Monetary Reform Right Around the Corner in the State of Utah

SALT LAKE CITY, Utah, September 30, 2011 -- A panel of sound money experts gathered at the Utah Monetary Summit in Salt Lake City, Utah, earlier this week for the purpose of paving the way for new monetary reform legislation in the State of Utah.

"Gold and silver have been remarkable storehouses of value for thousands of years," said Reed Larsen, general manager of Old Glory Mint, a Utah-based mint company that was instrumental in helping pass the Utah Sound Money act earlier this year. "Because of this, Utah is paving the way for governments, as well as private citizens and businesses, to be able to complete transactions in whichever medium of exchange they choose, including dollars, or precious metals, or both."

The expert panel included Larsen; James Turk, founder of GoldMoney, a new electronic currency in ecommerce; and Zeno Dahinden, CEO of E-Dinar, an Internet-based electronic payment system backed by physical gold and silver.

Panelists discussed the benefits of physical and virtual currencies during a particular breakout session at the summit. All three of the sound money experts agreed that the use of economically sound money is complimentary to the current paper currency system. They also agreed that a combination could work in the State of Utah, as well as in other places around the country.

"By leveling the playing field between paper money and precious metals, so they can both be used as money side-by-side, the State of Utah has given a great gift to its people -- the freedom to choose," Larsen said.

In a ten-minute presentation about the benefits of physical currency, Larsen stated that physical money, specifically in the form of gold and silver, is preferable to virtual money because gold and silver are the only forms of money that are not someone else's liability. In other words, there is no counter-party risk involved. He also stated that physical money cannot be printed, and is therefore resistant to dilution.

Larsen also showed the audience how gold and silver could potentially be used as physical money in today's world. He states that bullion would be minted privately, monetized by the state and that it could all be done easily using standard and familiar weights.

"The value of gold and silver can always be expressed in dollars, and vice versa," said Larsen. "So, transactions may be conducted easily back and forth between the two mediums of exchange as long as the government allows it to happen and doesn't penalize or tax one form of money over another."

In another ten-minute presentation, James Turk highlighted the benefits of virtual currency. One of the main benefits he covered was the fact that 93 percent of money in the United States today is deposit currency, or virtual currency, which is money in the banking system that moves by check, wire-transfer, electronic funds transfer or plastic cards. While this may be the most popular way of handling currency, Turk did not denounce the benefit of physical money.

"Both currencies are needed and both are complimentary," said Turk.

With legislators, sound money experts and Utah citizens in attendance, the summit showed that awareness of gold and silver, as a viable currency alternative, is growing. By the end of the summit, those in attendance gathered together to sign the Utah Monetary Declaration, a document providing guidelines for returning to true choice in currency.

"Economically sound and politically honest money encourages and facilitates harmonious interactions among individuals," said Turk. "And therefore is indispensable to each and every society built around a free market and protected by a rule of law that secures the right to private property."

The Utah Monetary Summit, the first event of its kind, was scheduled for the purpose of creating concrete steps that will continue to push for monetary reform laid by the passage of the Utah Legal Tender Act.

Contact:
Lindsay Sydenham
801-489-6060
503-453-0173
lindsay@sydenhampublicrelations.com

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Old Glory Mint is a Utah-based private mint company that was instrumental in helping pass the Utah Sound Money act earlier this year.

Lindsay Sydenham
Old Glory Minting Company
1549 West 7800 South
West Jordan, UT 84088
801-489-6060 or lindsay@sydenhampublicrelations.com

This release was published on openPR.