|And the printing of ever more worthless paper money goes on and on.|
- Editor - The Republican Party is definitely schizophrenic. They talk about "Conservatism" and "freedom" but often vote for more big government. In Arizona we see the GOP legislature vote for gold and silver as legal tender only to see the bill vetoed by the GOP Governor.
- I can't prove anything, but I would bet some of my semi-worthless paper money that calls were made to the Governor from the Federal Reserve and mega-banking interests to veto the bill.
(Tenth Amendment Center) - GOP Arizona Gov. Doug Ducey vetoed a bill that would have “legalized the Constitution” by defining gold and silver specie as legal tender and encouraging their use as currency.
Sen. David C. Farnsworth and Rep. Doug Coleman, along with seven cosponsors, introduced Senate Bill 1141 (SB1141) earlier this year. The legislation defined specie (gold or silver coin, bar or round) as constitutional legal tender to establish it for use in the marketplace as currency. It read, in part, “Legal tender is money and is not subject to regulation as property other than money” – meaning it would have been treated just U.S. dollars and not taxed at the state level.
The Senate passed SB1141 by a vote of 18-11.The House passed an amended version by a 33-24 vote. The Senate then concurred with the amendments by an 18-10 vote.
Keith Weiner said the veto proves Ducey isn’t really “pro-business,” and he ultimately vetoed the bill because he knew he could get away with it in today’s political climate.
“Few people care. While our monetary system drowns under zero interest and runaway debt, people are worried about the Kardashians and the gender of Bruce-now-Caitlyn Jenner. You had better start letting your government know that you want to start removing the roadblocks and start moving towards the only honest money: gold.”
|Gold as money was rejected by Arizona's "Conservative" GOP Governor.|
The last thing the Federal Reserve wants to see is gold and silver
in circulation that actually retains its value.
A Step Forward
Absent the veto, SB1141 would have allow Arizonans to deduct the amount of any net capital gain included in federal adjusted gross income derived from the exchange of one kind of legal tender for another kind of legal tender or specie from their state income tax.
In other words, individuals buying gold or silver, or utilizing gold and silver in a transaction, would have no longer been subject to state taxes on the exchange.
Passage into law would have marked an important step towards currency competition. If sound money ever gains a foothold in the marketplace against Federal Reserve notes, the people will be able to choose the time-tested stability of gold and silver over the central bank’s rapidly-depreciating paper currency. The freedom of choice expanded by SB1141 would have allowed Arizona residents to secure the purchasing power of their money.
“This wouldn’t have ended the fed’s monetary monopoly overnight, but it could have set the foundation and opened the door for more market activity by the people,” Tenth Amendment Center executive director Michael Boldin said.Read More . . . .
In the olden days U.S. money was backed by gold.
By abolishing a gold backed dollar the politicians were
free to print all the money needed to buy their
re-election every two years.