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Articles

West Virginia Takes a Step Closer to Sound Money

Published in Business and Economy .

Since allowing the Federal Reserve a stranglehold over our dollar almost a century ago, Americans have had to deal with the rampant theft known as inflation and the hijacking of our sound currency backed by gold.

The founders knew that fiat, paper currency would lead to the eventual death of the American dream. They had much to say about this issue. Our first President, George Washington, called paper currency “wicked.” Thomas Jefferson agreed,  writing that “its [paper money’s] abuses also are inevitable and, by breaking up the measure of value, makes a lottery of all private property.”

Now, legislators in West Virginia are taking a step toward sound money. They plan to legally recognize gold and silver as recognized legal tender.

The Tenth Amendment Center reports, “a West Virginia Senate committee passed a bill that would repeal the sales and use tax on gold and silver bullion. Final passage would eliminate one barrier to using gold and silver in everyday transactions, a foundational step for people to undermine the Federal Reserve’s monopoly on money.”

While it is wise for constitutional respecting lawmakers to make such a rule in writing at the state level, it is simply justifying an ignored and disrespected portion of the Constitution that would have prevented the devaluation of the dollar and exit of sound currency in the first place. According to Article I, Section 10 of the US Constitution, “No State shall…make any thing but gold and silver coin a tender in payments of debts.”

Without sound money, governments can simply print fiat currency on demand, thus inflating the money supply. This is as a pseudo-tax on you and your neighbors. Money in your pocket says it’s worth a specific amount, but with each dollar printed, it’s then worthless.

There would be no need for a new law if the Constitution was simply obeyed. By respecting sound currency in the forms of metals and other scarce resources, you are respecting the right of the citizenry to save money and know the true value of their holdings.

But since the Constitution is disobeyed, hyperinflation is sure to diminish the power and safety of our nation. No empire in history has ever been able to print itself into prosperity.


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