[Homestead] gold is money
Clansgian at wmconnect.com
Clansgian at wmconnect.com
Sun Dec 7 21:00:14 EST 2008
> >But it doesn't prohibit transactions in gold... does it?
No, not at all. Remember that this thread started from the Lakota "bank"
that would only accept gold or silver as transactions. Even that is not
prohibitied so long as the gold is not being used as money (no such prohibition exits
or ever has for silver). The prohibition on using gold monetarily includes
gold coin, gold bullion (technically any gold relying on its metalic worth
rather than face value. If it relies on face value [fiat value, enforced value] it
is coin), and gold certificates. The Lakota "bank" could not issue notes or
bonds based on the gold it held. Well, actually it could, but anyone holding
the note could not sue the bank to force the bank to make good on it so why
would anyone hold them?
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