Gyroscopic Investing

The Arizona Senate on Tuesday approved a measure to make gold and silver legal currency in the state, in a response to what backers said was a lack of confidence in the international monetary system.

The legislation cleared the Republican-controlled Senate by an 18-10 vote after being approved by the state House earlier this month. It now goes to Republican Governor Jan Brewer, who has not indicated if she will sign it into law or veto it.//

The use of gold and silver as currency would be strictly voluntary, with businesses left free to accept the precious metals as payment for goods and services as they choose

http://news.yahoo.com/arizona-lawmakers ... 25729.html

Seems symbolic more than anything else unless the state is going to accept payment for taxes in precious metals and that would be contrary to Gresham's Law.

MachineGhost wrote: Seems symbolic more than anything else unless the state is going to accept payment for taxes in precious metals and that would be contrary to Gresham's Law.

More interestingly, will they issue tax refunds in gold? 

Makes me wonder, did they have a law making that illegal? Why can some businesses accept bitcoin as a form of payment?

Or, see Wikipedia on legal tender, what about this, on the federal level though?

There is, however, no federal statute that a private business, a person, or an organization must accept currency or coins as for payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise. For example, a bus line may prohibit payment of fares in pennies or dollar bills. In addition, movie theaters, convenience stores and gas stations may refuse to accept large denomination currency (usually notes above $20) as a matter of policy.