Many States Already Recognize Gold And Silver as Legal Currency, Which Will Come in Handy Once Fiat Currency Crashes
The comments below are an edited and abridged synopsis of an article by Ethan Huff
In 2017, four US states had laws in place that recognize gold and silver coins as legal tender: Colorado, Missouri, Oklahoma and Utah. Since then, nine more have joined them.
Arizona, Wyoming, Texas, Kansas, Louisiana, Indiana, Tennessee, West Virginia and South Carolina all now accept gold and silver as cash, their representatives and residents recognizing that Federal Reserve Notes and other fiat currencies will eventually hyperinflate and collapse.
These states are getting a head start by easing back into gold and silver, which used to back the dollar before the Fed came into existence. The trend suggests that many more states will soon jump aboard.
In Lane County v. Oregon, the US Supreme Court recognized that in the performance of its essential functions, a state possesses broad power to specify various forms of legal tender for tax payments, including gold or silver bullion.
Texas has established the state’s only state-run gold depository, from which no gold can legally be confiscated by the federal government in the event of a national emergency. It also repatriated about $1 billion of gold that was being stored by HSBC bank in New York City.
Other states have enacted similar sound money policies that aim to move in the direction of abandoning fiat currency, which holds no inherent value and is easily inflated through economic manipulation.
Whenever Wall Street needs a bailout, for instance, the Fed just whips up a few billion more paper notes off the printing press and voila: Instant cash.
This type of chicanery is impossible when currency is backed by gold and silver, which have a finite supply. This is why people choose to diversify their portfolios with gold and silver, which serve as a source of value against endless fiat inflation.