The latest example of the declining faith in fiat currencies and rising affinity for a return to a sound money policy involving gold and/or silver comes from Utah, where the state legislature is prepared to introduce The Sound Money Act as the next session begins next week.
According to a report from The New American, “Under the proposed legislation, introduced late last year for the upcoming legislative session, the state government would be authorized to collect and return taxes and fees in precious metals. Additionally, Utah’s government could use gold and silver in connection with any intrastate transaction. But of course, it would be entirely up to citizens whether they preferred to use precious-metals coins or U.S. dollars backed by nothing.”
The Sound Money Act notes that since the creation of the Federal Reserve in 1913, the U.S. dollar has lost more than 90% of its purchasing power. Moreover, since then and “as well as throughout the entire course of recorded human history, gold and silver coin have reliably retained their purchasing power.”
Commenting on Utah’s proposal, Congressman Ron Paul, the most prominent political critic of the Federal Reserve, stated that it and other similar efforts around the country “highlight the importance of returning to sound money. Even if such efforts fail to achieve legislative success on their first try, their importance lies in bringing to the public’s attention the problem of the ever-weakening dollar and the necessity of returning to a sound monetary system.”
Source: Goldalert.Com
