Can the paper dollar be any more worthless? Some lawmakers in Arizona think so, and are hoping that gold and silver will soon be counted as legal tender.
As evident by last week’s dismal jobs report, the effects of the recession are still apparent across the United States: the labor force participation rate in the US has hit a three-decade low, and unemployment remains stagnant at close to the 8 percent mark. Fearing the dollars’ decline amid these economic woes, Arizona might become the latest state to recognize bullion — gold or silver bars — as legal tender.
Amanda J. Crawford of Bloomberg News writes this week that Arizona might follow in the footsteps of Utah in becoming the latest state to approve bullion as currency — they made that decision back in 2011. More than a dozen other states are now looking at signing a law that would do the same, and a continuously weak economy could prompt even more to express interest.
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