House Passes GOLD Act

http://www.futureofcapitalism.com/2010/12/house-passes-gold-act

By a vote of 324 to 81, the House of Representatives late this afternoon passed a bill cracking down on companies that offer cash for gold. It's cutely called the "Guarantee of a Legitimate Deal," or GOLD Act of 2010. It strikes me as part of a broader effort by Congress to counter gold, both because of the threat it imposes to the fiat dollar as a competing standard of value, and because of the way gold companies support right-of-center radio and television (and even some Web sites) with advertising.

by Ira Stoll  |  Dec 8, 2010 at 5:33 pm Related Topics:  Federal Reserve, Politics receive the latest by email: subscribe to the free futureofcapitalism.com mailing list