DiscussWorldIssues - Socio-Economic Religion and Political Uncensored Debate - View Single Post - Utah House stamps gold, silver as legal tender

**beonecenry** · 02-15-2012, 05:35 PM

An article in the Salt Lake Tribune today:

http://www.sltrib.com/sltrib/politic...alvez.html.csp

Copyright 2011 The Salt Lake Tribune. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Interesting comment on that story.

Phoenix Roberts

I was involved in the discussions that lead to last year's legal tender act. No one is suggesting that we drop everything for coinage, that would be impractical.

Plans have been underway for some time to establish repositories that look like banks, but have significant differences: You don't deposit money, you buy metal. You then have the $ equivalent of the metal's value available through a debit card just like the one banks issue, and the repository sells metal to pay your debits. (A little oversimplified, but that's basically how it works.)

As far as anyone could see, you're doing business with a regular bank but, with a bank, if inflation is 5% this year, you lose 5% of your buying power. With a repository, the value of the metal rises with inflation, so your buying power stays the same. edit, didn't realize I didn't quote monty.

02-15-2012, 05:35 PM	#22
beonecenry Join Date Oct 2005 Posts 492 Senior Member	An article in the Salt Lake Tribune today: http://www.sltrib.com/sltrib/politic...alvez.html.csp Copyright 2011 The Salt Lake Tribune. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Interesting comment on that story. Phoenix Roberts I was involved in the discussions that lead to last year's legal tender act. No one is suggesting that we drop everything for coinage, that would be impractical. Plans have been underway for some time to establish repositories that look like banks, but have significant differences: You don't deposit money, you buy metal. You then have the $ equivalent of the metal's value available through a debit card just like the one banks issue, and the repository sells metal to pay your debits. (A little oversimplified, but that's basically how it works.) As far as anyone could see, you're doing business with a regular bank but, with a bank, if inflation is 5% this year, you lose 5% of your buying power. With a repository, the value of the metal rises with inflation, so your buying power stays the same. edit, didn't realize I didn't quote monty.
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