Posted on 06/05/2011 9:20:08 PM PDT by lbryce
The idea to make the precious metal legal tender has gained currency in more than a dozen state capitals, aided by Tea Party support and other efforts to rein in federal power. Economists say the plan would be disastrous.
Mike Pitts is no economist, but that hasn't kept the retired small-town cop from taking a prominent role in a quixotic campaign to push the U.S. monetary system back to another century.
Pitts, a South Carolina statehouse representative, introduced a bill in April that would make gold and silver coins legal tender in the state. Similar efforts are underway in more than a dozen state capitals, fueled by Tea Party support and antipathy toward the federal government.
The ultimate goal is to return the nation to the gold standard, in which every dollar would be backed by a fixed amount of the precious metal. Economists of all stripes say the plan would be ruinous, but that view is of scant concern to Pitts.
"Quite frankly, I think that economists from universities are thinking within the confines of their own little world," Pitts said. "They don't deal with the real issues."
Proponents of the laws believe that returning America to the gold standard would force the government to live within its means, curtailing runaway spending and inflation.
(Excerpt) Read more at articles.latimes.com ...
Well,....it was news to me.
The issue could be forced rather easily if we actually had just one Free and Independent State in the Union. Just start following the Constitution and refuse to accept “anything but Gold and Silver Coin, a Tender in payment of debt”. Seems to me a State run Clearing house to exchange Federal Reserve Credits into Legal Tender would be all that is needed along with STRICT ENFORCEMENT in requiring that All Persons Be Paid in Legal Tender at FACE VALUE. Now instead of earning say $1500 per week in Federal Reserve Credits you only earn $50, and since the Federal Government requires Federal Reserve Credits for Taxes you pay the their 25% in Federal Reserve Credits which equals $12.50 , 40 cents in silver.
Gold is all that is required the rest is smoke screen.
Please cite an example of platinum or palladium being used as money.
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