State senators voted [last] Wednesday to make gold and silver legal tender in Arizona. They persuaded Sen. Chester Crandell, a Heber Republican, to give privately minted gold and silver coins the same legal status to pay bills. The proposal, SB 1439, stems from concerns of some that the paper money is losing value.
The U.S. Constitution specifically prohibits states from creating their own currency. But supporters contend that does not preclude states from recognizing coins minted by private organizations. The legislation would not require anyone to accept these coins.
Crandell acknowledged his legislation probably is unworkable, for now. So he agreed to delay its effective date until after 2014, giving lawmakers a chance to work out any of the kinks. A final roll-call vote is needed before the measure is sent to the House.
Tag Archives | Money
Consider getting drunk and going to the movies this weekend. From 1844′s Human Requirements and Division of Labour Under the Rule of Private Property, Karl Marx says:
The less you eat, drink and read books; the less you go to the theatre, the dance hall, the public house; the less you think, love, theorize, sing, paint, fence, etc., the more you save – the greater becomes your treasure which neither moths nor dust will devour – your capital. The less you are, the more you have; the less you express your own life, the greater is your alienated life – the greater is the store of your estranged being.
When Christianity was the West’s main system of control some of the finest minds in the world were employed to articulate brilliant, complex, philosophical arguments in defence of the various paradoxes which sprout from a belief in the bible. These “experts” were capable of ingenious and amazing responses to the major stumbling blocks presented by the religious belief systems of the day.
If God is all powerful can he make a rock which nothing can move?
Answer: Yes of course.
Paradox: Can he then move that rock?
Either way his power appears to have limits. 
Wrangling round questions such as these gained articulate and clever people a lot of power and status back in days gone by. Don’t get me wrong, St Thomas Aquinas and his mates probably believed what they said. It’s just a lot of it, from the perspective of 2013, now seems like very clever, interesting, well-written, bo—cks.… Read the rest
What comes next? Via the Guardian, Nina Power argues that work is becoming obsolete:
… Read the rest
As with all major institutional entities – law, prison, education – to question work is to tamper with reality itself. As with law, prison and education, it is almost always “never a good time” to talk about reform, or the abolition of existing structures.
But as wages bear less and less relation to the cost of living, it seems as good a time as any to ask if the underlying fantasy is that employers will one day be able to pay their workers nothing at all, because all those issues like housing, food, clothing, childcare will somehow be dealt with in another, mysterious, way.
Against the backdrop of rising inflation, increasing job insecurity, geographically asymmetrical unemployment, attacks on the working and non-working populations, and cuts to benefits – a debate about what work is and what it means has been taking place.
We’ve seen massive amounts of dark money in politics co-opt and buy our former democracy wholesale. This was especially clear in the post-Citizen’s United elections in the U.S., with special interests, corporations and/or lobbyists spending billions of dollars (that they otherwise argue they need to keep hold of with preferential legal and legislative treatment).
Wall Street, in particular, holds sway over the thinking in Washington, D.C. Our elected policy-makers are increasingly owned, or at least bought and paid for, in other words; whores. So they’re exercising their freedom of speech, and just as with their other shady deal-making, they tend to bet big. Wall Street gave big to the Democrats and Obama in particular in 2008. They gave to him early on before backing Romney as ‘one of their own’ in the financial sector.
But is there anything to the idea that their toxic objectivism is severely conservative nowadays? Open Secrets Blog, a great research site from the Center for Responsive Politics that was instrumental during the election, before and since, for exposing the flow of money from profiteering barons to pandering politicians.… Read the rest
Have you heard about the Trillion Dollar Coin? No joke, there’s serious talk in Washington about minting one. Joe Weisenthal explains at Business Insider:
… Read the rest
There are really two stunning things about the movement to mint a trillion dollar coin to avert a debt ceiling crisis.
FIRST: the movement has gone absolutely nuts.
Everyone is talking about it.
Media outlets and individuals include: BBC, Fox News, CNN, PIMCO’s Bill Gross, Paul Krugman, Reuters, The Guardian, Wall Street Journal, The Economist, Bloomberg, MSNBC, CNBC, NBC, CBS, ABC, The Australian, Ria Novosti (Russia), Stephen Colbert, The Washington Post. That’s just a partial list.
SECOND: Despite the supposed absurdity of it, and despite the fact that it flies in the face of everything everyone thinks about money, there are virtually no good arguments against it.
From The Cult Of Nick podcast:
In 1994 Bill Drummond and Jimmy Cauty took a million pounds to a deserted boathouse on the island of Jura and burnt it. The writer JMR Higgs looked at this event from a magickal perspective and came up with some interesting results. The story involves the world’s first joke religion, the JFK assasination, Robert Anton Wilson, Alan Moore and a bunch of ideas collectively known as “Chaos Magick”.
If you’re interested in “sigils” which we get to talking about right at the end of the interview go to the Disinfo.com website where I’ve written some short essays on the topic.
The events and book are described by the author on his personal website here:
… Read the rest
I read about it afterwards in an article in the Observer, which I immediately clipped and put in a drawer.
Turning the crank on the side releases one penny every 4.97 seconds, for a total of $7.25 per hour. This corresponds to minimum wage for a person in New York.
This piece is brilliant on multiple levels, particularly as social commentary. Without a doubt, most people who started operating the machine for fun would quickly grow disheartened and stop when realizing just how little they’re earning by turning this mindless crank. A person would then conceivably realize that this is what nearly two million people in the United States do every day…at much harder jobs than turning a crank. This turns the piece into a simple, yet effective argument for raising the minimum wage.
The burden of proof is on the driver to explain how they earned their money — otherwise, it belongs to the police. Information Liberation reports:
… Read the rest
Drivers in Louisiana unable to document the source of every dollar they carry could find their money seized by police. The state Supreme Court yesterday ruled officers were right to grab $144,320 from motorist Tina Beers because, in the high court’s opinion, she was unable to come up with a credible explanation of where the funds came from.
On January 10, 2009, State Trooper Dupuis pulled over Beers’ minivan on Interstate 10. Beers traveling with her three children. The court record no longer preserves the cause of the original traffic stop because Dupuis quickly lost interest once he obtained permission to search the vehicle. The trooper found nine bundles of cash in compartment on the minivan floor. Dupuis knew his department might be able to keep the money, [which they did], but there were no drugs in the minivan nor did prosecutors ever find a criminal charge to lodge against Beers.