Indianna bill to go to electronic gold

Discussion in 'Financial Cents' started by Tango3, Jan 16, 2009.

  1. Tango3

    Tango3 Aimless wanderer

    Indianna specifying gold for state fiscal uses... ? this say what Ithink it does????
    SENATE BILL No. 453

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    Citations Affected: IC 4-8.1-2-1; IC 4-8.3; IC 4-13-2-14.8; IC 6-7-0.5; IC 36-1-8-1.

    Synopsis: 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. Allows a person engaging in covered transactions to elect to receive or to pay a
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  2. Jonas Parker

    Jonas Parker Hooligan

    Will TPTB crap their pants when they see this! I hope other states follow suit immediately...
  3. ghrit

    ghrit Bad company Administrator Founding Member

    Electronic gold? WTF is that? Looks like it can be added to or subtracted from accounts as easily as fiat dollars. Be wary --. Now, if it is backed by the metal on a 1 to 1 basis, maybe a good thing as long as the backing is not fuddled around with like the gold and silver certs were.
  4. SLugomist

    SLugomist Monkey++

    Well when the electronic gold bubble forms and all the states need gold to back up the magical mystery electronic gold. That my friends is when I think gold confiscations will begin, under the guise of a new "bill" to save the economy.
    Also when the gov makes owning or using a commodity a law, that's when to get in to the hard assest. Since they will be forced to buy it by law thus raising the price.

    puts tin foil hat back on.
  5. ozarkgoatman

    ozarkgoatman Resident goat herder

    Could not agree more Ghrit. ;) But it's not likely any more of a scam than FRN's

  6. Ardent Listener

    Ardent Listener Monkey+++

    But are such contracts enforceable by law?

    From Wikipedia, the free encyclopedia Executive Order 6102

    The limitation on gold ownership in the U.S. was repealed after President Gerald Ford signed a bill legalizing private ownership of gold coins, bars and certificates by an act of Congress codified in Pub.L. 93-373 [1] [2] which went into effect December 31, 1974. P.L. 93-373 does not repeal the Gold Clause Resolution of 1933, which makes unlawful any contracts which specify payment in a fixed amount of money or a fixed amount of gold. That is, contracts are unenforceable if they use gold monetarily rather than as a commodity of trade.
  7. fortunateson

    fortunateson I hate Illinois Nazis!

    Looks like they're doing a little CYA in case TSHTF and fiat $ goes to zero.
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