For far, far too long, the United States has been under the thumb of the non-governmental agency, the Federal Reserve.
The Federal Reserve, for those who may be unaware, is in no way an official entity of the United States’ government. Instead, the Federal Reserve simply loans money to our government to allow us to keep up and running, consuming at record paces.
All of this paper money being printed by the Federal Reserve is simply a marker, an I.O.U. that once was able to be redeemed for precious metals. Then, in 1971, infamous Commander in Chief Richard Nixon did the unthinkable; he disconnected the paper money being sold to our government by the Federal Reserve from the gold sitting in Fort Knox meant to back up those flimsy rag-paper placeholders. This completely turned the Federal Reserve autonomous, leading to the extremely precarious financial system on which our nation is perched.
Then, to somehow make things worse, rumors had begun to spread that Fort Knox was actually out of gold….somehow. While that last piece of the information has yet to be verified independently, the state of Arizona has decided to take matters into their own hands.
“In anticipation of the growing problems with the national debt, individual states across the country are seizing the opportunity to protect themselves and their citizens from financial repression. Twenty states have already eliminated sales taxes on precious metals transactions, but some are taking it even further. The most recent bill was H.B. 2014 in Arizona, which classifies U.S.-minted coins as a form of currency and even eliminates capital gains taxes on qualified precious metals. These kinds of simple actions directly threaten the power of the U.S. Federal Reserve, and any competition to the U.S. dollar undermines the central bank’s longstanding monopoly.
“Representatives in Arizona worked on this legislation for years, and thanks to the support of people like Ron Paul, there was enough pressure on the governor to sign it into law.“Dr. Paul explained why this bill is so crucial for the future:“’HB 2014 is a very important and timely piece of legislation. The Federal Reserve’s failure to reignite the economy with record-low interest rates since the last crash is a sign that we may soon see the dollar’s collapse. It is therefore imperative that the law protect people’s right to use alternatives to what may soon be virtually worthless Federal Reserve Notes.’
“”We ought not to tax money, and that’s a good idea. It makes no sense to tax money,’ Paul told state senators in March. ‘Paper is not money, it’s a substitute for money and it’s fraud.’”
Ron Paul has long been at the forefront of the right against the Federal Reserve, calling for a return to the gold standard instead. Now, it seems that Arizona has listened.
Previously, Utah has also pushed legislation to achieve a similar goal, and nowadays, local currencies are gaining favor up and down the East Coast, from Vermont to South Carolina. This newfound interest in correcting decades of abuse at the hands of the Federal Reserve is absolutely a joy to see for libertarians and fiscal conservatives who realize just how important this issue is for our modern nation.
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