A bill introduced at Kansas House would recognize cash in gold and silver as legal tender and repeal all taxes levied there. The legislation would pave the way for the Kansans to use gold and silver in daily transactions, a fundamental step for the people to undermine the Federal Reserve’s monopoly on silver.
The Federal Reserve is the most powerful engine of government in world history. Ron Paul popularized the “End the Fed” slogan, but Congress is far from abolishing the central bank. He can’t even find the will to audit the Fed.
Even though state action cannot end the Fed, there are steps states can take that will undermine the Federal Reserve’s monopoly on money. By passing laws that encourage and encourage the use of gold and silver in day-to-day transactions by the general public, state-level policy changes such as the Kansas Legal Tender Act have the potential to create a far-reaching impact and lay the groundwork to reverse the Fed’s monopoly power over the monetary system.
A coalition of four Republicans introduced Bill 2123 (HB2123) on January 25. The legislation would make gold and silver legal tender in the state, recognizing it as a medium of exchange for the payment of debts and taxes. This is because gold and silver cash would be treated like currency, putting it on par with Kansas Federal Reserve notes.
According to the bill, “legal tender” means a recognized medium of exchange for the payment of debts and taxes. The legal tender species would be defined as:
(a) Species coin issued by the United States government at any time; or
(b) any other case that a competent court, by final decision and without appeal, decides to come under the authority of the State to establish or designate as having legal tender
By allowing the court to designate additional cash to use as legal tender, Kansas could free its citizens from the potential supply constraints imposed by the use of gold and silver coins minted only in the United States. Most important, the people of the state of Kansas would be able to define which species is considered a constitutional tender, moving further away from the potential control of their competing currency by Washington DC
In practice, the passage of HB2123 would allow residents to use gold or silver coins to pay taxes and other debts to the state. In fact, it would put gold and silver on the same footing as Federal Reserve banknotes.
HB2123 would also repeal property taxes and capital gains on gold and silver.
“No cash or legal tender can be qualified as personal property for tax or regulatory purposes.”
Passage of this bill would build on a foundation established in 2019 when Kansas repealed the sales tax on gold and silver.
Kansas could become the fourth state to recognize gold and silver as legal tender. Utah led the way, reinstating constitutional money in 2011. Wyoming and Oklahoma have since joined.
BREAKING DOWN BARRIERS
Gold and silver taxes erect barriers to the use of gold and silver as currency by increasing transaction costs. HB2123 would exempt gold and silver bars from state capital gains tax. Passage of this legislation would remove a barrier to investing in gold and silver. It would also make it more convenient to use gold and silver in daily transactions, a fundamental step for people to undermine the Federal Reserve’s monopoly on silver.
This is because states that levy taxes on purchases of precious metals act as if gold and silver are not money at all.
Imagine if you asked a grocery clerk to break a $ 5 bill and he charged you a tax of 35 cents. It’s silly, isn’t it? After all, you are only exchanging one form of money for another. But that’s basically what the South Carolina capital gains tax does on gold and silver bullion. By eliminating this tax on the exchange of gold and silver, South Carolina would treat cash like money rather than a commodity. This is a small step towards restoring gold and silver as legal tender and removing the Fed’s monopoly on currency.
“We don’t have to tax money – and that’s a good idea. It makes no sense to tax money ”, Former U.S. Representative Ron Paul said during testimony in support of an Arizona bill to repeal capital gains taxes on gold and silver in that state. “Paper is not money, it is fraud,” he continued.
LEGALIZE THE CONSTITUTION
The adoption of HB2123 would effectively legalize the US Constitution in Kansas.
The Constitution of the United States states in Article I, Section 10, “No state shall … offer anything other than gold and silver coins in payment of debts.” Currently, all debt and taxes in South Carolina are paid either with Federal Reserve banknotes (dollars) that have been authorized as legal tender by Congress, or with coins issued by the U.S. Treasury – very few of which contain coins. gold or silver.
The Federal Reserve is destroying this constitutional monetary system by creating a monopoly based on its fiat currency. Without the backing of gold or silver, the central bank can easily create money out of thin air. It doesn’t just devalue your purchasing power over time; it also allows the federal government to borrow and spend far beyond what would be possible in a healthy monetary system. Without the Fed, the US government would not be able to maintain all of its wars and anti-constitutional programs.
Adopting HB2123 would restore gold and silver as legal tender in the state and take a step towards that constitutional requirement, ignored for decades in every state.
He would also begin the process of abolishing the Federal Reserve system by attacking it from the bottom up – pulling the rug from below in striving to make its functions irrelevant at state and local levels, and laying the groundwork. to undermine the Federal Reserve. monopoly by introducing competition into the monetary system.
Constitutional bidding expert Professor William Greene said when people in multiple states start using gold and silver instead of Federal Reserve notes, it will effectively cancel the Reserve. federal government and end the federal government’s monopoly on money.
“Over time, as residents of the state use both Federal Reserve banknotes and silver and gold coins, the fact that the coins retain their value more than the Reserve banknotes Federal government will lead to a “reverse Gresham’s law” effect, where good money (gold and silver coins) will drive out bad money (Federal Reserve notes). As this happens, a cascade of events may begin to occur, including the flow of real wealth to the state treasury, an influx of banking from out of state. – as people in other states realize their desire to make banks with solid money – and a possible outcry against the use of Federal Reserve notes for any transaction. “
Once things got to this point, Federal Reserve ratings would become largely unwanted and irrelevant to ordinary people. Canceling the Fed at the state-by-state level is what will get us there.
President Pelosi and her loathsome geriatric globalism scammer gangs are so riddled with Trump Disturbance Syndrome that they should all be rushed to a mental institution instead of wasting taxpayer time and money.
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