John Rubino highlights the recent emergence of BitGold & its purchase ofGoldMoney .. points out this is not the first service or facility of using gold as a payment system – Peter Schiff’s Euro Pacific Bank already allows non-U.S. customers to buy gold and/or silver, store it for free at Australia’s Perth Mint & then use a debit card to spend it .. Rubino: “Not so long ago the U.S. was where innovations emerged before spreading to the rest of the world. But in the realm of sound money and individual financial freedom at least, this is now Siberia. Foreign banks won’t accept American customers because they’re terrified of IRS agents showing up on their doorsteps with subpoenas. And now gold-backed payment systems that are apparently legal everywhere else are closed to Americans. So we’ll have to watch the merger of sound money and modern technology from the sidelines. Outside the U.S., however, gold-backed currency has the feel of an idea whose time has come. And to repeat an assertion made in yesterday’s piece on BitGold, widespread acceptance of these payment systems might generate a positive feedback loop that sends gold much, much higher. So their success will benefit all owners of precious metals, not just the early account-holders.” .. it’s financial repression on Americans especially.

LINK HERE to the Article

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