“To the state legislators who are proposing state-issued currencies, that means gold and silver are fair game”, said Edwin Vieira,
an alternative currency proponent and attorney specializing in
Constitutional law. “And since gold has grown exponentially more
valuable, while the U.S. dollar continues to lose ground, the notion has
become increasingly appealing to state lawmakers”, stated Vieira in his
interview.
Utah became the first state to introduce its own alternative currency when Governor Gary Herbert signed a bill into law in March or 2011 that recognized gold and silver coins issued by the U.S. Mint as an acceptable form of payment. Under the law, the coins -- which
include American Gold and Silver Eagles -- are treated the same as U.S.
dollars for tax purposes, eliminating capital gains taxes.
South Carolina Republican Representative Mike Pitts proposed a currency system that would allow people to use any kind of silver or gold coin -- whether it's a Philippine Peso or a South African Krugerrand -- based on weight and fineness. Pitts said in the bill, which currently has 12 co-sponsors, that the state is facing "an economic crisis of severe magnitude."
Republican representatives from Washington State followed suit in January and introduced a bill that would also allow any gold and silver coins to be considered legal tender based on metal values. Minnesota, Iowa, Georgia, Idaho and Indiana are also considering similar proposals.
With public relying on educated decisions of their elected government officials, transferring US currency into gold seems more real than ever. Over the past few years, entrepreneurs across the nation opened up hundreds of shops to buy gold and other precious metals from the public.
David Parsley, a professor of economics and finance at Vanderbilt University, however, strongly disapproves of such move. In his opinion, introducing local state currencies could undermine the value of the US dollar, which, in turn, would lead to the destruction of the US economy. Dr. Parsley suggests that it would make sense for an average consumer to learn more about international markets and “make smarter investments”.
Such companies as Uinvest that help consumers learn about investment opportunities in foreign markets, particularly in Eastern Europe, are instrumental in carrying out the task of broadening economic investment horizons, thus, causing a comeback of consumer confidence through education and development of global mindset. As an added-on service, Uinvest provides all members of Uinvest online community with an opportunity to transfer their idle US dollar balances into Gold Bullions as measures of securing their funds and hedging against the drop of US dollar. “It’s better to be safe than sorry,” says the Uinvest CEO, Eugene Rubin, who, just like many other millions of citizens of the former USSR, has lived through the collapse of the financial system and recalls the times when gold was the only answer for ordinary citizens to save at least some of their hard-earned money.
“We hope that a similar situation will not happen with the US dollar, but, as my grandparents used to say: “While relying on God, you need to do your part.”
“Doing your part” means taking all steps possible to protect what you have now, invest in education, and develop a global mindset. In short, it means taking individual responsibility for each decision made while understanding and honoring the law of “cause-and-effect”.
