Florida is on the cutting edge of setting conservative policy.
The Sunshine State could change the way residents do business.
And Florida’s Chief Financial Officer has one plan for gold that made everyone take notice.
Florida looks at using gold and silver as legal tender
The out-of-control spending by the federal government created rampant inflation that devalued the U.S. Dollar.
Florida Chief Financial Officer Jimmy Patronis wants to give residents of his state the option of using sound money as legal tender.
He launched a study about using gold and silver as legal tender in Florida.
“This is an exciting initiative that has the potential for enormous growth in our state,” Patronis said. “Gold and silver have been trusted assets for thousands of years, and it makes perfect sense to use them as legal tender. I’m launching this study to determine the best way to get it done.”
The Florida Department of Financial Services will study how physical gold and silver could be used as a currency in the state.
Gold and silver are currently legal for use as tender in 11 states including Utah, Texas, and West Virginia.
Utah was the first state to bring gold and silver as legal tender in 2011.
Gold and silver offer protection against the government
Sound money in the form of precious metals offers a safe haven from the devaluation of the dollar from the Federal Reserve.
Gold and silver also offer protection from being targeted by the government and the financial system.
Patronis said that gold and silver becoming legal tender would protect Floridians from threats like de-banking where bank accounts are closed for political reasons.
It would also offer protection from a future Central Bank Digital Currency (CBDC) or other schemes from the federal government to control money.
“Families and businesses don’t need higher taxes; they need innovative solutions to help them grow,” Patronis said. “This proposal not only does that, but it would also result in protections against monetary failures and abuses, like the Biden-Harris inflation nightmare and attacks on Floridians’ financial freedoms.”
Patronis’ proposal also looks at exempting gold and silver from some of the current taxes in Florida.
They would be exempt from sales and personal property taxes.
Mosaic Financial Group financial advisor Shawn Clark told Fox 13 that gold and silver have some advantages as a form of currency.
“I think a lot of Americans have been looking for some more independence,” Clark said.
“There’s only a certain amount of gold, and so, they typically work well in inflationary times just because, as the price of things goes up, so does the price of gold,” Clark continued. “So that’s where, yeah, if milk goes up a dollar, well, so does your price of gold. It goes up a dollar.”
Giving people more choices with their money is a benefit for consumers.
“Having a diversified way to pay for things is going to be a nothing but a good thing,” Clark stated.
Florida could make it a dozen states that turned back the clock on the Federal Reserve and allowed precious metals to be used as legal tender.
DeSantis Daily will keep you up-to-date on any new developments in this story.
