Arizona One Step Closer to Using Gold Bullion as Currency

<a href="http://www.shutterstock.com/cat.mhtml?lang=en&search_source=search_form&version=llv1&anyorall=all&safesearch=1&searchterm=gold&search_group=#id=97494083&src=3937F8D2-9185-11E2-8C70-E6F69DA4A24C-4-32">Andrey N Bannov</a>/Shutterstock

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On Monday, an Arizona House of Representatives committee took its most serious step yet to prevent the state from descending into a post-apocalyptic Thunderdome—it passed legislation too allow gold and silver bullion to be used in private transactions and tax payments. Per Bloomberg Businessweek:

These doomsayers are pushing forward legislation that would declare privately minted gold and silver coins legal tender, no different under state law than the U.S. dollar printed by the federal Department of Treasury.

The measure is Arizona’s latest jab at the federal government, which prohibits states from minting their own money. It also reflects a growing distrust of government-backed money.

“The public sees the value in it,” said Republican Rep. Steve Smith, of Maricopa. “This is the type of currency we have had over the history of mankind.”

As I explained back in 2011, there has been a renewed push by state legislators, motivated by former Rep. Ron Paul’s candidacy, to return their states to so-called “sound money” systems. Currently, Utah is the only state that has passed such a bill—but without a system for storing and transferring gold, it hasn’t really gotten off the ground.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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