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 Replies: 8 / Views: 1,419 |
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Pillar of the Community
United States
1126 Posts |
Malaysia's Kelantan State issues its own gold and silver currency And so begins the change back to a Gold and Silver Standard. I wonder how long it will take to spread. or how quickly it will be squashed. What do you think of this start in a small corner of the world? http://inteltrends.wordpress.com/20...er-currency/ |
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Pillar of the Community
United States
1150 Posts |
Well...it has kind of already started here in the US with Utah excepting Gold as payment. If they keep messing with with fiat currencies than gold and silver are our only safe options.
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Pillar of the Community
United States
667 Posts |
ok don't know how to take this after reading about it.
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Pillar of the Community
 United States
1126 Posts |
MKfarm
Welcome to my world, when I first read it
I thought, Here we go we are off and running to
the Gold and Silver Standard that we are eventually
going to anyway because EVERY fiat currency through out
history has failed sooner or later.
Then I just re-read it and the article is from August of 2010
Maybe TPTB (The Powers That Be) did squash it.
I thought I would post it here to get some additional input
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Moderator
 Australia
16859 Posts |
They were discussed briefly here on the forum when they first hit the news a year ago, though they've been unofficially making them since 2006. See the old thread here. These "coins" - they're not official coins, since Malaysian states aren't constitutionally allowed to issue their own coinage, any more than American or Australian states are - fill a perceived religious need. That's how they're being marketed to rich Muslims, anyway. They're made by an Islamic fundamentalist-oriented group in Dubai. Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Pillar of the Community
United States
4008 Posts |
I also found it interesting that this was not done by a national government but by a sub-division of a national governing body. As was mentioned, this would be similar to a US state issuing gold and silver coins as currency.
Personally, I think that US states should be allowed to issue currency coins in gold and silver as long as they adhere to the US standards of metal, weight and purity for such coins. My preference would be for such coins not to have any monetary value on them but only the metal, weight, and purity. People could then decide amongst themselves what they were willing to accept as payment for various goods and services.
I'm sure that the feds see it differently, however. If there is one thing that the government hates it is competition. Most incompetents hate competition because they know that they will lose. Gold and silver currency would be fierce competitors for FRN paper.
Failing the legal ability to mint gold and silver coins, states that desire something similar should feel free to mint gold, silver, and copper medallions that show the metal, weight, and purity on them as well as state locations, birds, fish, or animals and people who contributed to the states' formation. Since these are not coins per se, there is no reason not to have images of living people on them. If their citizens then choose to accept these as payment for goods and services or not, then that should be up to them.
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Pillar of the Community
United States
1126 Posts |
Sap thank You for the link  ED_B That was the part of the whole story I thought was the coolest. It was like Michigan deciding to mint and circulate gold and silver coins. I am sure it will come back around to that. |
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Pillar of the Community
United States
1388 Posts |
I'm not trying to sound ignorant, but it almost sounds like the equivalent of buying gold from a private mint and trying to spend it at a store or circulate it... Right?
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Pillar of the Community
United States
860 Posts |
There is nothing to prevent any state or person from issuing "coins". Notice the quotes as they are not coins unless they have a denomination on them such as ~Fifty Dollars~ Once you do this, you are in trouble, state or otherwise. Without a denomination, they are just like silver or gold rounds, and weight and purity is only on their say so.
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Replies: 8 / Views: 1,419 |
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Posted 08/14/2011 2:53 pm
