Slowly but surely, monetary reform and the need to rein in the Federal Reserve is pushing into the American conscience. Forbes magazine contributor, Ralph Benko published an op-ed piece this week in which he claims that the next big political issue will be, as he puts it, following the “shrinking” money. He writes, “Americans feel their dollars shrinking. We don’t like it. And we are groping for a way to stop it.” Mr. Benko believes that this issue can re-unite the Republican Party by addressing common concerns of the Tea Party and establishment Republicans.Details
Let’s say for the moment that the Senate follows the House’s lead and calls for a full audit of the Federal Reserve. Let’s also dream that President Obama signs it. What are the consequences?
Rumors are, for decades the Federal Reserve has been engaged in the highest form of crony capitalism, big bank favoritism, purchase of politicians, nation building, and the bailout of foreign banks, corporations and governments. If this is found to be true, it will add to the growing awareness of the Federal Reserve’s other nefarious activities. These include the fact the Fed and its debt-based fiat monetary system is confiscating the wealth of this nation and concentrating it in the hands of a few powerful interests. Not to mention the Fed’s money printing which enables the TSA, NSA, EPA, FDA, NEA, and USDA to unconstitutionally regulate our liberties into oblivion. Indeed, an audit could be the tipping point, generating enough public outcry to finally “end the Fed.”
It begs the question, “What’s next?”
The Federal Reserve Note is the officially recognized currency of the land, having long ago usurped the constitutional dollar as our monetary unit. The Federal Reserve system, like it or not, is responsible for insuring the flow of credit and currency around the nation and the world. Should the decision be made to end the Fed, it would take years to unwind its tentacles from the global economy and to replace Federal Reserve Notes with another currency.Details
cross-posted from the Sound Money Center
At the recent Camp David economic summit of world leaders, our President attempted to use his dwindling influence to press European nations to ease up on austerity programs which have ignited a major social and political backlash in countries such as Greece. His position provides us with an early indication of how austerity measures will be viewed in this nation when the reality of our fiscal situation becomes apparent over the next twelve to twenty-four months. Austerity will be rejected in favor of the printing press.
This is consistent with history, which shows that when governments have the ability to create money out of thin air, they attempt to print their way out of trouble rather than face reality. Such is the case today. Get ready. The printing presses are about to be unleashed again after a very brief quiet period.Details
The headlines out of Europe continue to underscore a painful reality. The present global monetary system, which is built upon fiat money and a distorted application of Keynesian economic theory, has entered the final phase of existence. This phase is marked by loss of confidence in the fiat scheme, reluctant consideration of alternatives, and the decreasing effectiveness of new policy initiatives designed to hold the system together. The economic hardship that accompanies this phase is now evident in Europe. It is only a matter of time before it is unleashed on this nation.
We were warned of this outcome centuries ago.
George Washington’s words to a Rhode Island Senator echo across the centuries.
“Every lover of his country will therefore be solicitous to find out some speedy remedy for this alarming evil. There is no possible substitute for the loss of commerce. Our first grand object, therefore, is its restoration…. But if in the pursuit of the means we should unfortunately stumble again on unfunded paper money or any similar species of fraud, we shall assuredly give a fatal stab to our national credit in its infancy. Paper money will invariably operate in the body of politics as spirit liquors on the human body. They prey on the vitals and ultimately destroy them…. Paper money has had the effect in your state that it will ever have, to ruin commerce, oppress the honest, and open the door to every species of fraud and injustice.”
This truth is still valid in the 21st century, yet is fully understood by very few. Words such as “ruined,” “evil,” “oppression,” “fraud,” and “injustice” are seen as partisan rhetoric in the battle for control of the Federal leviathan – and the paper money that flows so freely to it via the Federal Reserve. Clueless politicians on both sides of the isle do not recognize that this flow of money will soon cease to exist, along with the power it buys. The vacuum left will create a power grab of historic proportions.Details
Liberty loving Missouri citizens, Senators, and Representatives continue to battle for sound money. House Bill 1637 (HB1637) states, in part: “The Missouri Sound Money Act of 2012 is established which changes the laws regarding legal tender as follows: (1) Specifies that gold and silver issued by the federal government is legal tender in Missouri;” After…Details
The fate of sound money in Missouri may be determined in a meeting tonight of Senate leadership.
In April, HB1637 passed the House by a 95 to 37 margin. Now however, the Missouri Senate is locked in a budget battle with the 2012 session slated to conclude on May 18. Despite the focus on budget issues, the bill passed the Senate Ways and Means Committee unanimously this morning.
HB1637 simply states: “The Missouri Sound Money Act of 2012 is established which changes the laws regarding legal tender as follows: (1) Specifies that gold and silver issued by the federal government is legal tender in Missouri;”
However, it seems as though Senate leadership may need some encouragement to let this “controversial” bill be heard this session. Urgent action is needed. If you live in the state of Missouri, please call and email Senate leadership, in particular Senator’s Tom Dempsey and Robert Mayer. It’s do or die time for constitutional tender in Missouri. NOW is the time to keep momentum on this vital issue spreading across our nation!
In 2011, Utah was the first state in over 80 years to pass a law making gold and silver coin legal tender. Its passage sparked articles in the New York Times, The Los Angeles Times, The Washington Post and a host of major internet news sources. After decades of obscurity, Utah’s historic measure put sound money back on the map. Not satisfied to rest on their laurels, Utah passed a companion bill in the 2012 session, and it was signed by Governor Herbert.
The bill clarifies several tax measures and more importantly, expands the available specie to include gold and silver coin approved by the state.
Gold or silver coin or bullion, other than gold or silver coin that is issued by the United States, is considered to be specie legal tender and is legal tender in the state if:Details
Take seven minutes and listen to an excerpt from the debate on the sound money bill in Missouri. Rep. Paul Curtman explains the issue patiently to a fellow Representative who has a great deal to learn about economics and monetary policy.
On Thursday, HB1637, the Missouri Sound Money Act passed the House, making Missouri one of two states with a sound money still alive in 2012. South Carolina is the other, and is scheduled to vote on their bill next week. The bill simply adds gold and silver as legal tender alongside Federal Reserve notes, giving the citizens of Missouri a choice in currency:
“The Missouri Sound Money Act of 2012 is established which changes the laws regarding legal tender as follows: (1) Specifies that gold and silver issued by the federal government is legal tender in Missouri;”
It was not smooth sailing in the Show Me State. A significant number of representatives attended a press conference at the Governor’s mansion when the morning vote was held. Thus, the opposition erupted in celebration when they unexpectedly defeated the bill by a single vote, after which the morning session was immediately adjourned.
All was not lost. Representative Paul Curtman, the bill’s sponsor, worked a strategy to have the bill reconsidered in the afternoon session. While highly unusual, House Majority Leader Tim Jones asked Democratic Imperial Representative Tim Meadows to reconsider the bill in the afternoon session in light of the fact many members who were absent in the morning would likely return. Meadows agreed, and in the afternoon session the bill passed 95-37.
“Credibility is everything and when it comes down to it, my credibility is on the line here this day” Meadows said.
Representative Curtman had the understatement of the day stating, “It was a strange day on the floor. In the end though, nobody had a viable argument as to why it should be defeated.” A strange day indeed. After the bill’s passage, a Democratic Representative who strongly opposed the motion to reconsider had to be physically removed from the House chamber as he confronted a fellow Democrat who aided in allowing the bill a second vote.Details
Action Alert for Constitutional Tender!
Missouri House Bill 1637 (HB1637), the Missouri Sound Money Act, has been released from the Rules Committee and is scheduled for debate on the House floor this week. The bill states, in part:
Gold and silver issued by the federal government is legal tender in this state. A person shall not compel any other person to tender or accept gold and silver coins that are issued by the federal government, except for contractual obligations.
For those residing in Missouri, please send emails thanking the rules chair, John Deihl, and the floor leader, Tim Jones for putting it on the calendar. Then, contact your representative and ask them to support the bill with a “yes” vote.Details