3 Tea Party-Backed Senators Bet Economic Recovery on Gold
Activism, Breaking News, Headlines Thursday, July 7th, 2011
By FOXNews.com
With the economic recovery on life support, three Tea Party-backed senators are betting on gold to reverse the nation’s fortunes.
Republican Sens. Jim DeMint of South Carolina, Rand Paul of Kentucky and Mike Lee of Utah unveiled legislation Tuesday that would keep Uncle Sam’s hands off of gold and silver coins that have been declared legal tender by the government.
The Sound Money Promotion Act comes after Utah became the first state to recognize those coins as legal currency and exempted the sale of gold from the state capital gains tax.
The U.S. Senate legislation simply states that “gold and silver coins declared legal tender by the federal government or any state government shall not be subject to taxation.”
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Fantastic that we have Senators that are prempting the possible confiscation of our gold coins and bars before they are suddenly declared bullion and need to be turned in or else face a penalty. The penalty in 1933 was $10,000, but if you factor in inflation I believe the penalty would be more like $250,000 this time. We need to keep our 90% silver coins so we can have something to exchange with when the paper money become worth mostly the cost of paper.
If this means I can get paid for a job in legal tender gold or silver — maybe I too can join the ranks of the 47% that pay no taxes at all. Seriously, lets have a look at the full wording of the measure/proposal.
I can’t wait to stop using these worthless federal reserve notes!!!! Ron Paul 2012!
Let me see. This metal as money thing seems to be something I recently heard of already. These senators obviously must be copying from that person. Who is that person? Let me think…..*tic*, *tic*…Oh yeah. Ever hear of Forbes Magazine? Well, the owner of it has been out going around saying about this brilliant idea of maybe we should be on some sort of a more stable currency.He suggests things like gold and silver. What a novel idea. Huh? Therefore the senators are copying from him, this genius that everyone is listening to, and is so entralled about this “new” discovery.
Rhonda