The New American: Legislation making its way through the Alabama legislature would exempt gold and silver from state taxes, thereby facilitating the use of precious metals in commerce while ending what supporters of the legislation say is unfair treatment of dealers and investors. The implications — even if unintended — could be huge, supporters say.
In a post this month about the bill, TAC Communications Director Mike Maharrey touted the benefits of sound money, as well as the importance of ending taxes on gold and silver. “Imagine if you asked a grocery clerk to break a $5 bill and he charged you a 35 cent tax,” he wrote. “Silly, right? After all, you were only exchanging one form of money for another. But that’s essentially what Alabama’s sales tax on gold and silver bullion does.”
The article, headlined “Alabama Bill Would Encourage Use of Gold and Silver as Money,” goes on to explain why the Alabama bill is so important. “By removing the sales tax on the exchange of gold and silver, Alabama would treat specie as money instead of a commodity,” wrote Maharrey, author of the book Our Last Hope: Rediscovering the lost path to liberty. “This represents a small step toward reestablishing gold and silver as legal tender and breaking down the Fed’s monopoly on money.” more ….
Opinion: Remember the idiom ‘sound as a dollar’?
August 1971: With inflation on the rise and a gold run looming, President Richard Nixon enacted a plan that ended the dollar’s convertibility to gold.
Since then, the idiom has changed to ‘full faith and credit’ of the U.S. Government. With that, the US dollar began to devalue as the Federal Reserve began to create more and more dollars to help the government finance wars and stimulate the economy during recessions.
Today the Federal government doesn’t give a second thought to wasting $125 billion (or more) in over payments each and every year.
In 2008-9 the Fed began the largest money creation scheme in history that was followed by the European Central Bank and the Bank of Japan. In all, over $12 trillion was created and now the Fed wants to unwind the debt.
Hence, the rise of cryptocurrencies and now reclassifying Gold as currency.
Americans are tired of the US Government/Federal Reserve debasing the US dollar making virtually cost more. One day, possibly very soon, a new central bank digital currency will replace antiquated paper money in preparation for Revelation 13:16-17.