The Alaska House has passed House Bill 3, which reaffirms the state’s recognition that gold and silver can be used as legal tender for debt payment. The bill aligns with the U.S. Constitution and supports the use of gold and silver specie as legal tender.
Bill sponsor, Rep. Kevin McCabe (R-Big Lake) said his bill would help preserve the economic security, safety, health, and welfare of Alaskans.
“HB 3 is a critical step in securing our state’s economic future and protecting the rights of our citizens under the Ninth and Tenth Amendments to the U.S. Constitution,” he added.
The legislation essentially reinforces the right to use gold or silver in dept payment so long as the merchant agrees. The bill now heads to the Alaska Senate.
18 Comments
Thank you for this one McCabe. Now, quit supporting the green energy narrative.
Watch the reps to see who is supporting or pushing certain things. Janet Yellen wants to blame Congress for the US fiat collapse – when it is O’biden and his government bringing the system down. The good guys want this collapse also so that the People can get out of the globalist banking system once and for all. The precious metals-backed dollar/currency is the only way to go and for the People to break the stronghold that the globalists have right now.
https://www.brighteon.com/814f1bc0-3216-459f-b4ce-39cd6d21e4ee
What a waste of time.
Bah, its worth its weight in gold!
Its tender affirming legislation!
Good luck with that. I can’t imagine that most vendor swill be prepared to take in gold or silver.
The measure will go precisely nowhere. Sure, there might be an isolate vendor who’s willing to use weights and measure to determine the gold’s purity and worth, but imagine someone trying to pay with gold or silver at Walmart.
imagine walmart buying gold
Every vendor that wants to survive as the fiat system crashes and after the crash is going to figure out how to accept precious metals as payment. If they cannot figure it out, then they are going down with the globalist fiat system.
Of all the thing our state needs fixed, and this is the best they can do? Disappointing.
I like the intent of the legislation, but there are a couple of problems with acquiring and using precious metals for currency: (1) in the year that precious metal assets are liquidated, the IRS requires capital gains tax to be calculated on the increase in value above the acquisition price – this could be as high as 28% if the acquisition price is unknown; and (2), the acquisition of precious metals is subject to applicable state local sales taxes – maybe not applicable in Anchorage right now, but it’s 5% tax in the capital city for the purchase of gold and silver.
I’d rather save silver and gold in my safe than paper printed by a government that is no longer valid. In the near future you’ll only have citizen credits which are controlled by some bureaucrat appointed by the oligarchs. So to those naysayers that think gold and silver are outdated watch as the almighty dollar and your wealth fade away.
As usual Kevin McCarbon misses the mark because he lacks the economic background to understand that even if this bill passed with flying colors it would do nothing to help or protect the economy which in reality it was never designed to do in the first place let me explain there is a fundamental reason we hord gold in our safes and spend paper dollars it called Gresham’s law bad money drives out good money from circulation Bad money is a currency with equal or less value than its face value Good money has the potential for a greater value than its face value People will choose to use bad money first and hold onto good money IE gold and silver which are ment for storage of value unlike pepper currency which is not designed to store value but is a transactional instrument and cannot store value very well if at all this bill HB3 was written with one purpose to make REP McCarbon look like a conservative while he goes out to the public to sell Gov Dunleavy’s green new carbon bill unfortunately for the Biglake area Kevin has become a RINO think about this he put this bill out there taking up valuable state resources as we’re now in special session and may go into another just for show he know this bill will do nothing for business if a business wants to take gold in exchange for it’s goods it does need the states permission legal tender laws apply to fiat currency that which gold is not this is why they arbitrarily set the face value of the coin it’s legal value far below the actual value of the precious metal this was done in 1987 something this bill never even attempts to address let me be clear here I am a huge buyer of gold, silver, platinum and Palladium and have been for over 20 years so I am not against sound money for Kevin to put out a bill that would work he would have to understand the difference between money and currencies first whereas if you look at the comments he has in the public arena you will see he has no interest in real GDP growth of the economy his real interest only extend to growth of state government at the cost of the citizen this is the main reason he is pushing the carbon bills HB50/49
Reading the comments there seems to be some confusion about what exactly “legal tender” means. If this bill passes, it does not mean that you can walk into Walmart and pay for your groceries with gold or silver coins. “Legal tender” means only that a particular form of payment is legally deemed to sasify a pre-existing debt; it does not mean that it must be accepted in any transaction. Just as a gas station does not need to accept a $100 bill as payment for a pack of gum (despite that $100 bill being “legal tender”), no one would be required to accept gold or silver in day-to-day transactions. Legal tender status would, however, open the door to “gold clauses” in contracts which essentially specify payment in gold (or silver) rather than dollars as a means to protect against future inflation.
I was jumping ahead of myself! I vaguely remember the discussion to get this pushed through. I remember that it could be an option for people to be able to pay their land taxes and utilities bills if I remember correctly. I would like to see it be adopted for everything in the form of a gold-backed dollar or gold-backed digital currency that is not controlled by the government. The oil-backed or debt-backed Federal Reserve dollar needs to be destroyed. Bring back the U.S. Dollar!
100%
payments in gold makes no sence it’s not designed for transactions currency is superior to it for so many reasons in that respect gold is simply a different type of instrument but to each there own but it misses the meaning of this bill which makes me laugh because I dont think the person who introduced the bill can explain it’s use i love all types of finincial instruments but the right tool for the right job
Kgak, do you have links to online sources to teach people on what legal tender is and why there is so much talk about gold and silver in the discussion of legal tender? I think that there does need to be clarification for me and I am sure others! I am praying that we go back to the gold-backed (silver-backed) dollar and digital currency backed by both. That would be a prayer answered for many people around the world!
Hey, I see a KGAK on a twitter audio session by Alaska Freedom Alliance. It was a good, informative session. https://twitter.com/action_alaska/status/1660163655764267013