[Homestead] gold back currency anyone?
bobford79 at yahoo.com
Sun Dec 7 11:34:55 EST 2008
That makes sense. Do you offhand know of the law that says a contract based on gold is void? I am somewhat a fan of the cartoonist R. Crumb (Fritz the Cat). A few years ago, he traded, using a legal contract, his 'notebook' of drawings for an estate in France. No currebcy of any kind was used.
I know of people in this country who have bought/sold items based on the official value of gold, to keep, say, things "under the radar:. In other words say you had two acres of land you wanted to sell your cousin. The land is worth $800 an acre in FRN. If he sells it to you for 2 oz. of gold, legally you have sold it to him for $100. You have to pay no cap gains, he doesn't care about the cost basis, everyone is happy. ? ....................................................
--- On Sun, 12/7/08, Clansgian at wmconnect.com <Clansgian at wmconnect.com> wrote:
> From: Clansgian at wmconnect.com <Clansgian at wmconnect.com>
> Subject: Re: [Homestead] gold back currency anyone?
> To: homestead at lists.ibiblio.org
> Date: Sunday, December 7, 2008, 9:23 AM
> > >Everything you said makes sense except for one
> fact. I am holding in my
> > hand as I type, a 1 oz. Fine gold (.999) $50 Liberty
> coin, U.S.,. It is
> > Minted by the U.S. gov't and it is legal tender.
> Your coin is legal tender only because of its fiat value,
> not the value of
> the metal in the coin. By the way, you'd be God's
> own fool to pay a $50
> restaurant tab with one ounce of gold.
> The mechanism by which the government enforces the
> non-currency use of gold
> is by specifying that any contract you make specifying gold
> as tender is
> unenforceable. You could enter into a contract of any kind
> with someone specifying
> that they pay you in $20 bills, or quarters, or money
> orders and you can be
> forced in court to comply with the contract. But if you
> specify that you will
> be paid in X oz. of gold, the courts cannot enforce the
> contract. This law
> still stands. What it does is effectively preclude issuing
> coin based on the
> value of the metal.
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