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Arizona Lawmakers Advance Bill Allowing Gold and Silver as Money; Bureaucratic Nightmare?

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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6 comments to Arizona Lawmakers Advance Bill Allowing Gold and Silver as Money; Bureaucratic Nightmare?

  • Hoser

    Gol and Silver as money. FUCKING BRILLIANT!

    • Ed_B

      Brilliant or not, this move ends the tendency of a state to tax gold and silver exchanges at the 28% collectibles rate… and THAT is a good thing. Hopefully, this will catch on with the other states as well.

    • Eric

      But the bernank said it was just another commodity like orange juice. Hmmmm he would never lie now would he?

  • Dave

    Between Sheriff Joe, the governor chewing out Barry on the tarmac, the anti illegal immigration law, consistantly giving the feds the middle finger, and now this, I am really liking Arizona politics.

  • Eric

    If businesses don’t have the equipment to determine the value of gold and silver, they are ignorant MORONS! Kitco app for your smartphone is free and just one of many!

  • Travis

    Its only a bureucratic nightmare because it is difficult to tax. Good for Arizona.

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