A bill to register gold and silver coins: It had to come. It has been introduced in Illinois, the most anti-gun state in the USA. … Creates the Precious Metal Purchasing Act. Provides that a person who is in the business of purchasing precious metal shall obtain a proof of ownership, create a record of the sale, and verify the identity of the seller. Provides that a person who is in the business of purchasing precious metal shall not pay for the precious metal in cash and shall record the method of payment. Requires the purchaser to keep a record of the sale for one year or, if the purchase amount is over $500, for 5 years. Provides that a person who violates the Act is guilty of a petty offense and subject to a fine not exceeding $500. Provides that the Attorney General may inspect records, investigate an alleged violation, and take action to collect civil penalties. − TeaPartyEconomist.com
Dominant Social Theme: This is to keep everyone safe.
Free-Market Analysis: Thanks to economist Gary North for this one. The bill, Illinois SB3341, passed the state senate in the spring and was handed off to the house this fall. With three amendments introduced in the house, it now sits in committee (see ilga.gov for progress). But we're not ready to announce from our perspective that this is the rollout of an elite dominant social theme.
That's because we haven't seen enough of a run-up. The power elite we analyze seem to promote themes with significant intensity. This news is not being marshaled at a high level among many mainstream publications, from what we can tell.
But that won't make it a meme, in our view. You see, there is no fear-based justification. Ideally, such a significant move would only come after due provocation. Notice a renewed push for gun control is being launched after two terrible shootings in particular that received extensive nationwide media attention.
This is how power elite promotions work. The provocation is widely disseminated and the result flows naturally out of the issue at hand. Whether the issue at hand is merely an unfortunate incident or something else is an argument for another day. In this case, the provocations seem strangely lacking.
In fact, we mention a dominant social theme above but it is not one that has been brought to bear.
As it has not, we provided a rationale that might work. The purchase of gold and silver has to be tied to some national security issue. That's how things seem to work currently.
But we're not aware that such a justification has been offered regarding this state bill. That rationale surely would involve "terrorists" using gold and silver to pursue various nefarious acts.
Finally, a move of such significance would likely be pursued at the federal level were the powers-that-be serious. We're not even sure that the power elite really cares about gold and silver registration currently. There are plenty of problems with monopoly fiat money but the system is not currently in danger of immediate toppling, it seems to us. Check back in a few months, or even a year or two …
Of course, such a bill would make actual metals confiscation feasible, as authorities would have names, addresses and amounts of gold and silver held by private citizens. However, even during the initial confiscation in the United States under President Franklin Delano Roosevelt, hardly anyone was prosecuted regarding gold ownership.
The impact lay in the novelty of the act itself. In this case, we would think the intimidation factor would be a significant reason for such legislation. But again, we would expect such a bill to be pursued at the federal level for maximum impact.
It is true that the powers-that-be likely despise gold ownership (for anyone but themselves) but we're of the opinion it might take an overwhelming monetary crisis to move along legislation like this on a national or international level.
That doesn't mean something like this couldn't take place. We've predicted it in the past. We just don't think this effort is being seriously made yet. On the other hand, it could be a kind of "trial balloon."
One to watch.