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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: 2) by Uncle_Al on Sunday April 16 2017, @04:11PM (1 child)
Try using it for interstate commerce and see what happens.
http://www.communitycurrencieslaw.org/constitutional-law/ [communitycurrencieslaw.org]
(Score: 2) by kaszz on Sunday April 16 2017, @11:09PM
What happens? the linked article is not clear.
(Score: 3, Insightful) by Azuma Hazuki on Sunday April 16 2017, @04:22PM (3 children)
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
I am "that girl" your mother warned you about...
(Score: 2, Insightful) by Scrutinizer on Sunday April 16 2017, @06:56PM (1 child)
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
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
(Score: 2) by kaszz on Sunday April 16 2017, @11:22PM (1 child)
Is it just me that get the idea that Texas state is safeguarding their monetary system against mismanagement by the central banking and government? And that they are doing so because they are privy to knowledge that the said institutions are financially deficient.
(Score: 0) by Anonymous Coward on Monday April 17 2017, @06:22PM
No probably not. Here have some kool aid in a tinfoil cup
(Score: 0) by Anonymous Coward on Monday April 17 2017, @12:01AM
...is an anagram for "authorizes the payment of Texas"