Alabama Governor Kay Ivey recently signed Senate Bill 130 into law, allowing for the use of gold and silver as legal tender in the state. This move aligns with the US Constitution, which grants Congress the power to coin money and regulate its value. The new law, sponsored by State Senator Tim Melson and State Representative Jamie Kiel, reflects a growing trend in several states, including Idaho, Kentucky, and Wyoming, to recognize precious metals as currency. These states have also taken steps like eliminating taxes on gold and silver purchases and establishing gold reserves.
Advocates like the Sound Money Defense League and Money Metals Exchange argue that returning to a specie-based monetary system would ensure stability and protect against inflation. Alabama’s actions have positioned it as a leader in the movement to re-establish sound money principles.
The debate over the future of fiat currency continues, as some believe that the current economic climate and rising gold prices justify a return to the gold standard. Ultimately, the decision on whether to shift away from fiat currency lies with policymakers and the public.
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