Saturday, Mar 21, 2009
Georgia House of Representatives propose replacing dollar with gold and silver
Atlanta Business Chronicle: Georgians could pay future state taxes in gold
If a bill under review by the Georgia House becomes law, state residents might be paying 2010 taxes in gold...
Now assigned to the House of Representatives’ Banks & Banking committee, HB 430, or the Constitutional Tender Act, would require the use of gold and silver coin for the repayment of debts to the state, notably all state taxes. It would also mandate that any bank conducting business with the state accept gold and silver coins as deposits...
In effect, the bill seeks to revive the gold and silver standards for certain forms of state business, and Georgia would become the only state in the country to do so...“Federal Reserve Accounting Unit Dollars, having no redeeming value in gold or silver coin, shall not be made a tender in payment of debts by the state,” it states.
4 Comments
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1. Albertino Albertini said...
SURELY it's not deliberate that the initial letters of 'Federal Reserve Accounting Unit Dollars' spell out the word... um...
2. greytornado said...
It's funny how history repeats itself - this is nothing new. This happened in the decline of the Roman Empire when they had hyperinflation. How, you ask, can you have hyperinflation when you haven't got paper money? Easy. The state demands taxes are paid in gold, but only issues currencies in base metals.........................................
3. dohousescrashinthewoods said...
Well this is interesting - if the rest of the world is piling into the dollar as a reserve currency but even the Americans decide not to use it, that's not looking good.
Who would have thought that the first country to follow Zimbabwe's lead in abandoning its currency would be the US? And when they sneeze... I've been amazed how many people at work are openly talking about not holding savings in Sterling. It seems to be a mainstream view now. No one really knows what to do with the cash instead though.
My wife says this could be one of those moments we look back on as a turning point of our age.
As one article, a while back said, the only thing that gives a paper currency its value is its usefulness for paying taxes. If that is the case then this is a direct hit.
4. mountain goat said...
This proposal won't pass now in 2009 but it is a political threat and sign what some States will be tempted to do in the face of impossible debts in WashingtonDC and other states like Califronia. The Fed is already the "bad bank" with $trillions of toxic assets dumped by Wall Street. It will be attractive to many Americans just to scrap the Fed's FRAUDs and start with a new currency.