Thursday, December 1, 2011

[VIDEO] "Ron Paul Explains His Plan For 'Monetary Freedom' And Returning To The Gold Standard" #ronpaul #GOP2012

From the Zero Hedge partial transcript:
Ron Paul lays it out: "We know what to do - we did it once after the Civil War period, we went from a paper standard back to the gold standard, and the event wasn't that dramatic. But today the big problem is that both the conservatives and liberals have an big apetite for big government for different reasons, therefore they need the Fed to tie them over and monetize the debt. So if you don't get rid of that appetite it's going to be more difficult, but the transition isn't that difficult. You have to get your house in order; you have to balance the budget, you have to not run up debt, and you have to promise not to print any more money... I would like to have a transition period and just legalize gold money, gold and silver as legal tender, and work our way back... We want to legalize the use of gold and silver as the constitution dictates, rather than punishing the people who try to do that... I am quite convinced that the system we have will not be maintained - that's what these last 4 years was all about, and that's what the turmoil in Europe is all about. The question is are they going to move toward a constitutional form of money. or are we going to go another step further into international money - instead of having an international gold standard based on the market, are we going to go toward a UN, IMF standard where they are going to control with the use of force another fiat standard. I consider that a very, very dangerous move."


Thursday, November 17, 2011

[VIDEO] Sound Money Program in Utah

SALT LAKE CITY, Utah (ABC 4 News) - Buying gold may be something many of us know is a good idea; but how do you actually buy gold, and how do you spend it when you need it?

The state of Utah has a new program that's designed to make both of those things easier. This morning, Sound Money Director, Larry Hilton, and Tea Party leader, Darcy Van Orden, joined us live in studio to talk about the "Sound Money Program."


Wednesday, September 14, 2011

Ron Paul's Statement at Hearing on "Free Competition in Currencies Act" (HR 1098)

John Maynard Keynes once stated that “There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.” Such a situation is exactly what faces this country today, as the Federal Reserve seems hell-bent on destroying what little purchasing power remains of the U.S. Dollar...

... Economics teaches that monopolies produce fewer goods and sell them at a greater price than in a competitive market. This leads to inefficiency, deadweight losses, and over time complacency on the part of the monopolist. Most mainstream economists fail to extend the theory of monopoly to the market for money. Government monopolization of the issuance of money fails to produce the sound money the market demands. The poor-quality money that is issued continues to lose its value, and the American people must work longer and harder for money that continues to decline in purchasing power. Meanwhile, government agencies and the banking system benefit from the first use of that money, being able to spend it and lend it before it circulates through the rest of the economy and before prices increase in reaction to this inflation.

The only way to counteract this problem is to break the government monopoly on the issuance of money. The Constitution does not grant the federal government this monopoly, a fact which was not in dispute for nearly a century after this country's founding. The federal government has become complacent, forgetting the need for sound money, and the only way to break this complacency is to break the monopoly. HR 1098, the Free Competition in Currency Act, intends to do just that...

...I hope that this hearing will start a vigorous discussion of currency competition, sound money, and how to return to a sound dollar. HR 1098 is certainly not a panacea, as there remain significant structural problems in our banking and monetary system that still need to be addressed. But allowing for competing currencies will enable Americans to choose a currency that suits their needs, rather than the needs of the government. The prospect of Americans turning away from the dollar towards alternate currencies will provide the necessary impetus to the US government to regain control of the dollar and halt its downward spiral. Restoring soundness to the dollar will remove the government's ability and incentive to inflate the currency, and keep us from launching unconstitutional wars that burden our economy to excess. With a sound currency, everyone is better off, not just those who control the monetary system.


Saturday, September 10, 2011

Question to ask at Candidate Forum for Bobby Franklin's seat - @politicalinsidr

On Monday, Sept. 12th, there will be a Candidates Forum in the Special Election race for the seat which was left vacant by the untimely death of the late Rep. Bobby Franklin.

Rep. Franklin, you will recall, was the lead sponsor of HB 3, the Constitutional Tender Act (along with many, many other excellent bills).

One of the panelists who will be questioning the candidates is a writer for the Atlanta Journal Constitution, Jim Galloway. Now, Galloway has asked his readers to make suggestions for what questions he should ask them.

Here's my suggestion, posted on his wall at the AJC:

Here's a question that's actually relevant to the office they're running for, AND the particular Member's seat they're looking to fill:

If you are elected, you will be required to swear before God this constitutionally-required Oath of Office: "I do hereby solemnly swear or affirm that I will support the Constitution of this state and of the United States, and on all questions and measures which may come before me, I will so conduct myself, as will, in my judgment, be most conducive to the interests and prosperity of this state."

Since you will be oath-bound to support the U.S. Constitution, as well as the prosperity of the State of Georgia; and since the U.S. Constitution, in Article I, Section 10, mandates that each State use ONLY gold and silver coins in all of its financial transactions; and since the federally-forced use of over-inflated Federal Reserve Notes has destroyed over 95% of the wealth of the citizens of the State of Georgia:

Will you pledge right now to sponsor the late Rep. Bobby Franklin's bill, HB 3, the "Constitutional Tender Act," which would return the State of Georgia to adherence to the United States Constitution's actual legal tender provisions and increase the State's prosperity?

I believe that economically, this is the most important question that could be asked at such a forum, because economically, there is no greater threat to the future prosperity of the State of Georgia and its citizens -- indeed, to the citizens of every single State in the nation -- than the Federal Reserve's destruction of their wealth through its over-inflation of unconstitutional fiat currency.

If you agree, and would like to support the passage of the Constitutional Tender Act in Georgia, please contact Jim Galloway to let him know that you would also like to see this question asked:

Twitter: @politicalinsidr
Web: Political Insider with Jim Galloway

Thanks for your support!

Saturday, August 20, 2011

"Thomas Jacob on the New Swiss Gold Franc"

The Daily Bell is has this exclusive interview with Thomas Jacob:

Daily Bell: Please tell us about your idea for a gold franc.

Thomas Jacob: Gladly. The idea is the result of my interest in free market economics and especially my conviction that a commodity money is the most effective way to curb government involvement in the economy. The idea is simply to re-introduce an additional gold-coin currency in Switzerland on the constitutional level.

Daily Bell: Is this similar to the idea of a silver libertad being pursued in Mexico?

Thomas Jacob: The similarity is that it is a legal parallel currency and a commodity money. The difference is that the Swiss gold franc will be a privately issued money. The government’s role is limited to defining the appearance and the gold content of the coins and to protecting honest business practices.

Daily Bell: Where are you with your program?

Thomas Jacob: Dr. Ulrich Schl├╝er from the biggest party of Switzerland, the SVP [Ed.: Swiss People’s Party aka Democratic Union of the Centre], introduced a parliamentary initiative on March 8 – incidentally, the same day the Utah parliament [legislature] passed their gold law.

At the same time a group of dedicated politicians and economists, including I, have founded the gold franc association to coordinate the activities to help realize the idea on a non-partisan basis.

Daily Bell: What are the next steps?

Thomas Jacob: The appropriate commission will discuss the proposal probably in the winter session. They will either accept and work on it or it goes directly to the parliamentary floor. Should they also unexpectedly have no interest, we will start a popular initiative. With 100,000 signatures the voters can vote on it directly, independent of whether the politicians like it or not.

Daily Bell: Are you hopeful?

Thomas Jacob: No, I am confident. The time is right; the issue simple. We are talking about freedom of choice in monetary matters, something that cannot be opposed in good faith. It is not primarily about attacking today’s monetary system, but giving people the freedom of choice. If today’s monetary system remains as good as today’s authorities claim it is, they shouldn’t worry – if it isn’t, we, the people, shouldn’t be forced to use it.


Thursday, August 18, 2011

"The Constitutional Tender Movement in Georgia"

by William Greene, Ph.D.

In early 2009, I was teaching a course on American Government at Gainesville State College here in Georgia. As I was going over with my students the powers prohibited of the States in Article I, Section 10 of the U.S. Constitution, we hit upon this one: “No State shall… make any Thing but gold and silver Coin a Tender in Payment of Debts”.

A student in the back of the room raised his hand, and asked, “What does Georgia use for paying its debts – money owed to the State, and by the State?”

“Federal Reserve Notes,” I replied.

“Not gold or silver coins?” he asked.

“No, not gold or silver coins. And no, Federal Reserve Notes are not backed by gold or silver coins, either.”

He raised his hand again. “Which States DO use gold and silver coins for paying State debts?”

“None of them,” I answered. “They all use Federal Reserve Notes, which were declared to be ‘legal tender’ by the U.S. Congress.”

“When did we pass a Constitutional Amendment to change this requirement in Article I, Section 10?” He had a puzzled look on his face.

My answer seemed to puzzle him even more. “We didn’t.”

It was quiet in the classroom at that point. I waited. I didn’t have to wait for long.

“How have the States gotten away with that?”

I didn’t have an answer to that question. And it bothered me...


Sunday, August 14, 2011

"Gold Standard or Nixon Standard"

by Gary North,

On Sunday, August 15, 1971, Richard Nixon unilaterally brought to an end the last trace of an experiment in international monetary affairs that stretched back over a century. He announced that the United States government would no longer abide by the 1944 Bretton Woods agreement to deliver gold at $35 per ounce to any government or central bank.

What he abolished was not a gold standard. It was a government promise standard. There was never a gold standard in the nineteenth century or early twentieth century. It was always a government promise standard. It was as reliable as government promises...

...A free market gold standard should be the result of two legal arrangements: (1) open entry into the money business, (2) the enforcement of contracts. Gold would become one common currency. So would silver, if history is a guide. The government would get out of the money business altogether. It would claim no unique authority over money. It would decide the monetary unit in which to collect taxes – nothing more. It would enforce contracts, meaning lawful voluntary exchanges in which no fraud is involved.

This would decentralize and privatize money creation. It would also privatize and decentralize the fraud of counterfeiting. It would pit bankers against bankers, who would participate in bank runs against suspected banks. It would decentralize the enforcement against fraud.

By removing monetary sovereignty from governments, this arrangement would permanently keep fraud from becoming centralized and a matter of law. It would keep the fox of government away from the chicken coop of money creation. It would make impossible any replay of the string of broken contracts, 1914 to 1971, which marked the government promises standard which masqueraded as a gold coin standard, then a gold exchange standard, then a Tricky Dick Nixon standard...


Thursday, August 11, 2011

"Monetary Reform: The Beginning of the Beginning"

by Charles Kadlec
The @DailyReckoning

Fundamental reform of the world’s monetary system has begun. It is way too early and too amorphous to be front-page news. We are only at the beginning of the beginning of a popular effort to restore gold backed money to the center of economic activity.

Defining a dollar, or a British pound, as a fixed weight of gold was an innovation that further increased the usefulness of money. You could take currency and trade it for something you needed, or you could trade that money for a fixed weight of gold. As a general proposition, paying with paper money was no different than paying with gold, except paper money was more convenient to carry...

...Forty years ago, that order was up-ended by President Richard Nixon’s decision to sever the final link between the dollar and gold. For the first time since Sir Isaac Newton established the British gold standard in 1717, all of the world’s major currencies during a time of peace were free to float against one another and to fall in value against precious metals. The consequence has been a debasement of the dollar and all other currencies, an ever more cyclical economy, a 40-year hiatus in real wage increases for American workers and a growing fear of yet more financial crises created by monetary instability.

As a consequence, support is growing to repeal tax and other legal barriers that effectively prevent people from using precious metals as money.

In March, Utah repealed its capital gains tax on gold and silver coins it will recognize as legal tender. Twelve other states are considering similar legislation.

Then, in June, Senators Jim DeMint (R-S.C.), Mike Lee (R-Utah) and Rand Paul (R-Ky.) introduced the Sound Money Promotion Act that would remove the 28% federal tax on gains realized in the use of gold or silver coins recognized as legal tender for use within a state.

Now, in Switzerland, efforts are underway to create an official Gold Swiss franc (GSF) with a set of coins, each with a fixed content of gold. The proposed constitutional change would permit private institutions to issue an unlimited number of coins whose appearance, content and weight of gold, and definition would be under the supervision of the Swiss government...


Tuesday, August 9, 2011

"Time to Deal With Reality"

by Doug Tjaden, Director
Sound Money Center

Let’s cut to the chase. Those working to restore this nation’s constitutional foundation had better resolve themselves to three important facts.

#1. We do not have much time left. The clock is ticking and we are in the eleventh hour. Enough said.

#2. The economic and political environment this restoration project is taking place in is about turn ugly in a way nobody wants to admit. It will unfortunately, because vast numbers of people in this country hold two deeply entrenched, yet diametrically opposed, worldviews.

Progressive Socialists believe the government is the best and last arbiter of all issues – whether social or financial, local or global. The only way out of our problems, they claim, is to give the central (and increasingly, global) government more power and money. The Constitutional Conservatives on the other hand, believe big government is the problem, and the central government must be stripped of its power and money, with both being returned to the people and states.

Diametrically opposed political and cultural worldviews do not co-existed indefinitely. In this country, they have been able to for one simple reason - Perceived prosperity. Easy money (actually it’s easy credit, but that’s another subject) created an environment of economic and political stability. Historically, this is not an environment in which world changing events occur.

Those days are over. History will show they ended during the hot summer of 2011. The heated nature of the debate to raise the United States’ debt ceiling awakened millions of Americans to a painful reality. The perceived prosperity of our debt based consumption binge is over. The resulting economic instability will magnify what many have sensed for some time now – our country is politically unstable. And that IS an environment where world changing events occur.

This assertion is confirmed by a Rasmussen poll released this week showing that only 17% of Americans believe the government operates with the consent of the public. Pollster Pat Caddel called the results “pre-revolutionary.” A pretty strong statement. However an accurate one.

This country is entering a period of monumental change. Which leads me to the final fact we must resolve ourselves to.

#3. We have one chance to get it right. The collective wisdom of those who hold freedom dear must be directed in such a way as to achieve maximum return for every hour volunteered and every dollar spent working toward that goal.

As our fellow Americans awaken again to the concepts liberty and Constitutional government, we must make the case that governmental tyranny and economic chaos can only be solved by implementing both the principles of '98 and sound money. Restoring constitutional government cannot be done through the principles of '98 alone. Or by implementing the sound money alone. They must be implemented simultaneously – and immediately.

Our posterity depends on it.

I will make that case at Nullify Now! in Kansas City on August 20th. Please join us there!

Tuesday, August 2, 2011

"The Clock Is Ticking"

By Doug Tjaden, Director
Sound Money Center

Believe it or not, there is actually something good that came out of the dog-and-pony show over our debt ceiling. Even though Washington chose to do exactly what we knew they would – kick the can down the road – the debate has brought some facts about our nation’s financial condition into the open.

Fact #1 – we are broke. While tens of millions of Americans still believe that money from government programs can and should continue to flow without consequence, millions more are discovering that if our insane policy of deficit spending continues, it will end badly.

Fact #2 – we are on the clock. While this fact is not yet widely understood, people are awakening to the reality that because we are broke, we have a limited amount of time to truly change our ways – very limited.

The bill Congress passed provides us with a timeline showing when the U.S. dollar crisis will come to a head. This long anticipated event will happen as the United States government approaches its new debt ceiling limit of $16.7 trillion.

If you think the drama surrounding raising the limit was extreme this time, you haven’t seen anything yet. Expectations have been solidly set that by the time it comes up again, Congress will have put in place measures to once and for all, solve our fiscal problems by getting spending under control.

That is not going to happen.

Projections are already being made that the $16.7 trillion limit will be reached in 1Q13. However, Washington D.C. is notorious for making projections that are too rosy. Furthermore, our economy is rapidly moving into a “double dip” recession. That means revenues will soften as expenditures (unemployment, food stamps, etc.) continue to rise.

If the double-dip is severe, it is possible that we could reach the debt limit well ahead of schedule - near next year’s Presidential election. Consider what that means. A bitterly divided (and economically ignorant) Congress would be fighting for re-election during a full blown sovereign debt crisis. Gridlock of the most extreme nature would paralyze Washington when bold, decisive action is warranted. Not a pretty picture. Even if this scenario does not materialize, 1Q13 is only 18 months from now.

The clock is ticking people. This is it. Understanding this, each and every one of you should be moved to get involved to enact sound money laws in your state. It will be your best and possibly only protection from what is coming. You should also get serious about accumulating some sound money of your own.

Eighteen months max. The 2012 state legislative session may be your last chance to enact constitutional tender laws in time to implement them prior to some very challenging economic times. Encourage legislators and sound money proponents from your state to attend the national Sound Money Summit, scheduled for September 26th and 27th in Deer Valley, Utah. Sound money legislation will be crafted and acted upon. Details will be posted at the Sound Money Center when released!

Tuesday, July 26, 2011

GA Rep. Bobby Franklin Dies: Introduced ConTen Act

My friend, Georgia Rep. Bobby Franklin, has passed away.

This man was a giant -- in faith, in intellect, in fidelity, in so much more. We came to be friends as we worked on the Constitutional Tender Act together -- and I learned that if a majority of State legislators would only vote the Constitutional and Biblical way he voted, our State -- and probably our country -- could be turned away from the coming destruction.

I know that Bobby is in the presence of Jesus now, and rejoicing forevermore. He exemplified Philippians 1:21: "For me to live is Christ, and to die is gain." Have a glorious Home-going, Bobby. I will miss you -- I'm sitting here crying as I type this -- but I will share your joy in full one day.

And I would be remiss in Bobby's eyes if I didn't ask YOU, the person reading this, two simple questions: Have you come to the place in YOUR spiritual life where YOU know for *certain* that if you were to die today, you'd go to heaven? And if you *were* to die today -- as Bobby can testify, it can happen to young and old -- and you were to stand before God, and He were to say to you, "WHY should I let you into my heaven"... What would you say?

Bobby answered the first question with a resounding YES (1 John 5:13) -- and he answered the second question with a resounding, "Because I'm trusting in JESUS CHRIST ALONE for eternal life." (John 14:6) And Jesus has now answered back to Bobby: "Well done, good and faithful servant... Enter into the joy of your Lord" (Matt. 25:21).


Saturday, July 16, 2011

"Five Myths About the Gold Standard"

By Congressman Ron Paul | Congressional Record, February 23, 1981









Thursday, July 14, 2011

VIDEO: Ben Bernanke and Ron Paul face off over whether or not gold is money

Well, let's join the ever-accelerating march towards hyperinflation:

Subcommittee Chair Rep. Ron Paul (R-TX): “Do you think gold is money?”

Federal Reserve Chairman Ben Bernanke: “No.”

Monday, July 11, 2011

"Competing currencies: a defense against profligate spending"

By Rep. Ron Paul (R-Texas)
The Hill - 07/11/11

... Currency is sound only when it is recognized and accepted as such by individuals, through the actions of the market, without coercion. Throughout history, gold and silver have been the two commodities that have most fully satisfied the requirements of sound money. This is why people around the world are flocking once again to gold and silver as a store of value to replace their rapidly depreciating paper currencies. Even central banks have come to their senses and have begun to stock up on gold once again.

But in our country today, attempting to use gold and silver as money is severely punished, regardless of the fact that it is the only constitutionally-allowed legal tender!

... This is why I have taken steps to restore the constitutional monetary system envisioned and practiced by our Founding Fathers. I recently introduced HR 1098, the Free Competition in Currency Act. This bill eliminates three of the major obstacles to the circulation of sound money: federal legal tender laws that force acceptance of Federal Reserve Notes; "counterfeiting" laws that serve no purpose other than to ban the creation of private commodity currencies; and tax laws that penalize the use of gold and silver coins as money. During this Congress I hope to hold hearings on this bill in order to highlight the importance of returning to a sound monetary system.

Allowing market participants to choose a sound currency will ensure that individuals' needs are met, rather than the needs of the government. Restoring sound money will restrict the ability of the government to reduce the citizenry's purchasing power and burden future generations with debt. Unlike the current system which benefits the Fed and its banking cartel, all Americans are better off with a sound currency.


Sunday, July 10, 2011

Moving Forward to a New Digital Gold Standard

This is a great article on how we can use gold & silver in everyday transactions. It answers the points raised by oh-so-many legislators:
  • "Gold and silver are too heavy to carry around a bag of metal to pay for everyday purchases."
  • "Gold is too valuable, we'd be using pieces the size of rice to try and pay for things."
  • "It's impossible to make change using gold and silver, the coins are not physically divisible at the cash register!"

    The proof that we don't have to do any of that silliness is found in already-existing Digital Gold Currency. DGC lays the foundation for moving to simply doing what people are doing already - using digital money in everyday transactions - but using check cards & debit cards that are backed by gold & silver rather than Federal Reserve Notes (or whatever other government legal tender you're forced to use).

    I understand - it can be difficult to wrap your head around the fact that gold and silver are money, and money doesn't have to take the form of nearly-worthless pieces of paper like we have today. But please - these legislators are Members of the BANKS AND BANKING committee. Surely...

    It's time to return to sound money, that holds its purchasing value. The Constitutional Tender Act can help begin that process.

    by Mark Herpel, editor of Digital Gold Currency magazine

    In my everyday conversations people always ask me, "are we going back to the gold standard? Is that what you want?"

    I have to laugh and respond by saying, "yes, back to the gold standard of the 1800's and on your way out today, please turn in your car keys and pick up your horse & buggy."

    We can't go back in time. We can't wake up one day and pretend that the cell phone was not invented or the Internet doesn't exist. Once the blind man gets his sight, there is no going back to the darkness.

    As both Lewis E. Lehrman and Ron Paul say, we should be "going forward to a new gold standard".

    The move from legal tender paper to voluntary use of gold and silver has already been occurring on a state by state basis in the U.S.

    By giving people the option to use sound money over paper currency, slowly but surely, the state legislatures are offering real protection from ongoing paper money inflation. ..


  • Friday, July 8, 2011

    "Not Worth a Dollar: Utah recognizes gold and silver as legal tender"

    by Brian Bolduc
    National Review Online

    Since 1913, the dollar has lost over 95 percent of its purchasing power. Why? Because the Federal Reserve, which Congress established that year, has printed more money than necessary.

    Or so skeptics claim. Many tea partiers agree — so much so that they’re spearheading an effort to introduce two competing currencies into the money supply: gold and silver.

    The Constitution forbids states to coin money. In Article I, Section 10, however, it reads, “No state shall . . . make any Thing but gold and silver Coin a Tender in Payment of Debts.” Jeff Bell, policy director of American Principles in Action, argues that this passage authorizes states to recognize gold and silver as legal tender.

    Colorado was the last state to do so, in 1893. But Utah, taking “a precaution against further deterioration in the dollar,” has revived the endeavor, Bell says...

    ...But this setup poses challenges. If gold and silver trade at market value, vendors will have to measure coins’ weight and purity to determine their worth. Will McDonald’s have a scale in every drive-through?

    No, thankfully. Bell says private interests are starting banks in which members can leave their gold and silver deposits. They then can use those deposits as backing for debit cards: “You could pay any bill or your taxes with a Visa debit card that would then be assessed against the valued coins — and they may be revalued all the time.”


    Tuesday, July 5, 2011

    "The Gold Standard: A Litmus Test For GOP Candidates"

    by Ralph Benko (@TheWebster)

    ...More than half of the current Republican aspirants have moved monetary policy — and the strong dollar — as a key campaign plank, half of these calling for the gold standard. More are likely to weigh in. The gold standard, in only two years, has moved from a perceived-fringe prescription to the mainstream. How?

    Fed Chairman Ben Bernanke “primed the pump,” not in a good way, of public interest with his two QEs. This raised popular awareness of, and ire about, monetary policy. The record shows that a small group of thought leaders effectively championed the gold cause.

    In roughly chronological order this may be said to have begun with the forum which John Tamny, on Forbes’ Opinion pages and at RealClearMarkets, gave pro-gold advocates such as Brian Domitrovic, Charles Kadlec and Nathan Lewis — and with consistently savvy support for gold from the New York Sun under the editorship of Seth Lipsky.

    Onto this fertile ground came Princeton Professor Robert George’s American Principles Project, chaired by Sean Fieler; then Judy Shelton’s Atlas Sound Money Project. The dynamic was supercharged by World Bank Group’s president Robert Zoellick’s famous gold FT op-ed; then by the formation of the Lehrman Institute’s The Gold Standard Now (for which this writer serves as editor); a call for gold by conservative champion Rep. Mike Pence in a major speech before the Detroit Economic Club; major op-eds by Sean Fieler and Jeff Bell, Charles Kadlec and Lewis Lehrman, in the Wall Street Journal; an important Reagan centennial gathering of supply side titans at the Manhattan Institute; an endorsement by the Weekly Standard‘s Bill Kristol; the most important Congressional hearing on monetary policy in at least a generation conducted by domestic monetary policy subcommittee chair Ron Paul; the high-profile championship by former presidential candidate and CEO Steve Forbes; and, most recently, an endorsement by Mundell...

    ...Stir in the populist power of the Tea Party, especially that of electoral bellwether Iowa’s Tea Party coordinated by Ryan Rhodes and April Linder. Add a sprinkle of state activists, such as Larry Hilton, who have, with assistance from American Principles In Action, moved gold standard legislation originally inspired by Dr. Edwin Vieira into law in Utah and are moving it forward elsewhere.

    This is what moved the gold standard, decisively, from the realm of mavericks and social dystopians to mainstream conservative, and even Republican presidential candidate, policy. The gold standard’s momentum is building fast.


    Monday, July 4, 2011

    Gold ATMs Hit Great Britain

    If you look back, I've written several times (for example, here and here) about the coming of ATMs that exchange paper fiat money for actual gold. This is just a precursor -- a taste -- of what I'm always talking about: modern banking based on sound money. Well, those gold ATMs, which started in Abu Dhabi and then came to Boca Raton, Florida, have arrived on the shores of Great Britain as well.

    (I encourage you to read my full comments on this issue here, where I expound in more depth.)

    Why is this significant? Because, as I've talked about repeatedly, this is just a "taste" of the modern specie-based banking we can look forward to, if we implement ideas like the Constitutional Tender Act. But that's why this idea is key: the more we get used to the notion of gold and silver being money, the sooner we'll finally return to sound money that holds its value -- and the sooner we can save our trashed economy.

    Don't try snacking on these bars: The vending machine that sells gold not chocolate
    Shoppers can pick up a 1g coin for roughly £40 or a 250g bar for £10,250
    By Daily Mail Reporter

    If you think chocolate bars are a little overpriced these days, then this isn't the vending machine for you.

    For the only bars you can get here are made of pure gold and will set you back somewhat more than 70p.

    Britain's first gold vending machine 'Gold to Go' will open today in the Westfield shopping centre in west London...

    ...There are no security guards protecting the machine, but would-be thieves would still have to contend with reinforced steel and a state-of-the-art alarm system.

    'It would cost you a great deal more to get the gold out than the value of the gold inside,' Joe Dreixler, of Oriente Lux, said.


    Friday, July 1, 2011

    "Rethinking Utah's monetary policy"

    THIS is what I told the Georgia legislators in our hearing before them, that if Georgia would be the FIRST State to implement Constitutional Tender, our banks would stop failing, and our economy would benefit by BILLIONS of dollars: "With aggressive plans underway to open local depositories, the private sector has been quick to respond to the first monetization of a gold and silver coin by a state in more than a century. Essentially, these new institutions will afford citizens an effective way to "inflation proof" their dollars by making their everyday purchases with a debit card backed by the fair market value of their gold and silver coin holdings."

    We see how well Georgia legislators responded. But maybe NOW they'll listen?

    "Rethinking Utah's monetary policy"
    By Larry Hilton and Rich Danker
    Deseret News (Salt Lake City)
    Friday, July 1, 2011

    ...Until our currency returns to safe harbor reconnecting with a reliable, proven anchor, we'll likely remain adrift in a monetary system that produces rising prices, financial disorder and runaway government spending.

    Ronald Reagan once observed, "I do not want to go back to the past; I want to go back to the past way of facing the future." In that spirit, Utah has charted a way forward based on time-tested, proven principles. During the recent general legislative session, the Utah Legal Tender Act passed both chambers and was signed into law by Governor Herbert.

    The bill essentially restores the hard money options enjoyed by generations past. American greatness rose on the strength of a dollar that was "as good as gold," and if our nation ever sinks, it will likely come in the wake of the dollar's demise.

    The new Utah law derives its legal authority from Article I, Section 10, of the U.S. Constitution, which provides that no state shall "make anything but gold and silver coin a tender in payment of debts." This largely neglected constitutional check can, when actually exercised by the States, foster an important balance between concurrent state and federal monetary authority.

    Our current paper money maelstrom has set in motion what Politico recently called a "surge of national interest" in gold-backed monetary reform. Others speak of the "currency revolution," which some have dubbed the "Utah Spring," with more than a dozen states considering a new, promising season of Utah-style monetary reform. ..


    Wednesday, June 29, 2011

    The Hill: "Senate GOP seeks to end taxes on gold and silver coins"

    By Pete Kasperowicz

    Sens. Jim DeMint (R-SC), Mike Lee (R-Utah) and Rand Paul (R-Ky.) this week introduced legislation that would exempt gold and silver coins declared by the federal or any state government as legal tender from taxation.

    The Sound Money Promotion Act, S. 1287, is meant to build on what the sponsors see as a reaction to overspending by the federal government and the falling value of the dollar. The senators said that in May, Utah became the first state to recognize these coins as legal tender within the state, and said 12 other states, including South Carolina, are considering similar measures...

    The three said the rising price of gold, the weakening dollar, the negative credit rating that Standard & Poor's gave to the U.S. earlier this year, and significant Federal Reserve purchases of U.S. Treasuries are all signs of increasing economic risks to the U.S.


    "A First Step To Sound Money"

    Editorial of The New York Sun | June 28, 2011

    ...It’s called the Sound Money Promotion Act, and The New York Sun is happy to lay claim to being the first newspaper to endorse it. The measure, as it is characterized in a press release posted by Senator DeMint, would remove the tax burden on gold and silver coins that have been declared legal tender by either the federal government or state governments...

    ...It seeks to block tax authorities from treating gold and silver coins as though they were mere commodities and start treating them, at least in tax law, as though they were what the Founders of America thought they were, which is money. Gold and silver coins are already treated this way, as legal tender, inside the state of Utah, whence Senator Lee was elected.

    This is because Utah was the first state in our modern time to exercise its constitutional power to make gold and silver coins legal tender. It did so earlier this year, ahead of as many as a dozen states that are at various stages of looking in to the question of how to protect themselves against the collapse of the United States dollars that are being issued by the Federal Reserve. They are all being energized by the fact that the value of the dollar has collapsed to barely a fifth of what it was, if that, at the start of the 21st century...

    ...How far the three senators will get with the Sound Money Protection Act is hard to say. Its implication — a recognition of gold and silver as the true constitutional money — is, in the current context, radical. But it's no more radical than the Founders, who, when they twice used the word “dollars” in the Constitution, were referring to a coin containing 371 ¼ grains of silver. They codified that as the definition of the dollar in the Coinage Act of 1792. They also referenced gold in the 1792 Act, with a value of 15 times that of silver. We are in a time when understanding the concept of constitutional money will point the way to the policies needed to steer our country out of its current difficulties.


    DeMint, Lee, Paul Offer Bill to Begin Restoring Sound Money

    Today, U.S. Senators Jim DeMint (R-South Carolina), Mike Lee (R-Utah) and Rand Paul (R-Kentucky) introduced the Sound Money Promotion Act, legislation that would remove the tax burden on gold and silver coins that have been declared legal tender by the federal government or state governments. On May 9, the State of Utah became the first state to recognize such gold and silver coins as legal tender for use within the state, and similar legislation has been introduced in 12 other states, including South Carolina...

    “Thanks to the government’s reckless over-spending, continued bailouts, and the Federal Reserve’s easy money policy, this year the purchasing power of the dollar hit an all-time low in the several decades since we went off the gold standard,” said Senator DeMint. “In order to rebuild strength and confidence in our economy, we need both the fiscal discipline to cut wasteful spending and the monetary discipline to restrain further destructive monetizing of our debt. This legislation would encourage wider adoption of sound money measures, and that’s a step in the right direction.”

    “Good monetary policy is an important part of a healthy and prosperous economy,” said Senator Lee. “Since the Federal Reserve Act of 1913, the dollar has lost approximately 98 percent of its value. This bill is an important step towards a stable and sound currency whose value is protected from the Fed's printing press."

    Senator Paul added, "As the government runs massive deficits, uncontrolled spending, and an increasingly unsustainable debt, governments and the bureaucrats in charge are often forced to take an easier approach: to monetize the debt, inflating the currency. These implications can be devastating, leading to higher interest rates, which lead to higher borrowing costs and slower economic growth, but most importantly, destroying the savings and standard-of-living of all Americans. This bill will hold politicians and the Federal Reserve accountable; acknowledging that states are serious about an alternative to a weakening dollar.”


    Thursday, June 16, 2011

    The Practical Implementation of Constitutional Tender

    by Doug Tjaden

    Get ready. It’s coming.

    Now it gets interesting. For several months I have been writing on the issue of honest money and its return to America, via the states. Judging from the response (or lack thereof), the issue is still very much off of the radar of the average American, including many hard asset advocates. Honest money is, however, quietly – and quickly – making its way into the main stream discussion...

    ...Let me go out on a limb and say those famous last words… “This time it is different.”

    1) The United States is moving toward a debt/currency crisis of immense magnitude.

    2) The American people are becoming increasingly aware of it, thanks to the tireless work of the above mentioned heroes.

    3) There are two new variables that make this latest iteration of the decades long sound/honest money debate different...

    ...Larry Hilton was instrumental in helping nurture Utah’s law through to its ultimate passage. When I asked what the most important issue was facing Utah’s sound money initiative, he did not hesitate. “We need as many legislators as possible in as many states as possible to pick up the torch. Implementation of a simple bill in multiple states will strengthen support for sound money across the nation.”

    To that end, he is planning a Sound Money Summit to be held in Deer Valley, Utah on September 26th and 27th. The purpose of the summit is to craft a “declaration of principles” that various states can agree upon regarding sound money. “The declaration will then form the foundation for model legislation.” stated Mr. Hilton. “If the summit can accomplish those two objectives – agreement on a declaration and model legislation – will put state legislators in good shape going into 2012.”

    Here’s to the Sound Money Summit. Mark your calenders. September 26th and 27th promise to be the next quantum leap forward as the states move to return to honest money.


    Friday, June 10, 2011

    Edwin Vieira Interview with James Turk

    James Turk interviews Edwin Vieira, author of "Pieces of Eight: The Monetary Powers and Disabilities of the United States Constitution". For more info visit

    Edwin talks about how his book came to be and the new editions. Edwin explains the role that the gold commission hearings and Ron Paul played. He also says how important and urgent monetary reform is for the United States and how the best chance of reform comes at the state level.

    They discuss constitutional money in the USA and the authority of states to use gold and silver as legal tender, as well as legal precedent from the Supreme Court. He talks about how several states are contemplating legislation to allow gold and silver as alternative currencies.

    Edwin explains the Treasury's legal obligation to maintain parity between all forms of US currency, about Roosevelt's gold seizure, the gold reserve act and the abolition of the gold clause. They talk about the need for insurance against a currency collapse and how alternative currencies could play that role. They discuss the stark choice that follows a currency collapse: How the US reacted after the collapse of the Continental Dollar by enshrining sound money in the Constitution vs. how Weimar Germany drifted into fascism.

    He explains how States have the legal duty and authority to carry out monetary reform and given the deadlock in Washington must take the initiative to prepare for the coming crisis. They stress the need for a rational currency system which allows for economic calculation, and decry the current fiat, politically driven, irrational monetary system as incompatible with a free market and a focus of financial instability.

    They both talk Turk about the current lack of financial education, they liken the alternative currency initiatives by State legislatures to building lifeboats for the Titanic that is the US Dollar and talk about the different things that can be done to prepare for its impending sinking. They also return to the Continental Dollar and how America's founding fathers were able to learn from their mistakes by enshrining sound money in the Constitution and how with today's technology we could do even better.


    Utah Sound Money Bill Rocks World

    I TOLD GEORGIA LEGISLATORS THAT THIS WOULD HAPPEN IF THEY DIDN'T PASS OUR BILL FIRST! "Issac Jacobson, a fund manager, says that based on conversations he has had with other fund managers, he expects billions of dollars to come into Utah to take advantage of the new law. He explains that funds will store their assets in Utah and believes that over time, the average Utahan will see a financial benefit from these billions of dollars being located and managed within the state."

    Utah Sound Money Bill Rocks World
    By: Carlton Bowen
    Featured Liberty News Radio Columnist
    Salt Lake City, Utah. June 2, 2011

    Today Utah Governor Gary Herbert signed the Utah Legal Tender Act of 2011 (HB 317) in the Gold Room of the Utah State Capitol in a formal signing ceremony. In a room full of cameras, reporters, fund managers, businessmen, and prominent legislators, HB317 sponsor Brad Galvez, a Utah House Freshman, took to the podium and explained the effect of the bill. Representative Galvez recalled that when the bill was first passed in March, the local media took very little notice. There were a few stories he says, and that was about it. But the rest of the world took note. Galvez mentioned being contacted by reporters from around the world and listed media coverage in New York, London, Germany, other parts of Europe, Asia, Australia, and other parts of the world. Galvez says the legislation is historic...

    The formal signing ceremony demonstrated commitment from Utah's highest levels of government to the bill. Utah Governor Gary Herbert said he and the legislature sometimes disagree, but that this was an issue they both agreed was important for Utahans. Before signing the bill, the Governor noted that Utah had been recognized as one of the best managed states, the most financially sound state, and one of the best states to live in. He said that was because of the fiscally conservative principles he and the legislature shared and because of the culture of the people of Utah. Governor Herbert then proceeded with the formal signing of the bill, reviewing publicly what the bill did, saying that it recognized Gold and Silver coins issued by the U.S. government as legal tender in the State of Utah, and removed taxes, including capital gains, sales and income taxes, on the coins. He then signed the bill. Even though the bill was previously signed by the governor and went into effect on May 10th, 2011, the formal signing ceremony today highlighted the importance of the bill and the State's commitment to its continued implementation...

    Saturday, May 21, 2011

    University of Texas Endowment Holds $1 Billion Gold, 5% Of Its Portfolio

    OK, so when I testified this year before the Georgia House Financial Institutions & Services Subcommittee (a Banks & Banking Committee subcommittee) on HB 3, the Constitutional Tender Act, in one part of my testimony I was very specific:

    I told these legislators that, because they failed to pass the ConTen Act two years ago when it was first introduced in the GA legislature, "the pension funds managed by the State of Georgia lost over 40% of their purchasing power. If we had simply returned to obeying the Constitution, some of the most vulnerable members of society -- those on pensions -- would now have 40% more funds to live on than they have ended up with."

    I don't think they were able to wrap their heads around that completely. But, once again - just like happened when Utah beat us to the punch this year, as I had warned them would happen - OTHERS are showing them the way: this time, to public investment in sound money. And this time, by the University of Texas Investment Management Company, which has put 5% of its nearly $20 billion endowment into actual gold.

    C'mon, guys and gals -- this isn't rocket science. Obey the Constitution, and save the money of the citizens of Georgia! -- BG

    University of Texas Endowment Holds $1 Billion Gold, 5% Of Its Portfolio
    by Robert Lenzner

    It should come as no shock to financial markets that university endowments have followed in the wake of central banks and hedge funds to become the newest major investors in precious metals like gold.

    Just as central banks in China, India, Russia and many other nations view gold as a monetary reserve protection against the falling dollar, major academic institutions are looking for new asset classes like precious metals and commodities to produce returns that can be put to work as a source of funds for a large portion of college operating expenses.

    Friday, as gold prices hit a new all-time high – $1486 an ounce($1500 is around the corner),the University of Texas Investment Management Co., revealed that 5% of its $19.9 billion endowment(it handles Texas A&M as well) was in actual bars of gold bullion in a New York bank vault owned by HSBC Holdings, the London based global banking institution. Not in any gold ETF or individual gold mining shares, or in gold futures;l Texas took delivery of 6,643 actual bars of bullion, or 664,300 ounces– a quite unusual transaction for a university.


    GOPers embrace unorthodox tax plans

    The time is politically ripe for a return to sound money. Now we need to get the candidates talking about enforcing the Constitutional requirements for that sound money: gold and silver coin.

    POLITICO: "GOPers embrace unorthodox tax plans"
    By BYRON TAU & BEN SMITH | 5/20/11 6:19 PM EDT

    In this Republican primary season, no economic or monetary policy is too unorthodox for an electorate hungry for change.

    The Republican field is filled with potential candidates who have called for radical overhauls of the tax code, the abolition of the IRS, an end to the Federal Reserve central bank— and even a return to the gold standard... mainstream figures in the Republican Party — including [former Minnesota Gov. Tim] Pawlenty and Indiana Rep. Mike Pence — have flirted with monetary theories like the gold standard or fixing the U.S. currency to a commodities basket.


    Thursday, March 31, 2011

    "The GOP's New Gold Rush: Inside the conservative plan to take down the Fed from the bottom up"

    Aaaand... Mother Jones joins the chorus of left-wing publications waking up and realizing that we're making progress at the State level. It's a fairly typical media piece, not severely denigrating, but including enough silly quotes from establishment economists - "make wampum legal tender" - and getting enough facts wrong, like using "pre-1985 Golden Eagles" (what?) - to render the article pretty much useless in terms of helpful information for anyone that actually wanted to learn more. At least they included a bunch of good links. And I did like how he subtitled the article, "Inside the conservative plan to take down the Fed from the bottom up" - taken directly from my paper & article at Tenth Amendment Center. -- BG
    After three decades of railing against America's monetary policies, Congress' most famous gold bug and anti-Fed crusader, Rep. Ron Paul (R-Texas), doesn't have much to show for his efforts on the national level.

    But Paul's message finally seems to be gaining traction outside Washington. Since the beginning of 2009, lawmakers in more than a dozen states, with the backing of conservative organizations like the Tenth Amendment Center and the American Principles Project, have introduced bills promoting the use of gold and silver currency for everything from buying groceries to paying taxes. Last week, Utah became the first state to enact such legislation, declaring gold and silver coins from the US mint legal tender, and creating a commission to study the efficacy of this move.

    Other proposals, in Georgia and Iowa, would mandate that all state taxes be paid in gold and silver. In Montana, a "sound money" bill that would have required all taxes on cigarettes and tobacco products be paid in precious metals was narrowly defeated on Monday.

    Some supporters hope the movement will succeed where Paul's efforts have fallen short—by bringing down the Federal Reserve system from the bottom up.

    "It's much more difficult to be lobbying against one bill than it is against 50 bills," says Bill Greene, a conservative activist and political consultant whose sample legislation has served as a foundation for a bill that's currently before the Georgia legislature. "As soon as one state passes a sound money bill, that state is going to reap the most benefits first. That'll open the floodgates and get the ball rolling and more and more states wanting to do it."


    Wednesday, March 30, 2011

    Montana: "Gold standard defeated after lively House debate"

    We came very close - just 52-48 - to getting another sound money bill passed, this time in Montana. Interesting approach: It would have required all taxes on cigarettes and tobacco products be paid in precious metals. Well, it's certainly a start.

    HELENA — The House narrowly defeated a bill Tuesday that would have required the state to back some of its transactions with gold and silver coins.

    House Bill 513, by Rep. Bob Wagner, R-Harrison, would have established a state reserve of silver and/or gold in various forms to accommodate transactions using the tobacco tax revenue stream. Wagner said the bill would have required Montana state government to trade with some taxpayers and contractors in units of gold, starting with those who pay taxes on tobacco products.

    Wagner said the bill would protect "honest money" from "political manipulation and value."

    "To return to this system of honest value, former Federal Reserve Chairman Allen Greenspan suggested that a system would need to be developed to operate in a dual currency," Wagner said during floor debate on the measure.

    Supporters say the new currency exchange would be "separate and parallel" to the traditional exchange of federal notes...

    ...The plan failed on a 52-48 vote, as 20 Republicans joined 32 Democrats in opposing the measure.


    View the bill here.

    Monday, March 28, 2011


    Utah has now become the first State on our list to actually enact a sound money bill into law.

    On Friday, March 25th, Gov. Gary Herbert signed HB 317, the "Utah Legal Tender Act," into law.

    The law recognizes gold and silver coins issued by the federal government as legal currency in the state. The coins do not replace the current paper currency, but may be used and accepted voluntarily as an alternative.

    The law exempts the sale of gold and silver coins from the state capital gains tax, since you would simply be exchanging one form of legal tender currency for another. It also calls for a committee to study alternative currencies for the State and a means for Utahans to pay their taxes with gold and silver coins.

    Gold and silver coins issued by the federal government are already legal tender, of course, and can be used to purchase items and pay debts owed. However, they could only be used at the face value of the coins -- which is ridiculously lower than the value of the precious metal content of the coins. If you were to use them at the actual value of the coins, you would face a capital gains tax on the "profit" you gained over the face value.

    If nothing else, this law recognizes the inanity of imposing a tax on exchanging one form of legal tender currency for another. By removing that tax and officially recognizing the legal tender status of the gold and silver coins within the State of Utah, the way is now open for good and services to be priced in both Federal Reserve Notes denominations and Gold & Silver Coins denominations; likewise, banks should now be free to offer their customers accounts denominated in legal tender gold & silver coins, so that consumers will be able to make purchases based on those accounts, using their debit cards, checks, ATM cards, etc. Banks should also easily convert FRNs to Gold & Silver Coins and vice-versa, since they will now be treated as simple currency exchanges.

    So... what bank will be the first to jump on board here? Because once that happens, the floodgates will open, and billions of dollars in new banking accounts will pour into Utah banks, from people who want to use sound money that keeps its value, rather than nearly-worthless pieces of paper whose purchasing power continues to plummet.

    And you know who'll be one of the first in line!

    Monday, March 21, 2011

    "Legislator says the state needs its own currency"

    Finally, we're seeing movement in North Carolina as well. Of course, it's being reported on in the same ridiculously slanted manner as every other sound money bill across America - you know, "they want to print their own money" (they don't), "the Austrian school of economics is fringe" (not any more!), jokes about "storing gold & silver in old State vaults" (duhhh, they'd use banks, hello!), etc. No one wants to talk about what the U.S. Constitution actually says: that States are REQUIRED to use only gold & silver coins in all financial transactions. Period.

    RALEIGH -- Cautioning that the federal dollars in your wallet could soon be little more than green paper backed by broken promises, state Rep. Glen Bradley wants North Carolina to issue its own legal tender backed by silver and gold.

    The Republican from Youngsville has introduced a bill that would establish a legislative commission to study his plan for a state currency. He is also drafting a second bill that would require state government to accept gold and silver coins as payment for taxes and fees.

    If the state treasurer starts accepting precious metals as payment, Bradley said that could prod the private sector to follow suit - potentially allowing residents to trade gold for groceries.


    View the bill here.
    Citizens of NC: Contact your State Representative here to ask they co-sponsor this bill!

    Every American citizen TODAY needs to contact the Leaders of the North Carolina House and ask them to support this bill -- CLICK HERE to take action NOW!

    Tuesday, March 15, 2011

    Another State in Malaysia Introduces Gold & Silver Money

    As we noted in January was going to happen, another Malaysian state (Perak) has now introduced its own Gold Dinar and Silver Dirham coins. Kelantan was first, in August of 2010.

    Today, the Perak (state in Malaysia) government, introduced Gold dinars and silver dirhams. Menteri Besar of Perak, Datuk Seri Dr Zambry Abdul Kadir launch the world's first financial instrument ever made of gold and silver with a purity of 99.9 per cent or 24 karats at the Perak state secretary building in Jalan Panglima Bukit Gantang Wahab, Ipoh. For a start, 1,000 pieces of gold dinars and silver dirhams had been manufactured and would be marketed through Yayasan Pembangunan Ekonomi Islam (Yapeim) and Nusantara Bullion Exchange (Nubex Sdn Bhd)...

    Datuk Seri Dr Zambry said Perak Dinar also had higher level of quality as compared to the dinars and dirhams first produced by Islamic scholar Khalifa Abdul Malik ibn Marwan about 1,357 years ago.

    "Gold dinars and silver dirhams produced then contained 97 per cent of gold and silver purity, but what we launched today are of higher quality because they are equivalent to 24 karats."
    As we also noted earlier, the Malaysian constitution (in ninth schedule, list I sub 7.a) does not allow its states to issue coins (much like the U.S. Constitution in Article I, Section 10); however, these coins are being privately minted by the "World Islamic Mint" under the authority of the Perak government (the Koran, like the Bible, forbids the use of fiat money and fractional reserve banking). The Perak gold dinars and silver dirhams are being produced by Goldnet International, a joint-venture company with the Perak State Development Corporation, in collaboration with KFH (Malaysia) Sdn Bhd.

    Seriously, the time to start moving away from devaluating fiat paper and back to sound gold & silver money is NOW. We can see it as the mainstream media is reporting the growing number of U.S. States introducing legislation to do just that. But as we know, vested State banking interests and national banking cartels don't like competition, as we've seen from the Federal Reserve in the U.S. We can expect that the Feds and the bank industry lobbyists will fight hard to stop the States from returning to the Constitutional mandate that they use only gold and silver coins in their financial transactions.

    Well, they will until their whole Ponzi scheme comes crashing down.

    Monday, March 14, 2011

    Update: "Sen. Bill Ketron wants TN to consider creating its own currency"

    State Sen. Bill Ketron is pushing for Tennessee to study whether the state should create its own currency in the event of a breakdown of the Federal Reserve.

    Depending on the perspective, Ketron's proposal is either a harmless step toward safeguarding the state in the event of national financial calamity, or proof that the Republican-led General Assembly is distracting itself from the task of creating jobs and improving the economy.

    Ketron has filed a joint resolution to create a committee that would study whether Tennessee should adopt a currency as an alternative to the federal dollar in the event of a "major breakdown" of the Federal Reserve.

    The proposal is part of a burgeoning movement on the part of conservative lawmakers to begin preparing for a worst-case scenario in which the Reserve collapses. Ketron's legislation mirrors almost word-for-word bills filed in South Carolina and Virginia, which passed the law earlier this year.

    The Utah House of Representatives passed legislation approving gold and silver as legal tender. A Georgia lawmaker has proposed legislation that would force the state to conduct its monetary transactions in gold or silver coins.

    Ketron, R-Murfreesboro, said he got the idea from the legislation filed in other states.


    View the bill here.
    Citizens of Tennessee: Contact your State Senator here.

    Every American citizen TODAY needs to contact the Leaders of the Tennessee Senate and ask them to support this bill -- CLICK HERE to take action NOW!

    Thursday, March 10, 2011

    "Utah Legislature backs gold and silver as legal tender"

    And so it begins... who's next?

    The Senate gave final approval Thursday to a bill taking the first step to recognize gold and silver as legal tender in the state.

    It voted 16-7 to pass HB317, and sent it to Gov. Gary Herbert for his signature.

    The measure would recognize as legal tender gold and silver coins issued by the federal government — not just their face value, but also their value in gold and silver or to a collector...

    “It will put some pressure on the federal government. That’s the goal here because right now we have a dollar that’s just running away with inflation and our hope is that this is a little bit of a shock that’ll say we want to deal with inflation,” Senate Majority Leader Scott Jenkins, R-Plain City, Senate sponsor of the bill, said in earlier debate. He gave senators gold chocolate coins on Thursday before debate...

    Rep. Brad Galvez, R-West Haven, sponsor of the bill, earlier told the House, “This is a step in preparedness, a step in security that allows us to be able to help hold up our economy as the dollar continues to shrink.”


    View the bill here.
    Contact the Governor here.

    Tuesday, March 8, 2011

    Constitutional Tender Act Gets Georgia House Subcommittee Hearing!

    On Monday, March 8, 2011, a hearing was held in the Georgia House Financial Institutions & Services Subcommittee (a Banks & Banking Committee subcommittee) on HB 3, the Constitutional Tender Act.

    Testimony in favor of the bill was given by Rep. Bobby Franklin & Dr. Bill Greene, who authored the bill. There was no testimony in opposition to the bill given.

    HB 3 would return the State of Georgia to adherence to the U.S. Constitution's legal tender provisions. Specifically, the U.S. Constitution declares in Article I, Section 10 that "no State shall... make any Thing but gold and silver Coin a Tender in Payment of Debts". This means that no State can make something a "tender in payment" (which means they cannot "make something an offer as payment") for any debts, which would include debts owed by and to the State. However Georgia, like EVERY State in the United States of America, HAS made some other "Thing" an offer as payment - they have by law declared that they will accept, and pay out, Federal Reserve Notes for any debts owed by or to them. Therefore, Georgia is in violation of Article I, Section 10 of the U.S. Constitution. Therefore, this bill would require Georgia to ONLY use gold and silver coins in payments to and by the State. Federal Reserve Notes could still be used by the people of the State in personal and business transactions, if they so choose; but with the introduction of competition with REAL money, FRNs will likely soon go the way of the dodo bird.

    The witnesses testified and explained to the Members of this subcommittee the absolute requirement of the U.S. Constitution for the State of Georgia to ONLY use gold and silver coins in its transactions, and a dialogue was begun in the best MEANS by which this should be done. The legislators present (only 5 of 13 members showed) asked a good number of questions, many of which were already answered in the handouts they had been given in advance.

    Rep. Franklin and Dr. Greene explained to the Members the need to return to fidelity to the Constitution quickly, in order to reap the greatest benefits from such an action. The likely complete devaluation of Federal Reserve Notes, and thus the need for Georgia to protect its citizens via returning to Constitutional Tender, was also explained.

    No vote was taken at this hearing.

    Further testimony by additional witnesses also followed, which will be uploaded as separate videos.

    View the bill here.
    Citizens of Georgia: Contact your State Representative here to ask they co-sponsor this bill!

    Every American citizen TODAY needs to contact the Leaders of the Georgia House and ask them to support this bill -- CLICK HERE to take action NOW!

    View last session's hearing & testimony here.