States keep growing less confident in the Fed’s monetary policy forcing lawmakers to seek new ways of preserving the national capital. Using gold and silver as legal tender is what they think would be one of the best solutions.
The reason why the Federal Reserve is losing credibility is the aggressive money printing run by Fed’s head Ben Bernanke. This policy is questioned by the authorities of many states. Arizona State Senator Chester Crandell said, “I think you look at some of the things that are happening and the amount of money printed by the Federal Reserve and who has control of that money, and I think anybody would be concerned. Gold and silver have been around a long time and people are secure with it and we should give them an opportunity to use it.”
Besides Arizona, Utah, Texas, South Carolina and some other states have already proposed or passed bills to legalize gold and silver coins as currency.
