Distrust of the Federal Reserve and concern that U.S. dollars may become worthless are fueling a push in more than a dozen states to recognize gold and silver coins as legal tender. Arizona is poised to follow Utah, which authorized bullion for currency in 2011. Similar bills are advancing in Kansas, South Carolina and other states. (Bloomberg News link)
For a barbarous relic that Ben Bernanke adamantly claimed, under oath in front of Congress, is not a currency and that Central Banks only hold out of tradition, you have to wonder why 12 States are currently processing legislation that would authorize the use of bullion as currency in those States.
I guess some legislators in those States have actually read the Constitution and decided to try and reassert some of the Constitutional authority that our Federal Government has maliciously usurped.
And if Central Banks just hold gold "out of tradition," as stated in the same testimony by Bernanke, you have to wonder why the IMF/ECB is forcing Cyprus to unload 339,000 ozs of its Central Bank gold in order to help fund the bailout of the banking system there. Why would they sell something no one wants? I might suggest that perhaps the U.S. wants that gold to replace the 2 million of ounces of gold that have been removed from the Comex over the last three months and have disappeared ...