Thursday, May 12, 2011

David Morgan on the Utah Coin Act. Silver / Gold Update 5/12/11

In short what has occured in Utah is that the state has chosen to excersise its ability as a State of the U.S.A. to implement Gold and Silver as a legal tender under "Article1, Section 10 of the United States Constitution which provides that no state shall make anything but gold and silver coin a tender for payment of debts."

This means that the State Legislators in Utah observing the outright lunacy at the Federal Government level with money printing just to keep up with Interest on the $14+ Trillion are taking action to pre empt Weimer Germany type situation where wheel barrels of money are required to purchase a loaf of bread. Good for them...

Other states that are looking at something similar:
Virginia House Joint Resolution 557
Georgia Constitutional Tender Act
Ohio Honest Money Project
Idaho Silver Gem Act, Bill No. 633
South Carolina House Bill No. 4501
Missouri House Bill No. 561
Washington House Joint Memorial 4010
Colorado Honest Money Act (HB09-1206)
Indiana Senate Bill No. 453
Montana House Bill No. 639
New Hampshire Gold Money Bill 1.