Arizona One Step Closer to Using Gold Bullion as Currency
On Monday, an Arizona House of Representatives committee took its most serious step yet to prevent the state from descending into a post-apocalyptic Thunderdome—it passed legislation too allow gold and silver bullion to be used in private transactions and tax payments. Per Bloomberg Businessweek:
These doomsayers are pushing forward legislation that would declare privately minted gold and silver coins legal tender, no different under state law than the U.S. dollar printed by the federal Department of Treasury.
The measure is Arizona’s latest jab at the federal government, which prohibits states from minting their own money. It also reflects a growing distrust of government-backed money.