The push for gold to be recognised as money goes on

A couple of months back we reported that the State of Utah had passed legislation removing capital gains and sales tax on gold and silver, essentially allowing it to compete with paper money.

Well, we’re not sure what they’re putting in the water in Utah but now the Senator for Utah at the National level (Mike Lee) has introduced, along with Senators Jim DeMint and Rand Paul, a piece of legislation that pretty much mirrors the Utah legislation but at a national level.

The legislation is called the “Sound Money Promotion Act” it aims to:

To treat gold and silver coins used as legal tender in the same manner as United States currency for taxation purposes.

And just like all good pieces of legislation it all fits on one side of A4. All it is simple trying to achieve is remove sales and capital gains tax and once again make it officially recognised as legal tender in the US.

The next stage for the bill will be for it to be considered in the Senate Fiance Committee, where it will have to pass a vote before it makes it onto the Senate floor for a full vote.

Here’s what the 3 introducers of the legislation said on the matter of sound money:

Senator Jim DeMint:

Thanks to the government’s reckless over-spending, continued bailouts, and the Federal Reserve’s easy money policy, this year the purchasing power of the dollar hit an all-time low in the several decades since we went off the gold standard…In order to rebuild strength and confidence in our economy, we need both the fiscal discipline to cut wasteful spending and the monetary discipline to restrain further destructive monetizing of our debt. This legislation would encourage wider adoption of sound money measures, and that’s a step in the right direction.

Senator Mike Lee:

Good monetary policy is an important part of a healthy and prosperous economy..Since the Federal Reserve Act of 1913, the dollar has lost approximately 98 percent of its value. This bill is an important step towards a stable and sound currency whose value is protected from the Fed’s printing press.

Senator Rand Paul:

As the government runs massive deficits, uncontrolled spending, and an increasingly unsustainable debt, governments and the bureaucrats in charge are often forced to take an easier approach: to monetize the debt, inflating the currency. These implications can be devastating, leading to higher interest rates, which lead to higher borrowing costs and slower economic growth, but most importantly, destroying the savings and standard-of-living of all Americans.  This bill will hold politicians and the Federal Reserve accountable; acknowledging that states are serious about an alternative to a weakening dollar.

We wonder how long it will be until similar simple legislation is bought up in the UK Parliament?



Link to this article: : http://www.goldmadesimplenews.com/gold/the-push-for-gold-to-be-recognised-as-money-goes-on-4453/

Posted by on Jul 1 2011. Filed under Analysis, Gold News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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