealing with something so forward thinking, I expect a wait-and-see attitude,” Franco said. “Once the depository is executed and transactions can occur, then I think people will move into the marketplace.”

Earlier this month, Minnesota took a step closer to joining Utah in making gold and silver legal tender. A Republican lawmaker there introduced a bill that sets up a special committee to explore the option. North Carolina, Idaho and at least nine other states also have similar bills drafted.

The United States was on the gold standard until 1971, which meant currency could only be issued in relationship to a country’s gold deposits. President Richard Nixon took the U.S. off the gold standard and the Federal Reserve starting printing money for fun.

 

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Holte Ender

Holte Ender will always try to see your point of view, but sometimes it is hard to stick his head that far up his @$$.
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9 years ago

Oh so Richard Nixon is the piece of shit that helped lead us to mass debt?

Getting off the gold standard, is a load of shit. IF you want to be a spoiled bitch then whatever. But it was way better on the gold standard. This post is shit.

Richard Nixon = self centered asshole who didn’t give a shit about America.

12 years ago

WTF is stagflation????

…I do agree…I’ve never blown my nose on my debit card…most uncomfortable action I would have thought…

Eddie
Reply to  Jihad punk
12 years ago

An economic term used to describe a situation where you have both high inflation and high unemployment. Normally you have only one or the other. You guys might simply remember it as the OPEC embargo and subsequent recession.

Eddie
12 years ago

I don’t even know why people even want the gold standard back. The gold standard promised us stability. Under it, we saw nasty inflation and even nastier deflation as well as numerous recessions/depressions/panics. Amusingly enough, they see nothing wrong with things like debit cards even though it is just a piece of plastic. You can’t even blow your nose on it.

12 years ago

They both begin with ‘G’?…well not Utah obviously…;-)

…what’s a ‘stagflation’?

12 years ago

Sure he did all that but what a good looking guy right? Listen, there are several things wrong with this article.
(1) That story about Gaddafi has never been confirmed as even being accurate. There are several other nations around the world, including Malaysia and Indonesia, that have for years tried to dump paper dollars for gold dinar and silver dirham. While I agree with them it’s a good idea, so far they have had very very limited success. Gresham’s law, hoard the gold and spend the paper, people don’t want to part with their metal. The Gaddafi story is a conspiracy theory.
(2) The U.S. was on a limited half-ass gold standard in 71 when Nixon closed the foreign gold window after France was said to have sent a warship to the U.S. to pick up it’s gold. The stagflation of the 70’s was the result of too many dollars being printed after the Vietnam War, it had nothing to do with gold.

The big question here is how many states will jump on board now that Utah is all in. Will people move savings and business money into metal and out of banks??? Also the gold/money is to be used alongside the dollar and provide an voluntary alternative, not replace it yet. I’ve been using digital gold currency for over a decade now, I don’t even have a bank account, but not many people understand it. Three cheers for gold, down with the paper money but let’s not over do the Gaddafi thing, he got invaded because nobody likes him 🙂
Mark

Eddie
Reply to  Mark Herpel
12 years ago

Yes, it did. Vietnam is not even the primary cause of it (or we should say FU to the Great Society) or we would be talking about the stagflation of 1960s, not the 1970s. Things got super ugly in and out of the US after the OPEC embargo. One of the causes of stagflation was a major drop in productivity. Part of the reason was that people was putting their investment dollars in crazes like gold (and amusingly enough, art) instead of say a new factory (which actually does something). There is an extensive list including things like the major powers recovering after WWII, rising healthcare costs, designed to be obsolete products, etc.

jenny40
12 years ago

I’m with Mike on this one. I had no idea that Nixon had done all of those things much less the gold issue. He was my first election by the way.

Eddie
12 years ago

Just a little history lesson. These stupid gold rushes were one of the reason for the stagflation of the 1970s.

Admin
12 years ago

That Nixon pic is very telling. I’ve long maintained that he was an accomplished, if not paranoid, president. I did not know he was the one who took us off the gold standard. Good post.

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