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Tag Archives: sound money

Tennessee Will Explore the Possibility of a State Gold Depository

Last month, Tennessee Gov. Bill Lee signed a bill into law that creates a commission to study the feasibility of creating a gold bullion depository in the Volunteer State.A state bullion depository would not only create a safe place to store precious metals; it would increase the state’s financial independence. It could also facilitate the everyday use of gold and silver in financial transactions in Tennessee and set the stage to undermine the Federal Reserve’s monopoly on money.Sen. Paul...

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Bill Introduced in Congress to Repeal Capital Gains Taxes on Gold and Silver

A bill introduced in Congress would repeal capital gains taxes on gold and silver.Alex Mooney (R-WV) introduced HR2284. Titled the Monetary Metals Tax Neutrality Act, the legislation would eliminate capital gains, losses and all other federal income calculations on gold, silver, platinum, and palladium bars and coins.Under the current law, the IRS categorizes gold and silver bullion as capital assets and characterizes gold and silver coins as “collectibles,” subjecting them to capital...

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Kansas Bill Would Make Gold and Silver Legal Tender in the State

A bill introduced in the Kansas House would recognize gold and silver specie as legal tender and repeal all taxes levied on it. The legislation would pave the way for Kansans to use gold and silver in everyday transactions, a foundational step for the people to undermine the Federal Reserve’s monopoly on money.The Federal Reserve is the engine that drives the most powerful government in the history of the world. Ron Paul popularized the slogan “End the Fed,” but Congress is nowhere near...

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Status Report: Sound Money in the States

If you want to end unconstitutional, overreaching federal power – end the Fed. It’s the engine that drives the most powerful government in the history of the world.But Congress will never abolish the central bank. It can’t even come up with the will to audit the Fed.So what can we do?There are actually actions that states can take.Even though state action can’t end the Fed, there are steps states can take that will undermine the Federal Reserve’s monopoly on money. By passing laws that...

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Will COVID-19 lead to a gold standard?

Goldmoney Insights Even before the coronavirus sprang upon an unprepared China the credit cycle was tipping the world into recession. The coronavirus makes an existing situation immeasurably worse, shutting down China and disrupting global supply chains to the point where large swathes of global production simply cease. The crisis is likely to be a wake-up call for complacent investors, who are content to buy benchmark bonds issued by bankrupt governments at wildly excessive prices. A...

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Ron Paul: Foreign Central Banks Going for Gold

Foreign central banks have been stocking up on gold for months. According to the World Gold Council, a dozen central banks have increased their gold reserves by at least 1 ton through the first eight months of 2019. This continues a trend we saw through 2018. In total, the world’s central banks accumulated 651.5 tons of gold last year. The World Gold Council noted that 2018 marked the highest level of annual net central bank gold purchases since the suspension of dollar convertibility into...

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The Founders Warned Us About Central Banking

The Federal Reserve just lowered interest rates for the second time this year and announced more quantitative easing by injecting even more US dollars into the market. The days of cheap money will soon come to an end, and I fear that many people won’t realize what’s happening until the rug is pulled out from under them.As economist Henry Hazlitt wrote, the practices of the Fed distort the real-world market indicators of cost, future prices, investments and production. A recent study from...

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A Vote for Ron Paul and Sound Money: It’s Your Dime Interview with “Faithless Elector” Bill Greene

Bill Greene’s biggest claim to fame is spurning Donald Trump and voting for Ron Paul as a member of the electoral college in 2016. But Bill is more than just a “faithless elector.” He’s an assistant professor of political science at South Texas College, and an expert on “constitutional tender” and sound money.In this edition of It’s Your Dime, host Mike Maharrey talks to Bill about his experience as a member of the electoral college and the importance of reestablishing gold and silver as...

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West Virginia Legislature Approves Measure to Repeal Sales Tax on Gold and Silver Bullion

The West Virginia legislature has approved a bill that would take an important first step towards treating gold and silver like money instead of a commodity by repealing sales and use taxes on bullion.Sen. Craig Blair (R-Martinsburg) sponsored Senate Bill 502 (SB502). The proposed law defines “investment metal bullion” as “elementary precious metal which has been put through a process of smelting or refining, including gold, silver, platinum, and palladium, and which is in such a state or...

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Several States Considering Bills to Repeal Taxes on Gold and Silver

Several state legislatures are considering bills that would repeal taxes on the sale of gold and silver.Fundamentally,  gold and silver are money. But most governments treat precious metals as a commodity. They don’t accept it as payment. Worse than that, they tax it. Think about the absurdity of this policy.Imagine if you asked a grocery clerk to break a $5 bill and he charged you a 35 cent tax. Silly, right? After all, you were only exchanging one form of money for another. But that’s...

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