Sunday, September 21, 2014

Forbes: Oklahoma Moves Towards the Gold Standard

View original article here

There is strong opposition to any proposal to end the Federal Reserve and move away from its paper dollar. The Fed has many ideological and, of course, crony supporters. So it’s interesting that there was little controversy in Oklahoma around removing one of the obstacles to the use of gold as money. Republican Mary Fallin, the governor of the Sooner State, signed into law legislation that recognizes gold and silver as money. There was bipartisan support, particularly in the state Senate.

Oklahoma doesn’t force anyone to accept gold or silver in payment. It simply exempts them from state sales tax. While sales tax on the metals was probably a minimal source of revenue for the government, it was certainly a major competitive disadvantage to bullion dealers. Price sensitive buyers simply shopped out of state.

Utah has a similar law, which also exempts the monetary metals from capital gains taxes, and Arizona has been trying to pass one. Capital gains tax on the metals is a roadblock preventing their circulation. Although the Oklahoma law is more modest, exempting only sales tax, it’s an important step towards the gold standard.

For a hundred years, nearly every law and decree pertaining to gold was bad. The Federal Reserve was created in 1913. President Roosevelt is infamous for confiscating the gold belonging to the people in 1933. President Nixon is reviled for defaulting on the government’s international gold obligations.

It’s encouraging that Oklahoma is joining the trend to right these wrongs. Their new law is no mere tinkering with the sales tax. It’s about gold and silver as money, and the text of the bill states this clearly. Other states are working on gold bills, including Kansas, Texas, and South Carolina.

The gold standard movement is profoundly important. It’s becoming obvious that the dollar system is unsustainable. Debt is rising out of control, and the benefit of additional borrowing has diminishing returns. For example, companies like Cisco and Autozone are borrowing to buy their own shares, but are not investing in growth. Cisco recently announced another big layoff. Millions of job seekers are left out in the cold, and savers are euthanized.

How are people supposed to feel when they’re marginalized? What are they supposed to think about the endless news stories of our so-called recovery? How should they respond to the rising stock market and booming luxury sales?

They resent it.

We are at a crossroads. The road we’ve been taking for decades seems easier, but it’s paved with debt. This way descends to a bad place of central planning and wealth redistribution. Eating the rich, as Thomas Piketty proposes, helps no one and impoverishes everyone. If there’s any doubt, visit with the latest victims of socialism. Not long ago, the people of Venezuela were middle class. Now they are struggling with desperate shortages of basic consumer goods.

The other path is paved with gold. This way leads to a rediscovery of the founding principle of America. We began with absolute respect for individual rights, including property. The gold standard is just the right of property in the area of money. Everyone has a right to choose what to buy, and what money to use to buy it.

For thousands of years people have chosen gold, when they had that right. People will choose it again if we let them. Oklahoma is leading the charge of this growing American—indeed, worldwide—movement. Their new law is a step in the right direction. Congratulations to my friends in Oklahoma. I hope those who live in other states, and all over the world, will also rejoice in this victory.

Saturday, August 16, 2014

The UPMA has been on the front lines of the battle for sound money in America. Consider joining them:

University of Utah's Officers Club - 150 South Fort Douglas Blvd., Salt Lake City, UT 84113
This year in recognition of the expanding scope of its monetary mission, the UPMA is being reorganized as the "United Precious Metals Association". To commemorate this important milestone, the UPMA will return to the site of the 2011 Utah Monetary Summit for its annual meeting, scheduled for Friday, September 5, 2014 as follows:
  • Noon - Welcome, Call to Order, Director Elections
  • 2pm - Chairman's Report
  • 3pm - Guest Speakers (to be announced)
  • 6pm - Keynote address by Utah Attorney General, Sean Reyes, Esq.
 Refreshments will be served.

Lawrence Hilton, Esq. - UPMA Founder and Chairman
Mr. Hilton conceptualized the Specie Legal Tender Act, which was passed by the Utah Legislature in 2011 with important amendments adopted during the 2012 session. He founded Citizens for Sound Money in 2010, the Utah Monetary Summit in 2011, and the Utah Precious Metals Association in 2012 to promote the commercial framework necessary to implement Utah's new monetary system. Also in 2012, American Principles in Action, a Washington DC based public policy think tank, announced the addition of Mr. Hilton to its Gold is Money advisory board.

He holds both Juris Doctorate and Masters of Business Administration degrees from Brigham Young University. Admitted to both the Utah and California bar associations, he has practiced in the area for insurance coverage and defense for more than 20 years. He currently holds insurance licenses in all 50 states and is a tribunalized cover holder with Lloyd's of London.

Keynote Speaker
Sean Reyes, Esq. - Utah Attorney General
Sean D. Reyes currently serves as Utah's Attorney General. After graduating summa cum laude from Brigham Young University in 1994 and earning a JD from UC Berkeley in 1997, Sean spent over thirteen years at Parsons Behle & Latimer, Utah’s largest law firm, litigating some of the state’s largest and highest profile cases.

Sean was selected as Utah Young Lawyer of the Year and one of the Forty Under Forty most influential in Utah business before being named the Nation’s Most Outstanding Young Lawyer in 2008 by the American Bar Association and one of the country’s top young business leaders by several local and national organizations.

Appointed in 2009 by the United States Congress through Senate Minority Leader Mitch McConnell and President Barak Obama, Sean served as a federal Commissioner for two years.

Sean has served as a county, state and national delegate for the Republican Party. He has also served as a small claims judge for over a decade, an ex-officio member of the Utah State Bar Commission and an appointee to the prestigious Utah Third Judicial Nominating Commission. Sean led a number of organizations such as First Utah Bank’s International Board, Utah Minority Bar Association, Utah Hispanic Chamber of Commerce and the Somos Education Foundation to national acclaim.

Before becoming General Counsel for eTAGZ in 2010, Sean had written briefs or argued before the Utah Supreme Court, 10th Circuit Court of Appeals and the United States Supreme Court. He spends much time serving on community and non-profit boards ranging from Utah Fast Pass (raising money for families of fallen or injured law enforcement officers), to Fight the New Drug (anti-pornography) and Red Cross Heroes (recognizing heroism and bravery in the community). Whether lecturing, teaching or in the courtroom or boardroom, Sean has become one of Utah’s most successful, recognized and admired young professionals.

As a very fiscally conservative candidate and a longtime advocate of sound money policy and practice, Sean is a legal defender of sound money principles here in Utah and throughout the country.

Tuesday, August 12, 2014

Arizona Legal Tender Act Killed by Committee Chair

August 11, 2014 by J Gault

Crossposted from Arizona Legal Tender Act blog

Although previously agreeing to hear the Arizona Legal Tender Act bill last year, Kate Brophy McGee refused this year to place the bill on the calendar. Her refusal was in large part her belief that Arizona did not need the bill, even though it is mandated in U.S. Constitution Article 1 S. 8. It died in her Banking and Finance Committee.

It is not surprising that Kate Brophy McGee is on the blacklist of RINO Republicans who collaborated with Gov. Jan Brewer to join with the Democrat legislators in voting for Medicaid expansion. This was to accommodate the implementation of ‘Obamacare’ instead of enacting a state healthcare exchange, among other unconstitutional actions led by the governor. It was the same Gov. Jan Brewer who vetoed the Arizona Legal Tender Act last year for nebulous reasons her office could not defend.

Unfortunately, the bills sponsor, Senator Chester J. Crandell was suddenly killed in an accident while riding on his ranch.

According to the Arizona Daily Sun, “Crandell was known largely for espousing conservative causes, getting attention for a 2013 measure seeking to declare that privately minted gold and silver coins are legal tender in Arizona. He said it set the stage for a time when people will want to use these coins rather than the paper currency being issued by the Federal Reserve, money that some people believe could become worthless due to hyperinflation.”

Senator Crandell was able to easily recruit 12 sponsors for the bill and the Arizona Legislature passed the bill, in large part because of his dedication and dogged determination to the task, a characteristic of all of his work whether in the legislature or on the ranch.

Continue to follow the progress of this topic in Arizona as other states also make progress on constitutional legal tender.

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