By by Jp Cortez, writing on Money Metals site, 6/22
Editor’s note: Why this article and why now? Our monetary system has been debased via special interests, politics and greed. In spite of all that, the dollar was the world’s reserve currency and had strength relative to other countries’ currencies. This is now diminishing as the country prints far more currency than real value that exists and spends far more than it generates wealth. The dollar is now just paper and digital- backed by nothing except “the full faith and credit of the United States,” whatever that means. This is now occurring exponentially as we are experiencing almost unprecedented price inflation and truly unprecedented dollar inflation, with already 15-20% real price inflation and $5 trillion more spent/printed than received by the federal govt during the Biden administration. The national debt now approaches $32,000,000,000.00 (trillion) and unfunded liabilities at least $200 trillion. Derivatives are estimated at $4 quadrillion. Other nations are banding together to get away from the dollar, which can only hurt the economic and diplomatic power of our nation. So, people are searching for alternate stores of value- hard assets- among them- gold and silver. This article and the one following it, may help you navigate the troubled waters ahead.
Sound Money Background
Sound money is discovered, not invented. Through market processes, the “most marketable commodity,” as Austrian economist Carl Menger described money, makes itself known.
Gold and silver are money – not by government decree, but because they have proven to be over the test of time, by maintaining their value.
But for more than a century now, the federal government and the Federal Reserve – a privately-owned bank cartel which enjoys a federal charter – have warred against sound money in America. They’ve ended the free circulation of gold (and, for a time, criminalized its ownership), while taxing those who sell, spend, or exchange it. Unbacked paper currency and electronic credit have replaced our constitutional money: gold and silver.
The Constitution’s Framers were mindful of the hardships brought by continentals, the fiat paper money issued by the Continental Congress to finance the Revolution. Notable Founders — including Thomas Jefferson, George Washington, James Madison, and Thomas Paine — warned about the ravages of issuing unbacked currency. That’s why the Constitutional Convention overwhelmingly embraced gold and silver.ar more
Washington wrote that paper money was “wicked.” Madison called it “unjust” and “unconstitutional.” Jefferson wrote that “its [paper money’s] abuses also are inevitable and, by breaking up the measure of value, makes a lottery of all private property.”
While the debasement of the Federal Reserve Note — commonly known today as the “dollar” — is, in large part, the result of inflationary policies enacted by the Federal Reserve System. Its effects are pervasive; Governments can fund enormous welfare-warfare states, while everyone holding the currency can only watch as their wealth is sapped away.
The root of the problem is in federal policy. However, there are practical steps that can be taken at the state level to promote the use and acceptance of sound money.
Since 2014, the Sound Money Defense League has advocated for state and federal sound money legislation while providing interested readers, politicians, and concerned citizens with timely information on the subject.
To that end, the Sound Money Defense League and Money Metals Exchange are proud to present the 2023 Sound Money Index – the authoritative and comprehensive ranking of all 50 U.S. states’ monetary policies.
2023 Sound Money Index
Read the full article for details and all 50 states, but we’ll just show the Florida summary, since we ARE a Florida publication….
|State Sales Tax on Gold and Silver: 8 out of 16|
State Sales Tax on Platinum and Palladium: 2 out of 4
State Sales Tax Rate: 0 out of 2
State Income Tax: 16 out of 16
State Income Tax Rate: 2 out of 2
Gold and Silver’s Status as Money: 0 out of 8
Gold and Silver Clause Contracts: 0 out of 4
State Gold and Silver Bullion Depository: 0 out of 8
State Reserve Funds: 0 out of 8State Public Pension Funds: 0 out of 8
State Gold Bonds: 0 out of 4
Precious Metals Dealer and Investor Harassment Laws: 10 out of 10
Specie Tender Mechanism 0 out of 10
Read the full article on Money Metals site
Is your state destroying your money? Download the 2023 Sound Money Index to see where your state ranks on sound money issues…
The following article provides additional info to Florida residents:
Details on related law from Gainsville Coins (get your own legal advice, though):