by Mike Shedlock, Global Economic Analysis:
I have encouraging news in the state of Arizona where lawmakers back gold, silver as currency.
The measure is Arizona’s latest jab at the federal government, which prohibits states from minting their own money. It also reflects a growing distrust of government-backed money.
The bill, which advanced in a 4-2 vote by a House committee Monday, states that gold and silver should be legal currency not subject to tax or regulation as property. The Republican-led Senate gave the bill its blessing in February in a 17-11 partisan vote.
The bill would let people use the precious metals as money as long as businesses agree to take them. If made law, it would take effect in 2014.
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