In light of the U.S. dollar’s continual loss of purchasing power and the historical stability of precious metals as a store of value, a new bill set to be considered in the Utah legislature would require the state government to accept taxes and pay its obligations in gold or silver upon demand.
In a stark illustration of the economic fears still plaguing America, a resolution was introduced in the Virginia legislature on January 12 that would create a subcommittee to officially consider the adoption of an alternative currency in case of a total breakdown of the U.S. dollar and the Federal Reserve System.
A citizens' taxpayer watchdog group is urging President Obama and the Department of Defense to halt funding on the manufacture of an aircraft engine that would replace the Pratt and Whitney version presently being used in the DOD’s massive Joint Strike Fighter aircraft project. The new engine would be manufactured by General Electric and Rolls Royce.
As world food prices continue to approach crisis levels, and global demand continues to increase, one international organization, The World Economic Forum, warns of possible “social and political instability.” In particular, the cost of corn and soybeans has skyrocketed to the highest they’ve been since July 2008, and experts predict the costs will continue to edge upward.
Keeping in mind that the “beige book” report from the Federal Reserve yesterday is only a compilation of anecdotal reports from businesses across the country, any conclusions in that report that the economy “continued to expand moderately,” and that it “continued to improve, on balance,” should be viewed with extreme caution. For buried in the report were the comments that “the housing sector remains a significant drag on the economy" and that "activity in residential real estate and new home construction remained slow across all Districts.”