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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/
(Score: 0) by Anonymous Coward on Tuesday April 18 2017, @12:56PM (1 child)
Sure you can! Just buy TIPS. Moving away from the gold standard was a trade-off of some of the dollar's utility as a store of value for additional utility as a medium of exchange. That makes sense, given that most people don't require that the asset they use as a primary store of value be completely liquid.
Besides, the core value-add of a government-backed currency like the dollar is that it is legal tender. A government can legislate a currency into being a better medium of exchange; they can't magically make it a better store of value. So it makes sense from that perspective that you'd play to your strengths.
(Score: 2) by The Mighty Buzzard on Tuesday April 18 2017, @01:29PM
Removing the utility of its storable value was, or at least should have been, by design. Circulating, or at least invested, money makes for a healthier economy than money stuffed in a mattress and inflation forces anyone with the sense god gave a jackass to keep their money moving.
A lot of people don't get this when they talk about how rich people just sit on their money. Rich people never sit on money if they can help it; they know their cash loses $inflation_rate of its value every year.
They also don't seem to get that money in the bank is not "sat on". It becomes part of the fractional reserve banking system and gets loaned to them to buy their house/car/whatever. Only money in a mattress or other non-interest-bearing storage facility can be called "sat on".
My rights don't end where your fear begins.