Representatives in the Washington State legislature have introduced a bill that would move the state into compliance with Article 1, Section 10 of the US Constitution, requiring only gold and silver be recognized as legal tender. The bill was introduced in the Washington State House of Representatives on Friday by Representatives Matt Shea, Cary Condotta, Jason Overstreet and Jim McCune. A sample of the bill's text follows: (1) The legislature finds that to secure property rights sound money … [Read more...]

According to a story being reported by DEBKAfile, India has negotiated to barter gold for oil. "India is the first buyer of Iranian oil to agree to pay for its purchases in gold instead of the US dollar, DEBKAfile's intelligence and Iranian sources report exclusively.  Those sources expect China to follow suit. India and China take about one million barrels per day, or 40 percent of Iran's total exports of 2.5 million bpd. Both are superpowers in terms of gold assets. By trading in gold, … [Read more...]

While John Corzine is scratching his head in Senate hearings trying to make it sound feasible that he can't explain where all the money has gone, his customers and stockholders battle over who will end up with the candy now that the piñata has been busted. Here's a sample of the dirt as reported by Barron's just days ago... It's one thing for $1.2 billion to vanish into thin air through a series of complex trades, the well-publicized phenomenon at bankrupt MF Global. It's something else … [Read more...]