States Losing Faith In US Dollar – More Than Dozen States Push For Gold as Legal Tender, Bernanke Backlash; Americans Feeling Pain of National Debt – More Spending Cuts And Higher Taxes – Obama’s Budget: “The Pain Is Going To Get Worse”

Monday, April 8, 2013
By Paul Martin
April 8th, 2013

More Than Dozen States Push For Gold as Legal Tender, Bernanke Backlash
Distrust of the Federal Reserve and concern that U.S. dollars may become worthless are fueling a push in more than a dozen states to recognize gold and silver coins as legal tender.

Lawmakers in Arizona are poised to follow Utah, which authorized bullion for currency in 2011. Similar bills are advancing in Kansas, South Carolina and other states.

The measures backed by the limited-government Tea Partymovement are mostly symbolic — you still can’t pay for groceries with gold in Utah. They reflect lingering dollar concerns, amplified by the Fed’s unconventional moves in recent years to stabilize the economy, said Loren Gatch, who teaches politics at the University of Central Oklahoma.

“The legislation is about signaling discontent with monetary policy and about what Ben Bernanke is doing,” said Gatch, who studies alternative currencies at the Edmond, Oklahoma-based school. “There is a fear that the government, or Bernanke in particular and the Federal Reserve, is pursuing a policy that will lead to the collapse of the dollar. That’s what is behind it.”

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