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Texas Bill to Establish Gold & Silver as Legal Tender, Dealing Massive Blow to Federal Reserve

posted by on Sunday April 16 2017, @10:06AM   Printer-friendly
from the raid-on-fort-knox dept.

MrPlow writes:

Submitted via IRC for TheMightyBuzzard

A bill recently introduced in Texas seeks to obliterate the Federal Reserve's much-maligned monopoly on currency by establishing gold and silver as legal tender — but the groundbreaking legislation, if passed, would also prohibit those precious metals from being seized by State authorities.

[...] Senator Bob Hall introduced the bill last month, which, the Tenth Amendment Center explains, "declares specifically that certain gold and silver coins are legal tender, and prohibits any tax, charge, assessment, fee, or penalty on any exchange of Federal Reserve notes (dollars) for gold or silver. The bill authorizes the payment of taxes and fees in gold & silver in certain circumstances. It would also prohibit the seizure of gold or silver by state authorities."

Would this matter in a nation where money is mostly plastic nowadays anyway?

Source: http://thefreethoughtproject.com/texas-bill-gold-silver-money-federal-reserve/

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  • (Score: 3, Insightful) by Azuma Hazuki on Sunday April 16 2017, @04:22PM (3 children)

    by Azuma Hazuki (5086) on Sunday April 16 2017, @04:22PM (#494850) Journal

    If they want to tie currency to something tangible, gold is one of the dumbest things I can think of. Why not energy production capacity? Makes more sense than gold. Not a lot you can do with gold once you've got it

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  • (Score: 2, Insightful) by Scrutinizer on Sunday April 16 2017, @06:56PM (1 child)

    by Scrutinizer (6534) on Sunday April 16 2017, @06:56PM (#494896)

    Why gold?

    Portability and longevity, that's why. Until I can tuck a month's worth of living expenses in the form of energy into the corner of a pocket, gold will still be among the top picks as a currency.

    That is, until we crash the price of gold by mining asteroids [soylentnews.org]...

    • (Score: 2) by kaszz on Sunday April 16 2017, @11:16PM

      by kaszz (4211) on Sunday April 16 2017, @11:16PM (#495005) Journal

      Got to find that floating gold nugget to begin with.. ;)

      Btw, I think a nugget of uranium-235 in space would however have a lot more practical use as it would enable power generation for all kinds of equipment. As there are a lot of places where the sun doesn't shine (enough).

  • (Score: 2) by jimtheowl on Monday April 17 2017, @01:16AM

    by jimtheowl (5929) on Monday April 17 2017, @01:16AM (#495046)
    I just want to be helpful; if you have any of that useless gold, I'm willing to trade pound for pound for some AA rechargeable batteries.