Arizona Lawmakers Pass Bill Making Silver, Gold as Legal Tender......

[MMC]

The Arizona Senate on Tuesday approved a measure to make gold and silver legal currency in the state, in a response to what backers said was a lack of confidence in the international monetary system.

The legislation cleared the Republican-controlled Senate by an 18-10 vote after being approved by the state House earlier this month. It now goes to Republican Governor Jan Brewer, who has not indicated if she will sign it into law or veto it.

The bill calls for Arizona to make gold and silver coins and bullion legal tender beginning in mid-2014, joining existing U.S. currency issued by the federal government.

If signed into law, Arizona would become the second state in the nation to establish these precious metals as legal tender. Utah approved such legislation in 2011.

More than a dozen states have considered similar legislation in recent years, according to the National Conference of State Legislatures.

The use of gold and silver as currency would be strictly voluntary, with businesses left free to accept the precious metals as payment for goods and services as they choose.....snip~

Arizona lawmakers pass bill making silver, gold legal tender

If Brewer signs it.....which is more than likely, it is law and Arizona become the 2nd state to do. Some think this brings stability. Thoughts?

 

[specklebang]

I love silver and gold but I don't see what this accomplishes. When I go to Albertsons, it's much easier to take a credit card (for which I get points) or currency (which is light and fluffy). I just can't see myself hauling gold coins around. And as for silver, there is a lot of pre-1964 coinage around. I could see that as an option fluctuating around the dollar but still....I don't get it.

The Arizona Senate on Tuesday approved a measure to make gold and silver legal currency in the state, in a response to what backers said was a lack of confidence in the international monetary system.

The legislation cleared the Republican-controlled Senate by an 18-10 vote after being approved by the state House earlier this month. It now goes to Republican Governor Jan Brewer, who has not indicated if she will sign it into law or veto it.

The bill calls for Arizona to make gold and silver coins and bullion legal tender beginning in mid-2014, joining existing U.S. currency issued by the federal government.

If signed into law, Arizona would become the second state in the nation to establish these precious metals as legal tender. Utah approved such legislation in 2011.

More than a dozen states have considered similar legislation in recent years, according to the National Conference of State Legislatures.

The use of gold and silver as currency would be strictly voluntary, with businesses left free to accept the precious metals as payment for goods and services as they choose.....snip~

Arizona lawmakers pass bill making silver, gold legal tender

If Brewer signs it.....which is more than likely, it is law and Arizona become the 2nd state to do. Some think this brings stability. Thoughts?

 

[MMC]

I love silver and gold but I don't see what this accomplishes. When I go to Albertsons, it's much easier to take a credit card (for which I get points) or currency (which is light and fluffy). I just can't see myself hauling gold coins around. And as for silver, there is a lot of pre-1964 coinage around. I could see that as an option fluctuating around the dollar but still....I don't get it.

Weiner of the Gold Standard says it brings stability. Utah did it in 2011 and there are a host of states that are considering this. Plus other states came out with like that Berkshire Dollar.....type of model.

Although I thought there was a shortage on Silver due to Computers and other tech.

 

[specklebang]

I can not see where the stability comes from. While owning PMs is a hedge against inflation, they aren't designed to be a currency. They used to technically back a currency but that era is long gone and there are far more dollars in the world than there are bars of gold (or similar) to back it up. So, how an individual state can affect reality is totally beyond me. It's not that I object - I just can't comprehend it.

Hav you seen the market for "junk silver"? Asking as high as $2 over spot but then it seems they have no inventory. Another puzzle.

Weiner of the Gold Standard says it brings stability. Utah did it in 2011 and there are a host of states that are considering this. Plus other states came out with like that Berkshire Dollar.....type of model.

Although I thought there was a shortage on Silver due to Computers and other tech.

 

[MMC]

I can not see where the stability comes from. While owning PMs is a hedge against inflation, they aren't designed to be a currency. They used to technically back a currency but that era is long gone and there are far more dollars in the world than there are bars of gold (or similar) to back it up. So, how an individual state can affect reality is totally beyond me. It's not that I object - I just can't comprehend it.

Hav you seen the market for "junk silver"? Asking as high as $2 over spot but then it seems they have no inventory. Another puzzle.

Yeah.....I don't see any shortages of silver. Either way I still think it is good to have physical gold and metals on hand. Hell I am sure many can have gold and what not melted down too. From Jewelry. I guess Weiners point of contention is that the paper becomes worthless. That it is needed to counter the insolvency in the global market system.

Again other states like Michigan and MasterChoosIts have gone to a different means of money with like the BerkShares that they consider as Berkshire Dollars.

Berkshire County has its own currency.....

STOCKBRIDGE, Mass. (WWLP) - A Western Massachusetts county is getting national attention for its plan to keep local businesses going.

22News found that in Berkshire County you don't have to use dollars... they have their own currency, "BerkShares". A new currency accepted at over 300 local businesses.

Nancy Fitzpatrick, Chair of the Berkshire Creative Economy Council was recently interviewed on CNN via the 22Newsroom in Chicopee. She says the idea is to keep more local money in local business, plus you get a discount.

"There are 10 local banks, you write a check for $95 dollars, and get 100 BerkShares," said Nancy Fitzpatrick of the Creative Economy Council.

Businesses say when "BerkShares" began three years ago they only saw a few around town, but since then it has exploded, and they're literally able to fill their registers with them.....snip~

Berkshire County has its own currency

 

[specklebang]

Interesting local stimulant. Basically offers a 5% discount for shopping locally. I'm surprised the law hasn't gone after them.

There is a novel version and a short story version of an alternative currency that I highly recommend for you that addresses this,

The novel: Spondulix: Paul Di Filippo: 9781878914064: Amazon.com: Books

The book of short stories: Strange Trades: Paul Di Filippo: 9781930846050: Amazon.com: Books contains the story Spondulix plus some other really interesting stories that have a "business" flavor. Check it out.

Yeah.....I don't see any shortages of silver. Either way I still think it is good to have physical gold and metals on hand. Hell I am sure many can have gold and what not melted down too. From Jewelry. I guess Weiners point of contention is that the paper becomes worthless. That it is needed to counter the insolvency in the global market system.

Again other states like Michigan and MasterChoosIts have gone to a different means of money with like the BerkShares that they consider as Berkshire Dollars.

Berkshire County has its own currency.....

STOCKBRIDGE, Mass. (WWLP) - A Western Massachusetts county is getting national attention for its plan to keep local businesses going.

22News found that in Berkshire County you don't have to use dollars... they have their own currency, "BerkShares". A new currency accepted at over 300 local businesses.

Nancy Fitzpatrick, Chair of the Berkshire Creative Economy Council was recently interviewed on CNN via the 22Newsroom in Chicopee. She says the idea is to keep more local money in local business, plus you get a discount.

"There are 10 local banks, you write a check for $95 dollars, and get 100 BerkShares," said Nancy Fitzpatrick of the Creative Economy Council.

Businesses say when "BerkShares" began three years ago they only saw a few around town, but since then it has exploded, and they're literally able to fill their registers with them.....snip~

Berkshire County has its own currency

 

[MMC]

Interesting local stimulant. Basically offers a 5% discount for shopping locally. I'm surprised the law hasn't gone after them.

There is a novel version and a short story version of an alternative currency that I highly recommend for you that addresses this,

The novel: Spondulix: Paul Di Filippo: 9781878914064: Amazon.com: Books

The book of short stories: Strange Trades: Paul Di Filippo: 9781930846050: Amazon.com: Books contains the story Spondulix plus some other really interesting stories that have a "business" flavor. Check it out.

Here is the New Currency Michigan has come out with.....this one is for around Detroit.

Detroit Prints Its Own Currency.....

Detroit, some say, is a weird but cool blend of big city and small town. Detroit Cheers is making it weirder, smaller and cooler.

Detroit Cheers is a new local currency -- the city version of exchanging grain for flour or darned socks for a loaf of bread. Only it's more like beer for pizza, or housewares for a bike tune up.

With the goal of supporting a local small economy, a trio of Detroit business owners -- John Linardos from Motor City Brewing Works, Tim Tharp from Foran's Grand Trunk Pub and Jerry Belanger from Park Bar -- have put up their own cash to back a new local currency, or scrip, called Detroit Cheers.....snip~

Detroit Prints Its Own Currency

 

[specklebang]

If this catches on, be assured the Feds will be perp walking the inventors. They reserve the right to produce the only fiat money before somebody begins to realize that the dollar is a myth and has no actual value.

Here is the New Currency Michigan has come out with.....this one is for around Detroit.

Detroit Prints Its Own Currency.....

Detroit, some say, is a weird but cool blend of big city and small town. Detroit Cheers is making it weirder, smaller and cooler.

Detroit Cheers is a new local currency -- the city version of exchanging grain for flour or darned socks for a loaf of bread. Only it's more like beer for pizza, or housewares for a bike tune up.

With the goal of supporting a local small economy, a trio of Detroit business owners -- John Linardos from Motor City Brewing Works, Tim Tharp from Foran's Grand Trunk Pub and Jerry Belanger from Park Bar -- have put up their own cash to back a new local currency, or scrip, called Detroit Cheers.....snip~

Detroit Prints Its Own Currency

 

[MMC]

If this catches on, be assured the Feds will be perp walking the inventors. They reserve the right to produce the only fiat money before somebody begins to realize that the dollar is a myth and has no actual value.

Some communities are printing their own currency.....already.

And as U.S. dollars and credit vanish in this economic crisis, more communities are looking into printing their own currencies.

This concept isn't new. During the Great Depression dozens of complementary currencies flourished as thousands of banks failed. Today, it's estimated there are at least 2,500 complementary currency systems around the world, says Bernard Lietaer, a co-founder of the Euro and a local currency proponent.

In the United States, there are alternative currency systems in California, Wisconsin, Oregon, Pennsylvania, Michigan and Massachusetts.

Printing and distributing local currency isn't illegal. But there are rules, says Lewis Solomon, a law professor at George Washington University. First, the currency can only be paper; no coins are allowed. And the currency can't resemble a dollar. Finally, any income received in local currency must be taxed as if it were federal dollars.

While local currency may not be helpful outside a town's limits, residents say they use the money as a way of supporting their local community.

Some like to know they're helping a small business stay in business and compete with big chains that may not care about the community. "Recently people have begun to understand the value of spending money locally," Burke says.

And businesses, in turn, use local currency as a way to promote their connection to the community and build loyalty.

But creating a local currency isn't easy. First, there are the start-up costs. Witt's group spent $250,000 in grant money to create the BerkShares. There are costs associated with designing a currency, printing costs, the costs of educating residents and businesses. And maintaining the whole program is expensive. Witt estimates Newark could spend about $1 million in implementing a local currency.

Some communities are printing their own currency - CNN.com

This was all from 2009 and I am sure there are more doing so now. They are still applying the Fed Tax. But I wonder how much they can get around. California they say they are called Humboldt Dollars. Now Newark New Jersey wants one.

 

[MaggieD]

The Arizona Senate on Tuesday approved a measure to make gold and silver legal currency in the state, in a response to what backers said was a lack of confidence in the international monetary system.

The legislation cleared the Republican-controlled Senate by an 18-10 vote after being approved by the state House earlier this month. It now goes to Republican Governor Jan Brewer, who has not indicated if she will sign it into law or veto it.

The bill calls for Arizona to make gold and silver coins and bullion legal tender beginning in mid-2014, joining existing U.S. currency issued by the federal government.

If signed into law, Arizona would become the second state in the nation to establish these precious metals as legal tender. Utah approved such legislation in 2011.

More than a dozen states have considered similar legislation in recent years, according to the National Conference of State Legislatures.

The use of gold and silver as currency would be strictly voluntary, with businesses left free to accept the precious metals as payment for goods and services as they choose.....snip~

Arizona lawmakers pass bill making silver, gold legal tender

If Brewer signs it.....which is more than likely, it is law and Arizona become the 2nd state to do. Some think this brings stability. Thoughts?

*Shrug* If it's not mandatory that merchants accept it as legal tender, it doesn't mean much. Those who like to gamble will probably enjoy it though.

 

[specklebang]

Interesting that they got a grant to do this. Whose money supported that grant?

Anyway, I learned something from you that I didn't know - the legality of this. I have in my collection "Ron Paul" dollars (which are coins) and I believe the creator was arrested and convicted.

I think it's a great idea but it seems these "dollars" may be just as Fiat based as the US Dollar. I encourage you to read Spondulix (suggested in an earlier post) where a Spondulix was backed by a sandwich.

Some communities are printing their own currency.....already.

And as U.S. dollars and credit vanish in this economic crisis, more communities are looking into printing their own currencies.

This concept isn't new. During the Great Depression dozens of complementary currencies flourished as thousands of banks failed. Today, it's estimated there are at least 2,500 complementary currency systems around the world, says Bernard Lietaer, a co-founder of the Euro and a local currency proponent.

In the United States, there are alternative currency systems in California, Wisconsin, Oregon, Pennsylvania, Michigan and Massachusetts.

Printing and distributing local currency isn't illegal. But there are rules, says Lewis Solomon, a law professor at George Washington University. First, the currency can only be paper; no coins are allowed. And the currency can't resemble a dollar. Finally, any income received in local currency must be taxed as if it were federal dollars.

While local currency may not be helpful outside a town's limits, residents say they use the money as a way of supporting their local community.

Some like to know they're helping a small business stay in business and compete with big chains that may not care about the community. "Recently people have begun to understand the value of spending money locally," Burke says.

And businesses, in turn, use local currency as a way to promote their connection to the community and build loyalty.

But creating a local currency isn't easy. First, there are the start-up costs. Witt's group spent $250,000 in grant money to create the BerkShares. There are costs associated with designing a currency, printing costs, the costs of educating residents and businesses. And maintaining the whole program is expensive. Witt estimates Newark could spend about $1 million in implementing a local currency.

Some communities are printing their own currency - CNN.com

This was all from 2009 and I am sure there are more doing so now. They are still applying the Fed Tax. But I wonder how much they can get around. California they say they are called Humboldt Dollars. Now Newark New Jersey wants one.

 

[MMC]

Interesting that they got a grant to do this. Whose money supported that grant?

Anyway, I learned something from you that I didn't know - the legality of this. I have in my collection "Ron Paul" dollars (which are coins) and I believe the creator was arrested and convicted.

I think it's a great idea but it seems these "dollars" may be just as Fiat based as the US Dollar. I encourage you to read Spondulix (suggested in an earlier post) where a Spondulix was backed by a sandwich.

View attachment 67146828

Yeah, I don't know how they got a grant. Or if it was just a grant from the State either.

 

[Arbo]

I think it is all a good idea. States (and citizens) can not count on the fed's to not deflate the value of their money, so it makes sense. Of course eventually the feds will get around to fighting against it as they want to be in sole control of all money.