Arizona’s Legal Tender Act Almost Law!

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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