The ultimate goal is to return the nation to the gold standard, in which every dollar would be backed by a fixed amount of the precious metal. Economists of all stripes say the plan would be ruinous, but that view is of scant concern to Pitts.
"Quite frankly, I think that economists from universities are thinking within the confines of their own little world," Pitts said. "They don't deal with the real issues."
Proponents of the laws believe that returning America to the gold standard would force the government to live within its means, curtailing runaway spending and inflation.
Lately, the idea has been gaining currency — and not just among the Tea Party activists who have been pushing the gold standard as part of wider efforts to rein in federal power.
In Utah, gold and silver coins minted by the U.S. government have been considered legal tender since last month under a law that Gov. Gary Herbert promoted Thursday with a ceremonial signing. The law also exempts purchases of the coins from state sales tax and creates a tax credit to partially reimburse state residents who must pay federal capital gains tax on profits from holding gold.
Source: http://articles.latimes.com/2011/jun/03/business/la-fi-gold-standard-20110603
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