Missouri Sound Money Act Would Make Gold & Silver Legal Tender
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Bully_Pulpit
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thenewamerican.com/us-news/constitution/item/11187-missouri-sound-money-act-would-make-gold-silver-legal-tenderAs outrage and concern over the Federal Reserve and its embattled fiat currency continue to grow, lawmakers in Missouri are considering legislation to protect residents by making gold and silver legal tender within the state. If passed, Missouri would join the state of Utah — which adopted a similar sound-money law last year — in its efforts to expand the monetary choices available to citizens.
Known as the “Missouri Sound Money Act of 2012,” House Bill 1637 would define precious metals issued by the U.S. government as lawful money inside of the state. U.S. gold and silver coins would then essentially be valued in commerce at the true market-price of the metal instead of the largely irrelevant face value assigned by the federal government.
The legislation would also eliminate an array of state taxes on gold and silver — capital gains and sales taxes, for example — in a bid to allow honest money to circulate more freely alongside the Federal Reserve’s inflationary debt-based paper currency. Federal taxes would not be affected, however, leaving at least one significant impediment to establishing true competition among currencies.
Under the proposed law, people would still be able to refuse payment in precious metals, and nobody could be compelled to pay in gold or silver. But supporters of the bill hope to establish sound-money depositories that would allow citizens to deposit precious metals and use debit cards to pay bills out of their accounts. The competition in currency, advocates say, would usher in an array of benefits.
A broad alliance of activists has worked tirelessly to advance the popular bill and similar measures in at least a dozen states, often for diverse reasons. Douglas Tjadon of the Sound Money Center and Greg Franco from the Utah Gold and Silver Depository both testified in favor of the legislation in Missouri.
“It's about giving citizens of Missouri an alternative to the dollar that is not affected by the monetary policies undertaken in Washington,” Economics Director Rich Danker of the group American Principles in Action was quoted as saying in press reports. Some analysts, meanwhile, tried to portray the bill as merely a “protest” against the federal government and the privately owned Federal Reserve.
Rep. Paul Curtman, one of the sponsors of the bill, explained that the Fed and the federal government had created an inflationary situation by creating enormous amounts of new currency to bail out big banks. And the effects on prices are already being felt, he noted, adding that serious inflation may soon ravage the dollar’s remaining purchasing power even further.
During a debate about the legislation in the state House of Representatives, one lawmaker admitted that she did not understand the bill — yet she said she opposed it anyway. Rep. Curtman responded by patiently attempting to explain some basic economic principles and why Missourians would benefit from competition in currency.
The legislation would, for example, help citizens to “hedge against inflation” and “protect the purchasing power” of their wealth by allowing them to save and trade in non-inflationary money. Meanwhile, the state would benefit by providing “more economic freedom” to the people of Missouri, Rep. Curtman explained.
"When prices begin to rise on the commodities index, I don't know about you, but I don't know of a lot of people in my district that have been getting a pay increase of 30, 40, 50 percent," Curtman added, citing official data about the wild expansion of the currency supply in recent years. "It is a state issue because everybody in our state uses Federal Reserve Notes … That's something that we're all suffering from."
Under a century of Federal Reserve control, the U.S. dollar has lost about 95 percent of its purchasing power so far. The price of gold and silver in Federal Reserve Notes, on the other hand, has risen meteorically. Gold, for example, was worth less than $20 per ounce in 1913. Today the price is over $1600. And unless something changes, that trend is expected to continue as Americans’ wealth is quietly siphoned away.
According to an official summary of the sound-money legislation in Missouri, proponents say there are many reasons why state-based efforts to move toward honest money are worth supporting. Chief among them: the disastrous monetary policy and currency system currently plaguing America.
“The fiat money in use today is backed by nothing but debt,” the summary notes. “Each time money is issued, it creates more debt.” Of course, because virtually every single new dollar is issued as debt with interest, it becomes mathematically impossible to escape the debt trap. And Americans — particularly the poor and middle classes — pay the price.
More states should look to adopt this....
Comments
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This is nice.
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THIS WOULD BE GOAT!!!!!!
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You know, there's been an infomercial running on the radio for two years saying this would happen in the future.
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This would be great. Im trying to get the picture of whats happening. Why is the reserve printing all these dollars if they know that with every dollar poor get poorer and the rich get richer because of the supply and demand law? Im confused. Am i picturing this right?
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Will this just make people scramble for gold?
And Good Post @Last of my kind -
Crazy how history repeats itself.... this didn't work with the Brentton Woods System & it sure as hell won't work today.....
Gold and silver are finite resources and just like 1944 & the late 60s if this passes on a federal level for all states it will bare huge risks & consequences for the economy, especially in today's environment.
Sion the economy is ? anyway,its just a matter of when. We cannot continue to borrow money, if the economy fails it might as well be something tangible IMO, the consequences seem better than the situation we are currently in. ? the fed.Will this just make people scramble for gold?
And Good Post @Last of my kind
Thanks and maybe in missouri if it passes but i doubt it -
tough ? , its better than letting the IRS and fed reserve scam continue...but thats just my take
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sion on some ? what im starting think is that these ? dont care if theres enough gold in the planet there is a whole alot of silver tho but it will be ? up if they control silver and made it not true value but gold is only for the rich and the poor will suffer
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I hope you dummies are able to afford a big safe because i'm coming through your window for them gold bars.. ? acting like poor families gonna have gold reserves and nobody gonna test them in this day and age. Wild west all over again. Also, who sets the price for gold? Seems to be the same people involved in fiat money? We give it value precious or not. At one point we traded in cowry shells but that ? is cumbersome. Maybe we should look into vintage bottle caps.
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Man stuff like this is crazy tho, cuz ud think when ? like this happens with the whole recession or another event these guys would do everything in their power to ensure that another like it doesn't happen again and then you see this ? LOLOL.
I accept that these things are suppose to happen cuz its apart of the economic cycle and all that but this is my first time in today's times that I've seen history literally repeat for what might be the fourth time, almost exactly how it even originally started. Fascinating.sion on some ? what im starting think is that these ? dont care if theres enough gold in the planet there is a whole alot of silver tho but it will be ? up if they control silver and made it not true value but gold is only for the rich and the poor will suffer
Bruh these politicians couldnt tell you the difference what the hell the federal reserve, IRS, or the world bank. All they know is they dont like it.
Passing stupid laws without looking why the first law was repealed is one of the reason why there is always a economic downturns.
Yeah @SION like you said there are cycles but as long as there are lobbyist money in Washington and the state governments there will never be real reform.
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Last Of My Kind wrote: »tough ? , its better than letting the IRS and fed reserve scam continue...but thats just my take
So tell me about this scam again? -
on some fallout ?FuriousOne wrote: »I hope you dummies are able to afford a big safe because i'm coming through your window for them gold bars.. ? acting like poor families gonna have gold reserves and nobody gonna test them in this day and age. Wild west all over again. Also, who sets the price for gold? Seems to be the same people involved in fiat money? We give it value precious or not. At one point we traded in cowry shells but that ? is cumbersome. Maybe we should look into vintage bottle caps.Last Of My Kind wrote: »tough ? , its better than letting the IRS and fed reserve scam continue...but thats just my take
So tell me about this scam again?
I didnt tell you the first time. If you cant see how the fed printing paper money causes inflation and infinite debt from which they capitalize off of while the world economy is going to ? IDK what to tell you. Plus aint ? federal about them, its a private entity.
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Last Of My Kind wrote: »
on some fallout ?FuriousOne wrote: »I hope you dummies are able to afford a big safe because i'm coming through your window for them gold bars.. ? acting like poor families gonna have gold reserves and nobody gonna test them in this day and age. Wild west all over again. Also, who sets the price for gold? Seems to be the same people involved in fiat money? We give it value precious or not. At one point we traded in cowry shells but that ? is cumbersome. Maybe we should look into vintage bottle caps.Last Of My Kind wrote: »tough ? , its better than letting the IRS and fed reserve scam continue...but thats just my take
So tell me about this scam again?
I didnt tell you the first time. If you cant see how the fed printing paper money causes inflation and infinite debt from which they capitalize off of while the world economy is going to ? IDK what to tell you. Plus aint ? federal about them, its a private entity.
So what system do you suggest should be in its place? -
Well I dont claim to be an economist but a barter/trade system seems fair, but it wouldnt work in this age for many reasons. Were just screwed, whats done cannot be undone.
