End the Fed! Whether Congress Wants us to or Not! (@TenthAmendment Center #nullification)

Today was a big day for supporters of Sound Money – as Ron Paul’s Audit the Fed Bill passed the House 326-99. But, it still needs to get through a very hostile Senate, where it will likely never see the light of day. So in closing tonight, a new approach – Ending the Fed. Whether Congress Wants us to or Not!

Since its inception, the Federal Reserve’s monetary policies have led to a decline of over 95% in the purchasing power of the U.S. dollar. As a result, there have been several attempts to reduce or even eliminate the Federal Reserve’s powers...

... Not to say that you should want a secret national bank, but rather – is this kind of activism the best place for you to put your energy…and hope? Will lobbying the Senate get Harry Reid to allow a vote? Will calling Mitch McConnell change anything? Will Barack Obama or Mitt Romney allow such a bill to pass without their veto?

I believe the answer to all these questions is a big, fat NO.

PULLING THE RUG OUT

On the other hand, in contrast to attempts to put a stop to the Fed at the national level, a paper that William Greene presented at the Mises Institute’s “Austrian Scholars Conference” proposes an alternative approach to ending the Federal Reserve’s monopoly on money. The “Constitutional Tender Act” is a bill template that can be introduced in every State legislature in the nation. Passage would return each of them to the Constitution’s “legal tender” provisions of Article I, Section 10:

“No State Shall…make any Thing but gold and silver Coin a Tender in Payment of Debts”

Such a tactic would achieve the desired goal of abolishing the Federal Reserve system by attacking it from the bottom up – pulling the rug out from under it by working to make its functions irrelevant at the State and local level...

Tenth Amendment Center podcast:

READ THE FULL ARTICLE HERE...

Ron Paul on the "Free Competition in Currency Act"

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.

READ THE FULL ARTICLE HERE...

Peter Schiff Opens Hard-Money Bank

Peter Schiff has started a bank... but not just any bank.

This is a real bank, that deals in real money.

In other words, you can open accounts in any denomination you want, whether fiat currency OR gold bullion -- whatever you'd like.

You can even get a "gold debit card" that you can use anywhere in the world. It's backed by actual gold, which converts to whatever currency you're needing at the time you hit that ATM.

It's the sort of thing that the Constitutional Tender Act calls for in banking...

...Well, there is one caveat: you can't open an account at this bank if you're a U.S. citizen.

U.S. security laws have become so intrusive, burdensome, and expensive to comply with, that it made it difficult for Schiff to offer his services to his non-U.S. clients on a globally-competitive basis. So, he opened his bank offshore, in St. Vincents and the Grenadines. Since it operates outside the jurisdiction of U.S. security regulations, and does not accept accounts from American citizens or residents, U.S. regulations don't apply.

As a result, this offshore bank can offer a far more robust platform of services, with less hassle and at lower cost, than Schiff's U.S. brokerage firm. In addition, bank clients' privacy is protected by strict bank secrecy laws of St. Vincents and the Grenadines.

So, if you'd like to finally open a bank account backed by real money -- sound money -- that you can have at your fingertips (literally!) at any time -- well, now you can...

...Unless you're American.

That needs to change.

READ ABOUT IT HERE...

[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."

ORIGINAL VIDEO HERE...

[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."



ORIGINAL VIDEO PAGE HERE...

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.

READ THE FULL ARTICLE HERE...

Question to ask at Candidate Forum for Bobby Franklin's seat - @politicalinsidr http://bit.ly/qFG7c8

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:

Email: jgalloway@ajc.com
Twitter: @politicalinsidr
Web: Political Insider with Jim Galloway

Thanks for your support!