Last year Utah took a historical step and made gold and silver legal tender in their state. This was the first step of its kind and showed how Utah has lost faith in the dollar.
This week South Carolina took a huge step towards doing the exact same thing. The House Judiciary Committee passed the bill on in the legislative process. The bill in its current form would make the use of gold and silver as currency an option, but would not force business to accept gold and silver. Effectively what the bill does is allow individuals who want to protect their wealth to effectively go back on the gold standard by actually using gold and silver as currency. They also eliminate sales tax on these particular coins.
This major move started by Utah is spreading across the US and over 12 states are considering similar legislation at this time. At the end of the day E. Ray Moore, Jr., a member of the S.C. Money Committee, said it best, “It’s basically a form of discipline, so we can anchor our South Carolina economy in a time of great difficulty if the dollar continues to erode and inflation increases, which it inevitably will. So South Carolina could have a stable economy with this legislation. It would anchor our economy and gives us a stable currency.”