Sound Money Bills Advance in the States

On February 29th, Federal Reserve Chairman Ben Bernanke sat in front of his longtime nemesis, Rep. Ron Paul and testified on behalf of the Federal Reserve, attempting to justify the Fed’s monetary policy.  During the testimony, congressman Paul did something unusual.  He reached into his pocket and pulled out a United States minted silver eagle.  He then informed Mr. Bernanke that when he took over as Chairman of the Federal Reserve in 2006 that silver “dollar” would buy 4 gallons of gasoline, while today it would buy 11 gallons.  “That’s preservation of value” he informed the Chairman.  He’s right, and this exchange underscores two reasons why it is critical for states to restore use of constitutional tender (gold and silver specie.)

First of all, to “preserve the value” of each citizen’s money.  Mainstream media stories abound today predicting that gasoline will reach $6 per gallon this year.  Combine that with an expectation that one ounce of silver is expected to rise to$50 per ounce during that same time period and you can see a trend developing – continued devaluation of the dollar, and continued preservation of purchasing power by sound money.

The second reason states need to restore constitutional tender is Dr. Paul’s warning that “the Fed is going to self destruct” when its policies lead to the eventual loss of control over the national currency – Federal Reserve Notes.  When that happens, states that have not enacted sound money legislation will have no choice but to be subject to whatever the global banking establishment (IMF, BIS) decides the replacement will be.  And if recent history is to be heeded (Greece anyone?), that means the loss of national sovereignty for any nation placed within its jurisdiction.

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Missouri Introduces Sound Money Act of 2012

The list of states introducing sound money legislation continues to grow.  The Missouri Sound Money Act of 2012 was introduced by Representative Paul Curtman as HB1637 and has been assigned to the House Ways and Means Committee.  The bill seeks to make law, among other things, the following: “Gold and silver issued by the federal…

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Idaho is Next to Introduce Sound Money Legislation

Idaho has become the third state to introduce sound money legislation in the last 12 months.  Idaho HB430 was recently introduced by Rep. Phil Hart which declares:  “”Gold and silver coin” means all such “gold and silver Coin” as are allowable for a state (a) to “make …a Tender in Payment of Debts” under the…

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Idaho to Consider Constitutional Tender Legislation

Introduced by Rep. Lenore Barrett in the Idaho State House yesterday is House Bill 622 (H0622), the Constitutional Tender Act. If passed, the act would make law that: the state shall neither compel nor require any person to recognize, receive, pay out, deliver, promise to pay or otherwise use or employ any thing but gold…

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South Carolina to Ban Federal Currency?

Imagine my shock upon opening the Drudge Report this morning and seeing this article from CBSNews.com: South Carolina Rep. Mike Pitts has introduced legislation that would mandate that gold and silver coins replace federal currency as legal tender in his state. In an interview, Pitts told Hotsheet that he believes that “if the federal government…

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