Can the dollar be any more worthless then it already is? Lawmakers in Arizona think so, and are hoping that gold and silver will soon be counted as legal tender. The Arizona House of Representatives on Monday approved a bill making gold and silver legal tender, a growing trend as state lawmakers have become increasingly wary of the Federal Reserve’s never-ending, easy-money policies.
The bill makes it so that gold and silver are treated no differently than the U.S. dollar. The law also states that as legal tender, gold and silver would not be subject to tax or regulation as property. “Senate Bill 1439 would let people use the precious metals as money as long as businesses agree to take them. If made law, it would take effect in 2014,” the Associated Press notes, adding that the metals would not have a set monetary value.
The state Senate first approved the measure in February. However, the Republican-controlled House amended the bill so as to exempt the state Department of Revenue from having to accept gold as legal payment.