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Archive for March, 2014

Arizona’s Legal Tender Act SB1096 is assigned to one more committee before the House floor vote, the C.O.W. and on to the governor!

Please contact the AZ House Financial Institutions Committee to hear and pass this honest money bill:

Financial Institutions

Members

Position

Email

Phone

Kate Brophy McGee

Chairman

kbrophymcgee@azleg.gov (602) 926-4486
Demion Clinco

Member

dclinco@azleg.gov (602) 926-4089
Jeff Dial

Member

jdial@azleg.gov (602) 926-5550
Rosanna Gabaldón

Member

rgabaldon@azleg.gov (602) 926-3424
Lydia Hernández

Member

lhernandez@azleg.gov (602) 926-3376
David Livingston

Vice-Chairman

dlivingston@azleg.gov (602) 926-4178
Darin Mitchell

Member

dmitchell@azleg.gov (602) 926-5894
Steve Smith

Member

stsmith@azleg.gov (602) 926-5685

Here are some points to share with Arizona’s Financial Institutions Committee from the Sound Money Campaign:

One of the primary reasons our paper money is not tied to a gold standard is that the government can fund whatever project it needs to fund simply by instructing the Fed to print more money. Before we unchained the dollar from gold, the government could not spend more money than it held in gold. That kept the lid on wild spending, and our eyes on what the United States budget was really doing.

The result of printing money with nothing to back it is a huge national debt. Sure it is easy to say that we need all of these government programs, but how we are going to pay for them. We cannot continue to spend money that we do not have. How long can you do this before you face a huge economic crisis? Well the U. S. Government is facing a huge economic crisis. That crisis is going to affect everyone.

The opponents of sound money (money that is backed by a gold standard) are the very ones who are making the laws, and driving up debt. They are skimming the top and getting rich while waiting for the entire heap to collapse in on itself. Who is going to pay for this? It will be the American middle and lower class and their children!

Paper money is not working for the country. It undermines the power of supply and demand. It turns citizens into addicts of consumerism. Sure we need people to buy products but at what cost do we allow people who cannot afford products to keep buying them? The housing market crash of 2008 should have been a sound warning. It was not. The people have allowed the Fed to make the situation worse by decreasing the value of the American Dollar to such a degree that it is practically worthless.

Paper money is like a mirage. Money that is not redeemable in gold or silver does not show a true vision of industry. How do we measure success and failure if the very components of either are propped up with fake cash? When currency is backed by an asset, it has a limit on how much it can be worth and how little it can be worth. The extreme of printed money is not expressed by upward growth; it is in terms of deflation.

How can the value of currency increase if the amount of the currency floating within the market continually dilutes its value? The answer is that printed money cannot gain in value unless it is retracted from the market. In the current situation, that would cause interest rates to go sky high, and the economy would face huge inflationary problems. Printed money needs to go. It is past time to return to a gold standard. It is past the time that we allow the markets to regulate the value of currency so a Dollar really is worth a Dollar.

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Last year’s Arizona Legal Tender Act was in demand again this year by a number of legislators and its sponsor was swift in resubmitting it to the ‘hopper’ in 2014 as Senate Bill SB1096!

This time the bill is beefed up to address minor concerns with implementation. the Senate Engrossed text of the bill can be read HERE. It was quickly passed through the Arizona Senate and is in the House Federalism and Fiscal Responsibility Committee TODAY.

Please contact the members of this committee to encourage them to recognize honest money as legal tender in Arizona, paving the way to another great tool for prosperity and sound economic practice in compliance with Article I, Section 8 of the Constitution.

Should this committee amend and recommend the bill to the floor for consideration by the Committee of the Whole, or send it directly to the floor for Third Read, contact all members of the House and encourage them to pass SB1096 as it stands.

FOR TALKING POINTS to promote this bill, see the Arizona Legal Tender Act Fact Sheet tab above and browse the articles. Facts on honest money don’t change–the use of gold and silver coin as legal tender is almost as old as dirt itself (pardon the pun!).

It is time we kept our hard-earned wealth intact. “A wise man leaves an inheritance to his children and grandchildren.”

 

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