Use of gold by the state and local government. Requires the treasurer of state to designate one or more electronic gold currency payment providers to be a payment provider for the state and political subdivisions. Requires the treasurer of state and fiscal officers of political subdivisions to: (1) maintain one or more electronic gold currency accounts with a designated electronic gold currency payment provider; and (2) conduct all monetary transactions of the state or political subdivisions through electronic gold currency accounts. Provides that an electronic gold currency payment provider must use an electronic gold currency unit that constitutes a monetary unit of account and represents a claim of title to and ownership of a specifically defined, fixed weight of gold held by an independent specie vault. Specifies that a specie exchange with which an electronic gold currency payment provider associates must conduct the business of exchanging gold and silver coin, legal tender of the United States, and the electronic gold currency of the electronic gold currency payment provider. Provides that after December 31, 2009, the state and political subdivisions may not compel or require any person to recognize, receive, pay out, deliver, promise to pay, or otherwise use or employ anything but gold and silver coin (in that form or in the form of a designated electronic gold currency) as media of exchange with respect to certain payments. Provides that after December 31, 2009, a person receiving certain payments from the state or a political subdivision has the option of accepting payment in either legal tender of the United States or in electronic gold currency.
Senate Bill #453 [in.gov]
too gold, didnt fiat
too Ron, didn’t Paul.
Couldn’t read, troy ounce.
Indiana Jones, the Last Gasp.
To Shiny, didn’t FRN
Electronic Gold Currency. Sounds like a job for Hoosier home-town Heritage…er, Icon Management!
This gold that I’m holding in my hands and touching on this table right now could be worth $166,000!
too tin did not hat
@7 and @8
nice
It is a sad statement about how out of whack the whole system has become. That we now have states already preparing for the replacement of the Federal Reserve system. The most obvious point about the bill is that it did not say the FED, it said the legal tender of the US.
IF you include this data point, with today’s announcement that the FED is going to start monetizing the US Treasury debt, the handwriting is one the wall for the FRN we carry in our wallets currently.
At some point this whole joke is going to go TILT. It appears to me that those crazy hoozers are preparing for something the rest of us are in denial about. That is, the FED model is broken.
If you include that Cali is broke and will be issuing IOUs that pay interest in February, this appear to be speeding up.
We just have to get through next week and the coronation of the empires newest asshat. Before the world can return to panic mode is all.
@10 what are you talking about the Fed has done an excellent job. They are 0-2 in preventing what they were created to prevent (banking meltdowns)
Too John Galt.
Not surprising this comes from Indiana. Afterall, the Liberty Dollar is out of Evansville.
http://www.libertydollar.org/
http://www.e-gold.com
@10: did you get banned at ‘freerepublic’ or something?
@ everyone
you mean ron paul was right?
@13: that dude’s name is Bernard von Nuthouse
/almost
Fiat currencies have *never* lasted more than a hundred years or so. What’s funny is not believing that the Federal Reserve system will collapse, but rather, believing that we are the one special society in human history that will somehow make it last.
@11: if by prevent, you mean delayed, then you would be correct.
And then there’s the small matter of what happens when the two biggest Ponzi schemes in America (hint: neither involves Maddoff) need extra funding and the foreign creditors of the US demand higher yields, or debt denominated in Euros or Yen.
Looks like Indiana is daring to comply with the US Constitution, Article 1 Section 10:
“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.” [emphasis mine]. Funny that they are waiting till year end 2009, though.
Oh – but does that relic still apply today? It sure does, unless changed by a ratified amendment. It’s about time a legislator decided to uphold their oath of office and support the US Constitution.
@20 The Coinage Act or the Mint Act, passed by the United States Congress on April 2, 1792 states that a US Dollar is made up of 371 grains of pure silver.
http://memory.loc.gov/cgi-bin/ampage?collId=llsl&fileName=001/llsl001.db&recNum=369
@21 – wow, didn’t know dimes were called “dismes” back then… very interesting, thanks
@22, here is an interesting link about the First National Bank of the US.
http://eh.net/encyclopedia/article/cowen.banking.first_bank.us
An interesting link to the 2nd national bank… ie the one that Andrew Jackson killed when he pulled the deposits.
http://books.google.com/books?hl=en&id=981AAAAAIAAJ&dq=Second+Bank+of+the+United+States&printsec=frontcover&source=web&ots=5NQ2IQmHAZ&sig=QnwJkRxyFpXsh2EXjew0ajp8Ozg&sa=X&oi=book_result&resnum=5&ct=result#PRA1-PA1,M1
plus a Mises based rant semi worth reading… if your really bored tonight.
http://www.mises.org/journals/qjae/pdf/qjae2_3_1.pdf
Electronic Gold Currency Accounts????
Are they signing up for World of Warcraft?
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So the federal reserve act was enacted in 1913?
@18
now its 2009, We have until 2012 to squirrel away gold.
Wait is not 2012 the year that everyone says is the end of the world? lmao
thats a good one.
@ 14:
http://www.goldmoney.com