Unease is on the rise concerning the seemingly infinite printing of fiat dollars by the Federal Reserve. Lawmakers in Arizona are pushing a measure that would protect its citizens and businesses by allowing gold and silver to be treated as legal tender. Already the legislation has passed through the state Senate and the Arizona House Financial Institutions Committe, and only needs approval by the state House of Representatives and Governor Jan Brewer to become law.
Such a change would treat gold and silver as money and would protect it from regulations and taxes impacting other financial assets. A similar legislation was passed two years ago in Utah and the “Utah Legal Tender Act” as it is known shields investors in gold and silver from incurring the capital gains tax as they are bought and sold. The legislation does not however force businesses to accept the precious metals.
Other states including Virginia, South Dakota, and Indiana are also pursuing options to shield their jurisdictions from the Federal Reserves’ rampant money printing strategy.