Wednesday, March 14, 2018

The sanity is slowly returning.

Wyoming joins a growing list of states to officially recognize gold as money.  In the past, many states would tax the sales of gold as if it were a commodity like oil or copper.  When commodities are sold, sales tax is applied.  But if you go into a bank and exchange one kind of money for another, there is no tax applied.  Breaking a $100 bill, for example, into 5 twenties does not incur sales tax.  And because gold is not only money, but the soundest money in the world, it only makes sense that trading between dollars and gold not incur tax.

Another indicator of whether gold is being treated as a commodity or not is whether the con men try to assess capital gains taxes on the inflation gains.  The article says, "While Wyoming does not currently have an income tax, the bill stipulates “the purchase, sale or exchange of any type or form of specie or specie legal tender shall not give rise to any tax liability of any kind.” That means no income tax, property tax, sales tax or any other Wyoming tax can be assessed against the monetary metals."

So Wyoming is clearly saying that gold is money, a parallel currency to the dollar.  It is only up for the free market to build a modern day exchange system like bitgold or other pay in gold facilitators to take advantage of this.  These laws essentially remove any question of criminality of exchanging between paper currency and metal money.  They eliminate all monitoring and reporting requirements.  It is essentially the states in question getting ready for the day when people realize that paper money was never anything more than a fraudulent elitist scam.  When that day comes, it will likely play out rapidly leaving as many as possible trapped in the fake paper currency as possible.

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