CNBC’s Larry Kudlow talks with Utah Rep. Brad Galvez on whether bringing gold and silver coins back as legal tender would strengthen the Dollar. Legislation is presently being discussed in Utah, Colorado, Montana, Washington, Iowa, Oklahoma, Missouri, New Hampshire, Indiana, Virginia, Tennessee, South Carolina and Georgia.

Under the proposals, Gold and Silver coin, minted by the US would be recognized as legal tender, the appreciation of which would be exempt from Capital gains, and whose value would fluctuate with the spot price of gold and silver respectively.



Such a move could dramatically alter the financial landscape in the Us and materially impact the value of the US dollar.

Airtime: Fri. Mar. 4 2011 | 7:22 PM ET

 

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3 Comments

  1. Fred Case says:

    We need to have the treasury issue “greenbacks” in $100,000, $50,000,
    $10,000, $5,000 and $1,000 sizes to retire the $14 Trillion national
    debt. No more interest, and our debtors would have non-interest bearing
    notes/currency. So, what can they with it except spend it on US
    products… Can you see the economy grow???

    In addition, make it illegal for a foreign nationals to own or lease
    property in the US. Not only would our economy grow, but we would have a
    full employment society, negates much of the need for government
    spending.

    1. Require all green cards to be cancelled and all persons not citizens
    to leave the country over a 30 day exodus.

    2. Major program to become energy independent by opening up the Bakken
    oil reserves, building 15 new refineries in the US, Convert Coal to
    synthetic fuel as did Germany in WW II to bring fuel prices down to
    $0.59/gallon.

    3. Eliminate All taxes at State, Local, Federal levels. ALL Taxes,
    including property tax, sales tax, all fees and special licenses, all
    income taxes and replace with a single national sales tax of 23%

    4. Eliminate all Social Security and Medicare; require each family to
    have a savings account to be responsable for their own medical and
    retirement costs. Each ward and stake take care of the indignent.

    5. Employers, because they no longer pay SS or Medicare/Medicaid, and
    there is no income tax, can cut wages by 25% or so with no loss to the
    employees.

    6. Restructure Welfare to be a training program. 6 month maximum.
    Trained to help meet the needs of a full employment society. Even if the
    job is a janitor. With the economic growth, we will need all kinds of
    people to do all kinds of jobs.

    7. Restructure the legal system to put career criminals to death based
    on a point system. For other prisoners, put them to work in the fields
    so they work for their keep.

    8. Eliminate the Department of Education, the Department of Energy, the
    and the IRS.. the recommendations above negate their need. Privatize
    education. Home school or LDS Schools. Kick out problem and unpatriotic
    children, . REMEMBER, not everyone belongs in school. Put non performing
    blacks and other underperformers into working in the fields.

    9. Require all law suites to be reviewed for merit, fine the lawyer who
    brings a “nusance” law suit. Also change tort law so that the loser pays
    all court costs of both the plaintiff and the defendant. Limit awards to
    actual loss; establish a formula to determine loss value.

    10. Eliminate the Federal Reserve, audit their books and prosecute the
    owners, as appropriate, for market manipulation.

    11. Make Drug distribution a capital offense. Fine all drug users
    $250,000 for each occurrence.

    12. Close public housing and restart the program to give each family 60
    acres to farm on, teaching them be self sufficent or die.

  2. Richard Snow says:

    Fred,
    There is a place you can go that is just like what you describe – It has sunny beaches too.

    It’s called Somalia.

    I thought both Larry Kudlow and Utah Rep. Brad Galvez were pandering.

  3. Koichi Ito says:

    If Gold and Silver become legal tender in Utah. All the bussiness will move to Utah. So why so hard to pass law to make gold and silver legal tender? Today nobody want to U.S. Dollar as currency, because it is losing value everyday! In fact I want more states pass law to make gold and silver legal tender. And also I want to see platinum and palladium as legal tender too!

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