The 2011 session of the Utah Legislature is looking like uncommonly fertile ground for crackpot ideas. So far there is a bill to name an official state gun and two calling for conventions to amend the U.S. Constitution. But the most outrageous scheme to surface yet is the Utah Sound Money Act, a system of commerce within the state that would be based on gold and silver coins.
If your political antennae detect rants against the Federal Reserve and debased paper money, you're on the right the track. Among the legislative findings in the draft bill is this:
"Since the founding of the Federal Reserve Bank system in 1913, Federal Reserve Notes have lost more than 95 percent of their purchasing power. During that same period of time, from 1913 to the present, as well as throughout the entire course of recorded human history, gold and silver coin have reliably retained their purchasing power, although subject to periodic fluctuations in value."