I can’t believe I’m saying this, but the government is finally doing something right. Recently, it’s reported that the state of Idaho would support a bill so its citizens pay their state tax in silver medallions.
I believe that other states should pass similar legislation until the US Dollar becomes backed by gold or silver.
For 138 years the US dollar was backed by gold and silver from 1833-1971.
It was taken off the Gold Standard by former US president Richard Nixon on August 15, 1971.
That marked the end of the Bretton Wood agreement of 1945 which stated the gold-backed US dollar would have fixed exchange rates with other currencies.
It’s like having a stable relationship with someone, no fooling around.
But the US fell into such a deep debt that their gold reserves were less than paper money.
When it was on the Gold Standard, the dollar was as good as gold. A person could redeem their dollar for one ounce of gold and or silver as it stated “Redeemable in Gold” at the bottom.
When Nixon took the dollar off the Gold standard, the dollar became a currency instead of money.
That’s a big difference.
Silver and gold have intrinsic value: they are accepted everywhere around the world as a safe store of wealth, it’s metal used in manufacturing especially silver in cell phones as well as other electronic supplies.
Silver and gold will always maintain desired value.
The U.S. dollar right now is a currency backed up by the faith and credit of the US government.
That means the government should print money in moderation so the value of the currency doesn’t go down.
You might as well say that pigs sprout wings and fly.
Holding a currency is like a ticking time bomb, the value will eventually blow up in your face.
The constitution states that only gold and silver should be used for business transactions as demanded by the founding fathers.
Gold puts discipline on government spending. It’s like having your mom telling you not stay up late at night.
They are talking from personal experience as the US went through hyperinflation (1775–1783): money became worthless.
So people who had their savings in the Continental got wiped out.
All of you who have savings in paper currency, watch out.
Right now the government prints money at will. It’s like keeping the lid of a candy jar open in front of a kid.
America wouldn’t have the trade deficit with China because when countries import stuff, they have to pay with gold. That signals that the country has to balance its trade.
It’s like having something taken away from you that’s precious, you would do anything to get it back.
So the other states better be wise and adopt similar legislation like Idaho proposed.
America, get ready for a new gold and silver standard.