Thank you. My point that I should have made clearer is that any specie considered as legal tender or as a currency needs to have a stable value; otherwise it will be volatile and one would never know from one day to the next just how much money you have. Markets and individual people need a currency that is more or less stable.. . but I've been watching gold and silver markets fluctuate wildly over the past year. And fluctuating enough that I'm not quite sure I would want either of those as a dependable currency.
True enough, but I recall about a year ago silver was at around $120/oz.... today it's in the $50/oz range. Those are market forces dictating the value; perhaps if it is recognized as legal tender, there will be some effort to stabilize the value. It's all above my paygrade, so I just hang on to what I've got with the expectation that someday soon it will all reach homeostasis and the Dollar will once again have a valid and stable value.
More importantly, does the bill exclude gold and silver, real money and legal tender, from capital gains tax if held as savings over a long period of time? I'm guessing........ no. "does not require any person or government entity to accept specie as payment".. the other big problem. Until you can pay your mortgage, deposit gold in the bank, and generally opt out of the fiat dollar system, this doesn't get us much. But it's a start at least.
This is going to be a wild time with two different types of legal tender in circulation, currently metal is priced in dollars and doesn't have a fixed value, which would have to be much higher in fiat if ever a direct replacement and return to ye' old constitution.
If so, then it's practically useless as a legal tender. How could contracts be drawn up, or interest calculated, on a shifting, uncertain commodity? I stack silver myself, but unless it has a stable value, I'm not about to start using it for daily transactions, never knowing if the product I want to buy is gong to be $100 today or $500 tomorrow.
agreed, very true — the benefit of this law = readiness & posturing
readiness in case their is a period where we need bartering, although I think White Hats have good plans for transitioning into an asset based /backed new monetary system
posturing because the more states that get the legal tender with no taxation on the books, the more this is on more people’s minds
Excellent points, this sounds reasonable. I'm not about to start carrying around silver as legal tender just yet, but maybe in the future? I'm not sure what stance my state of Tennessee is taking on this just yet, but it will be interesting to watch.
definitely holding onto silver, and we’ll see how budgets industrial needs, and the future of money develops between now and the midterms, and soon after the mid terms! — another silver dress moment with the First Lady & the President would be a nice sign. Maybe if the president could wear a silver tie one day when appropriate…
Well I'm not one for sublet cues and hints, I would prefer to see actual developments in banking, metals, and the currency that would remove all doubt.
This bill declares that "specie," meaning gold or silver valued for its metal content in the form of coins or bullion, is legal tender in Alaska to the fullest extent permitted by the U.S. Constitution,
including specie issued by the federal government, recognized foreign governments, or the state itself under specific conditions.
prohibits boroughs and cities from levying or collecting sales or use taxes on the value of the gold or silver within specie during its sale or exchange,
though it does not require any person or government entity to accept specie as payment
(excerpt) “ Sponsored by Representative Kevin McCabe and Senator Mike Cronk, the legislation exempts gold and silver specie from local sales and use taxes imposed by Alaska municipalities and boroughs. It also directs the Legislative Budget and Audit Committee to study whether specie could be accepted for the payment of taxes, debts, and other public charges.”
In 1955 the price of gold was $20.00 an ounce the price of a tract home was $14,000, a new car was was $3,000 a common wadge was about $300 a week. A family of six , husband and wife with four children lived on that in compleat security.
Constitutional legal tender is a better system.
Does the bill assign a value per ounce, or is the value governed by ever-changing market price?
👆 Good question
Thank you. My point that I should have made clearer is that any specie considered as legal tender or as a currency needs to have a stable value; otherwise it will be volatile and one would never know from one day to the next just how much money you have. Markets and individual people need a currency that is more or less stable.. . but I've been watching gold and silver markets fluctuate wildly over the past year. And fluctuating enough that I'm not quite sure I would want either of those as a dependable currency.
If you compare the value to the fiat dollar, nothing is stable. That's the point of gold and silver as currency. They are the stable reference.
True enough, but I recall about a year ago silver was at around $120/oz.... today it's in the $50/oz range. Those are market forces dictating the value; perhaps if it is recognized as legal tender, there will be some effort to stabilize the value. It's all above my paygrade, so I just hang on to what I've got with the expectation that someday soon it will all reach homeostasis and the Dollar will once again have a valid and stable value.
More importantly, does the bill exclude gold and silver, real money and legal tender, from capital gains tax if held as savings over a long period of time? I'm guessing........ no. "does not require any person or government entity to accept specie as payment".. the other big problem. Until you can pay your mortgage, deposit gold in the bank, and generally opt out of the fiat dollar system, this doesn't get us much. But it's a start at least. This is going to be a wild time with two different types of legal tender in circulation, currently metal is priced in dollars and doesn't have a fixed value, which would have to be much higher in fiat if ever a direct replacement and return to ye' old constitution.
no value per ounce, so it will be quite the daily bargaining & calculating!
If so, then it's practically useless as a legal tender. How could contracts be drawn up, or interest calculated, on a shifting, uncertain commodity? I stack silver myself, but unless it has a stable value, I'm not about to start using it for daily transactions, never knowing if the product I want to buy is gong to be $100 today or $500 tomorrow.
agreed, very true — the benefit of this law = readiness & posturing
readiness in case their is a period where we need bartering, although I think White Hats have good plans for transitioning into an asset based /backed new monetary system
posturing because the more states that get the legal tender with no taxation on the books, the more this is on more people’s minds
Excellent points, this sounds reasonable. I'm not about to start carrying around silver as legal tender just yet, but maybe in the future? I'm not sure what stance my state of Tennessee is taking on this just yet, but it will be interesting to watch.
definitely holding onto silver, and we’ll see how budgets industrial needs, and the future of money develops between now and the midterms, and soon after the mid terms! — another silver dress moment with the First Lady & the President would be a nice sign. Maybe if the president could wear a silver tie one day when appropriate…
Well I'm not one for sublet cues and hints, I would prefer to see actual developments in banking, metals, and the currency that would remove all doubt.
Alaska Bill HB1 https://www.billtrack50.com/Billdetail/1775668
signed into law June 4
This bill declares that "specie," meaning gold or silver valued for its metal content in the form of coins or bullion, is legal tender in Alaska to the fullest extent permitted by the U.S. Constitution,
including specie issued by the federal government, recognized foreign governments, or the state itself under specific conditions.
prohibits boroughs and cities from levying or collecting sales or use taxes on the value of the gold or silver within specie during its sale or exchange,
though it does not require any person or government entity to accept specie as payment
June 13 https://readingroom.money.org/precious-metals-now-legal-tender-in-alaska/
(excerpt) “ Sponsored by Representative Kevin McCabe and Senator Mike Cronk, the legislation exempts gold and silver specie from local sales and use taxes imposed by Alaska municipalities and boroughs. It also directs the Legislative Budget and Audit Committee to study whether specie could be accepted for the payment of taxes, debts, and other public charges.”
Doesn't list private voluntary barter currency (PVBC), but that will surely spike too.
thanks for mentioning, I have not joined a bartering association, but I keep bartering in mind
In 1955 the price of gold was $20.00 an ounce the price of a tract home was $14,000, a new car was was $3,000 a common wadge was about $300 a week. A family of six , husband and wife with four children lived on that in compleat security. Constitutional legal tender is a better system.
wish my grandparents and parents had taught me this! they were distant, and thankfully a past friend steered me in the direction of the Constitution
looking forward to see how Pres. Trump moves us toward this renewed, bettersystem!