Phase Out the Fed With State Sound Money Laws

Although it is very encouraging that the House voted 327 to 98 to audit the Fed last month, it is virtually certain that the Senate will not concur this year. Moreover, it is virtually certain that Congress will not act to end or phase out the Fed any time soon.

So, what's to be done about the impending destruction of our currency by the Federal Reserve's ongoing expansion of the money supply. Since 2010 there has been a continuation of this rapid expansion of the money supply.

The preeminent expert on Constitutional money, Edwin Vieira, has a strategy for phasing out the use of Federal Reserve Notes through new state laws providing alternative currencies, which he has been promoting via interviews and videos for the past several years.

Basically, Vieira advocates that states start taking advantage of their sovereignty as guaranteed by the Tenth Amendment and their constitutional mandate under Article I, Section 10 not to "make anything but gold and silver coin a tender in payment of debts," by passing laws providing alternative currencies in their states based on gold and silver.

A good way to understand Vieira's strategy is to view the video, "What Is Constitutional Money?", shown below, which consists of a lecture he gave last November in Washington, DC, sponsored by Congressman Ron Paul. Be sure to view all the way to the end of the question-and-answer period to get the whole story.

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"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.

READ THE FULL ARTICLE HERE...

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 http://www.goldmoney.com/goldmoney-foundation/books.html

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.

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