Return Of The Gold Standard

Personal investing in the standard that pays off debt is the solution to resolving debt. When the Great Depression came upon on the U.S. in 1929 China had stockpiled in silver and in effect removed itself from the impact of the Depression. Also, any implication of inheriting inflation as the U.S. did with that of european nations, China absolved itself.

Out of fiat currencies, debt is inherited from one administration to the next. The same as it can be inherited from one nation to another. The difficult matter in acceptance of the return to the gold standard is on a household level. Where the personal investor can, out of lack of education of the precious metal, see the central bank reserves growing in Europe and then experience a lack of confidence in the commodity as a personal coin or bullion tender.

Only a few states have passed legislation to accept gold and silver coins as legal tender (Utah, South Carolina and North Carolina), Colorado and ten other states are still contemplating following with similar legislation. In fact Colorado killed Senate Bill 137 which would have reaffirmed the right to use gold and silver coins as legal tender currency in the state of Colorado.

Here is the rundown on the latest efforts among states to adopt legislation to accept gold or silver coins as legal tender currency:

• Tennessee – Awaiting approval from state government to create a separate currency.
• Iowa – Awaiting approval from state government to create a separate currency.
• Minnesota – Awaiting approval from state government to create a separate currency.
• Georgia – Awaiting approval from state government to create a separate currency.
• Missouri – Sound Money Act passed the House adds gold and silver as legal tender alongside Federal Reserve notes, giving the citizens of Missouri a choice in currency.
• South Carolina – passed legislation to accept gold and silver coins as legal currency tender, however, are awaiting approval from state government to create a separate currency.
• Utah – Governor Gary Herbert signed a bill introducing an alternative currency in March of 2011. This bill recognized gold and silver coins issued by the US Mint as legal tender.

The remaining states have yet to respond with presenting any legislative bills to their floor for consideration.

Article 1, Section 10 of the Constitution grants States the power “make any Thing but gold and silver Coin a Tender in Payment of Debts”. Which has been replaced by Article 1, Section 8 of the Constitution which grants Congress the power “to coin money, [and] regulate the Value thereof.”

So the advent of the aftermath of 1971 the Bretton Woods system was the U.S. terminating the conversion of the dollar to gold. With this bill passage has allowed the Federal Reserve to grant itself the factor in assessing the gold standard and its value.

So what we are up against is States accepting the Republic principle and not the National Government one of devaluing a fiat currency.

Until states accept the gold standard and it prevails abroad in the U.S. following the guidelines of the “open account” practice currently employed by banking institutions with the fiat currency, will we be at the point of seeing the national acceptance of the gold standard.

5 thoughts on “Return Of The Gold Standard

  1. Hope this is the Fed’s first step into reversing 1971. It probably was done by accident, but I will let “…hope spring eternal…”

    • I am not so sure it was Douglas. Remember it was a period in history where a lot of not well thought out plans were exercised. From Vietnam to Bretton Woods to Watergate to resignation rather than face Impeachment. Once there is majority acceptance of the gold standard will we see an economic situation under financial reform. Credibility will be the key in reversing the current lack of confidence in a mixed metal devalued U.S. fiat currency.

  2. Thank you for your comment. I look forward to hearing more from you and your point of view. What we are seeing an infancy stage of the return of the gold standard. By no means is this going to be a smooth introduction. Federal agencies are going to have infighting due to funding cuts and shortfalls. It is important at this point that the gold product providers meet the migratory banksters with equatable business practices of web ‘open account’ processes. It is in the infancy stage where you want to show your credibility of meeting their business practices. ~ iGoldPost

  3. Yes this has been trending on Karatbars International Vision team facebook page also. Zero risk investment compared to other paper promises they offer.

    • The promising sign of this message is that we are starting to hear the words of which we originally had back when the gold standard was last in place. Before 1971 0f the Bretton Woods system when the dollar conversion to gold was discontinued. Pushing forward in next steps is establishing the credibility which will secure not just gold’s return but its future.

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