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Author Topic: Silver and Gold - Utah Leads the Way  (Read 1551 times)
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tamo42
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« on: 2011 Mar 13, 11:28:25 am »



Congratulations to the Utah state legislature are in order.

Utah is the first state that I'm aware of to pass a bill allowing the use of silver and gold in normal, everyday transactions. The bill is still pending the signature of the governor, and if signed will mean you can walk into a store and buy stuff without federal reserve notes.

This might seem like a small thing, but I assure you that this is a... huge... deal. The Utah legislature has just declared its independence from the banking establishment.

There are a lot of these bills in various states around the country. Here's hoping this will be the start of a trend!
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Neal McSpadden
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« Reply #1 on: 2011 Mar 13, 01:45:43 pm »

If this trend continues, maybe we should consider Utah a "country" to move to, instead of the others you've recommended earlier?
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badon
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« Reply #2 on: 2011 Mar 13, 02:58:56 pm »

I think so. Utah's economy is one of the strongest in America. If gold and silver accumulate there, you can bet it'll stay strong when the dollar and the banking system finally collapse. Once the bill is passed, the small Utah banks will probably start setting up gold and silver accounts.

It's going to be a game-changer. There's nowhere else in the world that I know of that is doing this. I think Utah is the first government in the world to take major, serious steps towards abandoning fiat.
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« Reply #3 on: 2011 Mar 15, 09:08:23 pm »

Malaysia is doing it too:

http://constitutionaltender.blogspot.com/2011/03/another-state-in-malaysia-introduces.html
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If families are a problem for the system, then we must reject the system, not the families.
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tamo42
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« Reply #4 on: 2011 Mar 15, 09:17:12 pm »

That's pretty interesting, but they are making the classic mistake of creating coins instead of medals.

One of the things that makes the Utah bill unique is that the monetary value of any gold and silver coinage will be based on their metallic value rather than their face value. This allows the market to dynamically respond to changes in conditions rather than trying to force any particular valuation on one ounce of fine gold (or whatever).

People forget that it is artificial valuation through legal tender that enables Gresham's Law to manifest. In a free trading environment, bad (worth-less instead of worthless) money is disfavored.

So to sum up, for maximum market efficiency, medals are a better choice than coins.
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« Reply #5 on: 2011 Mar 15, 09:25:00 pm »

That's what I've been thinking all day today. Amongst collectors, "coins" are preferred, but historically speaking, almost all "coins" are actually medals. The concept of a face value is fairly recent, and quite flawed. Already, the bias of collectors towards "coins" over "medals" is weakening greatly.

Some of the most valuable coins for collectors are actually medals. It's pretty exciting to watch all the action.
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If families are a problem for the system, then we must reject the system, not the families.
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« Reply #6 on: 2011 Mar 15, 09:38:51 pm »

Yeah, I have been heartened by that development as well. When people realize that the value of something comes from what we as a society decide rather than what some random council decides, we will all be that much closer to a free market.
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Neal McSpadden
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« Reply #7 on: 2011 Mar 16, 10:27:33 am »

Malaysia is doing it too:

http://constitutionaltender.blogspot.com/2011/03/another-state-in-malaysia-introduces.html

Cool article. Before Perak, Klentan (another state in Malaysia) coined their own gold (dinar) and silver (dirham) coins in 2006. There was overwhelming demand for them. Malaysia central bank did not recognize them as currency .

By definition, a dinar is defined as 4.25 grams of 24 carat gold and a dirham is defined as  2.975 grams of pure silver. 1400+ years ago, you can buy a chicken for a dirham.

I bought me some dirhams. They are proof and nice. I have enough from Klentan to buy two chickens Smiley


* DirhamSide1.jpg (1025.58 KB, 3251x1718 - viewed 227 times.)

* DirhamSide2.jpg (1324.69 KB, 3396x2512 - viewed 226 times.)
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CoinWorld13
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« Reply #8 on: 2011 Mar 16, 05:43:11 pm »

I wonder with inflation, how many dirham it would take to by a chicken today? Smiley They look beautiful! I think I will look for one as well.
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« Reply #9 on: 2011 Mar 19, 08:39:11 am »

just as information. Utah isnt the only one.

there are 12 states , who have similar plans up

    * Colorado
    * Georgia
    * Montana
    * Missouri
    * Indiana
    * Iowa
    * New Hampshire
    * Oklahoma
    * South Carolina
    * Tennessee
    * Washington
    * Vermont


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