Saturday, May 28, 2011

Utah Sound Money Act: Hello Real Money, Goodbye Johnson Sandwich?

Over dinner Larry Hilton shows off a swanky iPhone app that allows him to buy and sell gold at the click of a button.

Then he talks about the portion of his life savings that he has invested in precious ingots, which are locked away deep inside a bank vault in the City of London.

But when it's time to pay the bill, Hilton, an attorney from a small town just outside Salt Lake City, is forced to settle his debt in the bog-standard way: by either handing over a plastic credit card, or digging into the stack of bank-notes which is shoehorned into his wallet. Not for much longer, though. Because this week, Utah passed a law allowing gold and silver coins to be used as legal tender.

Cold, hard cash: Utah brings back the silver dollar

I have in my wallet a 1964 silver quarter (the last year they were issued) given to me by a friend for "good luck", or maybe just because I didn't previously own any silver coins. In 1965 the US mint replaced the silver quarter (actually 90% silver and 10% copper) with the clad quarter, so-called because it has a copper core covered by cupronickel (75% copper, 25% nickel), also known as the infamous "Johnson Sandwich" after the scumbag LBJ, who was president at the time.

The old quarter was real money, and if we compare just its melt value at today's silver price, it is worth approximately $6.86. A gallon of gas in 1964 was just 30¢, while today it is almost averaging $4.00. If the value of our money had not been destroyed by our criminal government, a quarter would still buy a gallon of gasoline today (and at current silver values, more than a gallon and a half).

Actions such as those in Utah are occurring because the individual states must protect their citizens and I believe we'll see more and more of this as time goes on. As the Federal Government begins its collapse, the immediate hope will be with the states and the people. Go Utah!

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