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Speaker Boehner Readies Final Sellout As Debt Ceiling Debacle Looms

20 days ago

It’s campaign season, and that means non-stop media coverage of candidate polls, quips, gaffes, tweets, emails, controversies, lies, and scandals. It all makes for a good soap opera. Unfortunately, it’s almost all irrelevant in the big picture.
The media prefer to focus on the sideshow rather than the 800-pound gorilla in the room: the looming debt crisis. Nothing that comes out of a pundit’s mouth or a Hillary Clinton email will close the $210 trillion long-term fiscal gap the U.S. now faces.
More immediately, Congress faces a likely debt ceiling debacle in the next few weeks.
First up, Members of Congress are considering full funding for Obama’s budget, and the fiscal year begins October 1st. Not surprisingly, the Obama administration’s new budget calls for

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The War on Gold Ensures the Dollar’s Downfall

May 13, 2022

Last month was the 89th anniversary of one of America’s biggest blunders on her descent from honest, sound money into weaponized political money: Executive Order 6102.

Signed on April 5, 1933, U.S. President Franklin Delano Roosevelt required all persons holding more than five ounces of gold to deliver their “gold coin, gold bullion, and gold certificates, now owned by them to a Federal Reserve Bank, branch or agency, or to any member bank of the Federal Reserve System.”

By outlawing the so-called “hoarding” of gold, Roosevelt intended to destroy gold as an everyday currency, transferring the purchasing power of gold to the U.S. government.

In exchange for Americans’ gold, the government gave them Federal Reserve Notes at the exchange rate of $20 per

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Alabama Passes Sound Money Law, Expands Sales Tax Exemption Involving Gold and Silver

April 17, 2022

(Montgomery, Alabama – April 14, 2022) – With Governor Kay Ivey’s signature on sound money legislation today, Alabama has become the second state this year to expand its sales tax exemption involving gold and silver.
Alabama Senate Bill 13, championed by Sen. Tim Melson and Rep. Jamie Kiel, passed with unanimous support out of the Alabama Senate and then passed unanimously through the Alabama House before making it to the Governor’s desk.
In 2019, Alabama originally removed sales taxes from most gold, silver, platinum, and palladium coins and bars. This year, SB 13 clarified that the exemption covers all common forms of bullion, removed burdensome reporting requirements, and extended the sales tax exemption until 2028.
Backed by the Sound Money Defense League,

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Virginia Ends All Taxes on Purchases of Gold and Silver

April 14, 2022

(Richmond, Virginia – April 12, 2022) – By signing sound money legislation last night, Virginia Governor Glenn Youngkin has ended Virginia’s discriminatory practice of assessing sales taxes on smaller purchases of gold, silver, platinum, and palladium bullion and coins.
Virginia’s House Bill 936, originally introduced by Del. Amanda Batten, was considered by multiple House and Senate committees before passing overwhelmingly out of both chambers and reaching the governor’s desk.
Virginia had been one of only seven states in the United States maintaining merely a partial sales tax exemption on purchases of precious metals. Virginia’s regressive practice of taxing only purchases under $1,000 singled out small-time savers for a tax penalty that larger gold and silver

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Freedom and Prosperity: The Importance of Sound Money

January 31, 2020

Sound money is a key to a free and prosperous society. That principle was clearly reflected in the monetary system that the Constitution established when it called the federal government into existence.
Our ancestors didn’t trust government officials with power. They believed that the greatest threat to their own freedom and well-being lay not with some foreign regime but rather with their own government. They understood that historically most people had lost their freedom and prosperity at the hands of their own governments rather than at the hands of some conquering foreign power.
That was why the American people lived for more than a decade under the Articles of Confederation, a governmental structure that provided for a federal government with extremely weak

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New Federal Legislation Requires Full Audit of America’s Gold Reserves

May 9, 2019

Congressman Alex Mooney (R-WV)
Washington, DC (May 8, 2019) – U.S. Representative Alex Mooney (R-WV) introduced legislation this week to provide for the first audit of United States gold reserves since the Eisenhower Administration.
The Gold Reserve Transparency Act (H.R. 2559) – backed by the Sound Money Defense League and government accountability advocates – directs the Comptroller of the United States to conduct a “full assay, inventory, and audit of all gold reserves, including any gold in ‘deep storage,’ of the United States at the place or places where such reserves are kept.”
HR 2559 requires more than just a physical assay, inventory, and audit, however. Even if all United States gold can be physically

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Rep. Alex Mooney: Bring Back Gold!

September 12, 2018

This article originally appeared here.
Washington has been quite the circus lately. Bret Kavanaugh’s appearance in front of the Senate Judiciary Committee prompted dozens of interruptions from Democrats and numerous protests from leftists. During Twitter CEO Jack Dorsey’s testimony to the House Commerce Committee, journalist Laura Loomer demanded to be verified on the social media platform, and Representative Billy Long (R-MO) held an auction. Alex Jones tried to fight Senator Marco Rubio, a has-been actress got escorted from the premise, and CNN’s Oliver Darcy was on the brink of tears.
What a time it was on Capitol Hill.
But as the crazies enveloped these events, a more subdued and mundane hearing occurred at the

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Sound Money Needed Now More Than Ever

June 26, 2018

The sound money movement reemerged on the national political scene a decade ago. In 2008, the financial crisis brought in a fresh wave of U.S. gold and silver investors.
Ron Paul and the Tea Party advocated for limiting government and ending the Federal Reserve system. Sound money advocates made real inroads in recruiting Americans to their cause based on evidence that the nation is headed for bankruptcy.
The implications of the most recent financial crisis went way beyond budget and finance.
Many Americans grasped the more significant lesson. The perpetual expansion of government spending lay behind the corresponding decline in personal liberty for them, their children, and their children’s children.

National Debt

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BOOM: Wyoming Ends ALL TAXATION of Gold & Silver

March 16, 2018

– Click to enlarge
Breakthrough Sound Money Bill Becomes Law Today with Wide Support
Cheyenne, Wyoming (March 14, 2018) – Sound money activists rejoiced as the Wyoming Legal Tender Act became law today. The bill restores constitutional, sound money in Wyoming.
Backed by the Sound Money Defense League, Campaign for Liberty, Money Metals Exchange, and in-state grassroots activists, HB 103 removes all forms of state taxation on gold and silver coins and bullion and reaffirms their status as money in Wyoming, in keeping with Article 1, Section 10 of the U.S. Constitution.
Introduced by Representative Roy Edwards (R-Gillette), HB 103 received a 55-5 favorable vote on final passage in the Wyoming House last week

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Sound Money and Your Personal Finances

January 24, 2017

Sound money principles can serve to help grow the economy and restrain government. The political class, however, doesn’t particularly want to restrain itself. Washington, D.C. is addicted to the easy money policies that have enabled $20 trillion in national debt accumulation and tens of trillions more in unfunded liabilities.
Even with a new and unconventional GOP president who vows to take on waste and overregulation, the built in momentum of “mandatory” spending means the Trump budgets won’t be balanced. The debt will keep growing – and likely at a faster pace than the economy. Thus, political demand for the Federal Reserve’s artificially low interest rates and Treasury bond purchases will continue to be strong.
Short of a currency crisis that forces a monetary revolution, sound money reform efforts will have to proceed in baby steps.
Any fundamental proposed changes – such as tying the currency supply to gold and silver reserves – will encounter enormous resistance from Congress, the Federal Reserve, and its member banks. A metallic standard would also be roundly opposed by Wall Street, which benefits from the Fed’s artificial inflation of the financial sector.

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