Thursday, January 12, 2012

Missouri moving to metal money



Just saw this...

The American Open Currency Standard has been servicing the state of Missouri for a few years with gold, silver and copper rounds. And now the elected employees at the capitol will finally consider legislation to honor their Constitutional mandate to not “…make any thing but gold and silver Coin a Tender in Payment of Debts…”

Read full article here.

If Missouri does this it will become a basket case. I wish they had individual states' futures. I would short Missouri like crazy!

10 comments:

Phil said...

Hang on... Does this mean that MO is producing their own legal tender using metals??? WTF?

Talvez... said...

Wait... so Missoury wants to replace the dollar??!
Good luck with that. If they get it right (which I highly doubt since gold is limited), that means they would be a step closer from independence.

rodney said...

Think this will be tough on citizens when paying their federal taxes.

Phil said...

I know, think of the postage... :-)

Anonymous said...

Crackpots. It won't pass. Hopefully the debate itself will be instructive for the people of Missouri as they get a chance to see ignorance unmasked.

Chewitup said...

You don't suppose there is anyone in Kansas City that may be able to explain to them how it all works?

beowulf said...

"I know, think of the postage"

In a curious way, postage is a form of tender (remember it was British stamp taxes that had the original Tea Bagg--- err Tea Party riled up?).

The simplest way for the US Postal Service to eliminate its chronic deficit is for the Federal Reserve to buy more, a LOT more, stamps (if they're the 1st class forever stamps, their value won't decline in real terms). :o)

Tom Hickey said...

Great opportunity for MMT there in Missouri. The epicenter of MMT in the US is UMKC. I would expect that the faculty there will have some interesting contributions to make to this debate. :)

US Constitution, Art. 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.


The state can accept only gold or silver coins at its payment offices but that is about it. I'm sure MO residents will love that. :o

And no, MO cannot prohibit the use of dollars in the state.

And I doubt that this will go very far after the MO banking lobby has a word or two with state lawmakers.

Tom Hickey said...

beowulf, we need you down on Capitol HIll or K Street, that is, if you can stand the stench.

rodney said...

you can conduct business in euros if you want but if someone owes you money and they offer dollars you cannot refuse.