-Milton Friedman, Money Mischief: Episodes in Monetary History
In my everyday conversations people always ask me, "are we going back to the gold standard? Is that what you want?"
I have to laugh and respond by saying, "yes, back to the gold standard of the 1800's and on your way out today, please turn in your car keys and pick up your horse & buggy."
We can't go back in time. We can't wake up one day and pretend that the cell phone was not invented or the Internet doesn't exist. Once the blind man gets his sight, there is no going back to the darkness.
As both Lewis E. Lehrman and Ron Paul say, we should be "going forward to a new gold standard".
The move from legal tender paper to voluntary use of gold and silver has already been occurring on a state by state basis in the U.S.
By giving people the option to use sound money over paper currency, slowly but surely, the state legislatures are offering real protection from ongoing paper money inflation.
So what is happening today with my money? When will I be able to buy groceries and conveniently pay with gold?
Well, that day will be here sooner than you think. The technology is already in commercial use right now.
In just the past few years over a dozen states have proposed legislation to permit the use of gold and silver in a variety of consumer and state financial transactions. The great State of Utah, has already passed laws recognizing gold and silver U.S. minted coins as legal tender within the state. On a voluntary basis, this new law allows people in Utah to use gold U.S. coins in any type of payment.
Of course a $50 face value gold eagle today has a real world worth of about $1600 U.S. Dollars, and no one is contemplating an exchange of these coins at their face value. While the Utah law does not offer a standard measure for the daily spot valuation for U.S. gold and silver coins, anyone possessing them generally knows the daily spot price. (Please don't send me an email saying that you would never use a $50 face value gold coin because it is worth so much more. (that's another ignorant point often brought up!)
Please move forward with us to a new gold standard. Welcome to the digital gold currency world of online payments. The idea of using gold and silver in everyday commerce at spot prices has already been perfected by the genius creators of digital gold currency. Over a decade ago, companies like e-gold and GoldMoney came online with robust payment systems 100% backed by real gold bullion. Anyone with a computer connection, could then and still can today, very easily send payments backed by gold to anyone else with a computer or mobile device. All of these payments are possible today....right now.
Using Digital Gold Currency:
--Bob from Michigan, can instantly send Alice in Los Angeles a $5,983.18 payment that is 100% backed by real gold bullion.
--Ahmed in Dubai, can also send Alice in Los Angeles an instant payment backed by gold of little as .01 cent with without huge fees or costly wait times.
--Alice can shop in Los Angeles at her local store and she could pay for her goods using an iPhone application and a digital gold currency payment.
All of these payments are now possible using digital technology and physical gold.
No more should we ever hear, "how will a shop keeper make change with gold, by chipping off a tiny piece of my gold coin?" Yes, that comment is truly brilliant.
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