Please think deeply about the possible reasons why China is actively encouraging its citizens to buy gold and silver - a government actually encouraging its citizens to buy precious metals! What a novel idea!
We don't need to create a gold or silver standard or attempt to force the replacement of Federal Reserve Notes with a precious metals currency. We simply need state governments to approve their use as a complementary currency, or at least as a protected commodity.
State governments can do this by eliminating any state tax on precious metals, agreeing to accept them as payment for debts as outlined in the Constitution, and agreeing to protect citizens' property rights by defending them from theft or unlawful confiscation, which is already their responsibility.
This can all be accomplished by the state setting the exchange rate that guarantees complete self-funding of the system by its participants through transaction fees.
The money supply would actually increase within any state that implements the idea, creating a natural economic boost, while simultaneously stabilizing and strengthening the fiat currency, rather than diluting it. Related and unrelated economic development opportunities would also increase from both inside and outside the state.
The Utah Sound Money Act is a win-win for everyone (except for those who would rather see our financial system and economy collapse) and should be used as a model for other states to develop similar legislation.Watch video...