[GATA] Look who's calling Utah and gold 'eccentric'

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Gold Anti-Trust Action Committee

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Mar 26, 2011, 9:56:40 AM3/26/11
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org> Look who's calling Utah and gold 'eccentric'
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Submitted by cpowell on 11:30PM ET Friday, March 25, 2011. Section:
Daily Dispatches<http://www.gata.org/node/9742>

2:37a ET Saturday, March 26, 2011

Dear Friend of GATA and Gold:

There's revolution and war in the Middle East and Africa, devastation
and nuclear contamination in Japan, and turmoil throughout the world
financial system, but the Financial Times always has time to try
to make fun of gold and those who see any virtue in it.

In its Friday editorial, "In Gold They Trust," the FT finds humor
in Utah's potential experiment with accepting gold and silver as
currency, as allowed to states by the national Constitution. The
FT writes:

"Utah is no stranger to eccentric laws. This is, after all, the
state whose citizens have, at various points, felt the need to
outlaw both fishing from horseback and dispensing gunpowder as a
headache cure. Now it has another legislative feat to match these
illustrious forebears. The state's legislature has passed a bill
that paves the way for gold and silver to become legal tender. All
that remains is for Governor Gary Herbert to sign on the dotted
line."

Ah, yes, the quaint American West, where more people earn their
livelihoods by creating things than by shifting money around, and
where the newspapers don't exploit their opportunities to reciprocate
the fun with foreigners, as well they might do with a paper from
enlightened London, capital of a country where the courts lately
have taken to issuing injunctions keeping everything secret and
prohibiting citizens from raising grievances with their elected
representatives
(http://www.telegraph.co.uk/news/uknews/law-and-order/8394566/Hyper-injun...<
http://www.telegraph.co.uk/news/uknews/law-and-order/8394566/Hyper-injunction
-stops-you-talking-to-MP.html>), where the monarch is prohibited
not only from marrying a Catholic but also from becoming one himself,
(http://en.wikipedia.org/wiki/Act_of_Settlement_1701), and where
every square yard of earth comes fully equipped with a tax collector
and a closed-circuit television camera.

The FT somehow thinks that gold's ever-higher price is more of a
problem for the metal's monetization than the constant devaluation
of government currencies is for their continuing to serve as money.

Here's something even funnier than Utah's quaintness, a pretty good
joke that seems lost on the FT -- a chart of gold priced in British
pounds over the last decade:

http://www.24hgold.com/english/interactive_chart.aspx?codecom=GOLD&chgec...<h
ttp://www.24hgold.com/english/interactive_chart.aspx?codecom=GOLD&chgecom=Chg
eLivre&valecom=valelivre>

The whole of the FT's oblivious mockery of Utah is below. Let's
come back in a year or two and see who's still laughing. Let's hope
that Britain itself, if not the FT, is even still there to laugh.

CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee
Inc.

* * *

In Gold They Trust

Financial Times, London Friday, March 25, 2011

http://www.ft.com/cms/s/0/3b3dee16-5721-11e0-9035-00144feab49a.html

Utah is no stranger to eccentric laws. This is, after all, the state
whose citizens have, at various points, felt the need to outlaw
both fishing from horseback and dispensing gunpowder as a headache
cure. Now it has another legislative feat to match these illustrious
forebears. The state's legislature has passed a bill that paves the
way for gold and silver to become legal tender. All that remains
is for Governor Gary Herbert to sign on the dotted line.

By the standards of the most fanatical hard-money purists, the plan
is quite modest. Ron Paul, the Republican congressman who is the
high priest of currency privatisation, has just reintroduced a bill
that would allow everyone to mint their own coins. Both this and
Utah's law are meant as rebukes to the US Federal Reserve, whose
boundless enthusiasm for printing dollars has not exactly boosted
confidence in the greenback. But Utah's unilateral gold standard
has problems of its own.

For one, it would mean very small coins. Under Utah's law, the value
of the coins would reflect the gold (or silver) price. A troy ounce
(roughly 31 grams) of gold is currently changing hands for more
than $1,400. At that price a gold coin worth a dollar would weigh
all of 22 milligrams. That may be great news for microscope makers
but it will be pretty fiddly for anyone hoping to buy a coffee in
Salt Lake City. Of course, bigger coins could be used. But then
even the change for a gunpowder-free headache pill would run to
several suitcases of the worthless greenbacks Utah's goldbugs so
despise.

If the gold price surged, those coins would have to become smaller
still. A fall would not be much more helpful. Shopkeepers would
presumably stop accepting coins worth less than their face value,
bringing the economy to a juddering halt -- unless, that is, Utah's
state government stepped in and guaranteed the coin's nominal value.
Which sounds rather similar to the arrangement critics of the Fed
are so upset about.

* * *

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________________________________

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