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Gold is legal tender next week

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2.6K views 43 replies 23 participants last post by  country_boy  
#1 ·
Arkansas House Bill 1718, To Create The Arkansas Legal Tender Act; And To Reaffirm Gold And Silver Coin As Legal Tender, passed the House on April 3 and Senate on April 5. Governor Sarah Huckabee Sanders signed the bill into law on April 11, which goes into effect on July 6. The law will make gold and silver coins legal tender in the state.

The law amends the Arkansas legal code to include specie as legal tender, meaning gold and silver will be considered money. The bill makes prohibitions about compelling someone to pay or force acceptance of specie without a contract requiring such payment. Exchanging one form of tender for another will not be taxable (i.e., buying gold and silver with Dollars is forbidden from being a taxable event).
 
#14 ·
Someone needs to explain to me how this will work.

I have silver dollars that have always been legal tender. States are prohibited from making anything other than gold and silver legal tender. Still it takes a fool so spend a silver dollar as legal tender because it is worth more as a silver coin.

I cannot see what the law is accomplishing other than giving the Ron Paul cult something to crow about. My apologies to crows.
 
#22 ·
Good luck going to Walmart or the grocery store with a few gram bars of gold to exchange for goods. I imagine very few will accept PMs as payment.
When we get to a hyperinflation situation, there will be more merchants accepting gold and silver than FRNs and credit cards. The cash a customer uses in the morning will be worth less when deposited at the bank that evening. Credit card companies will be charging fees of at least 10% to cover their losses. I'm certain that Walmart and others will be giving you special discounts for using gold and silver.
 
#23 ·
"What are the details?
The law amends the Arkansas legal code to include specie as legal tender, meaning gold and silver will be considered money.

What is a specie?
A coin having gold or silver content, or refined gold or silver bullion that is coined, stamped, or imprinted with its weight valued primarily based on its metal content and not its form."

so properly imprinted gold/silver rounds or bars will be acceptable for commerce.

how many stores are going to be able to figure the dollar value of a 1/4oz gold coin? 'Manager!?'
I suspect they'll post daily value of gold/silver. maybe an electronic display that updates every half hour or so.

I bet some businesspeople in China are rubbing their hands over this.

(source: Arkansas Makes Gold and Silver Legal Tender )
 
#28 ·
State are constitutionally prohibited from establishing their own legal tender. The one exception is gold and silver:

Section 10: Powers Denied to the States
No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.
This could be interesting.
 
#32 ·

__"The private ownership of gold is a privilege, not a right. Congress revoked the privilege of private ownership in 1933 and restored it in 1974. Congress could easily revoke the privilege again. In fact, at no time during this century has the U.S. government recognized the right of private gold ownership. The Trading With The Enemy Act, which President Roosevelt invoked in 1933 to restrict private gold transactions, remains law. The government could reactivate the machinery, which The Trading With The Enemy Act established, to implement gold confiscation."​
- - - Boston College International and Comparative Law Review 297, 320 (1982)​

Congress and FDR declared that private ownership of gold was a privilege, not a right.
Any attempt to circumvent our money masters will trigger the confiscation once more.

In 1933, The President declares a state of emergency, confiscates / steals all the privately held gold money, criminalizes the possession of lawful money, and the sheeple think he "saved the country."

From 1933 to 1975, private possession and ownership of gold was illegal for U.S. citizens. Any refusal to return one's gold was punishable by a fine of $10,000 and 10 years in prison.​

Americans are dumber than a bag of hammers, it appears.
 
#42 ·
Congress and FDR declared that private ownership of gold was a privilege, not a right.
Any attempt to circumvent our money masters will trigger the confiscation once more.
I wonder if anyone ever challenged this in the courts, and whether the SCOTUS made any decision.

I have to think that if Biden ordained this today, he'd be challenged.
 
#37 ·
However, since fractional silver coin is not legal tender (only "dollars" and "eagles" count), and silver was demonetized by the Coinage Act of 1873, it was moot.
"Saint" FDR basically abolished private property ownership.
And the muggles cheered.
SMH.