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There has been a most intriguing development regarding gold bullion coins, a movement that is sure to gain momentum.

October 10, 2011 – There has been a most intriguing development regarding gold bullion coins, a movement that is sure to gain momentum.

The government created bullion coins as legal tender, believing that nobody would ever consider using them as such. But there is no apparent legal basis for prohibiting it. Of course it would be foolish to fill up at the gas station and hand over a $50 gold eagle to pay for it, but, as they say, there’s another side to the coin.

Suppose workers were given the option of receiving their wages in gold coins. Since they are legal tender and the government assigned their face value, that should be the basis for taxing the income.

As wild an idea as that might seem, it has already been tested. In “End the Fed” Ron Paul reports that “some enterprising and brave constitutionalists” in Las Vegas did pay their employees with bullion coins, who then filed taxes based on their face value. “As expected, it was challenged in court, and miraculously, litigants ‘won’ their case in a hung jury.” They were cleared of fraud charges because the jury found “it was the confusion of the law that was at fault.”

This sort of thing can quickly get out of hand and the government will certainly not sit idly by and let that happen, despite any precedent. “Courts, as they did in the Civil War and the 1930s, have always ruled in favor of the tyrants when push comes to shove in dealing with the money issue.”

Maybe, however, this is just what we need to bring the absurdity of the Fed into the limelight, the thread to pull to unravel that insidious bureaucracy once and for all. And in doing so it could be the first step on the path back to a sound currency and rational fiscal policy.

Kevin Johnson

Senior Staff Writer – GoldCoin.net

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