West Virginia Joins Growing Sound Money Movement

By JP Cortez – Re-Blogged From Gold Eagle

Six Other States Now Weighing Their Own Bills to End Taxes on Gold And Silver.

Before the ink could even dry on West Virginia Governor Jim Justice’s signature on a repeal of sales taxation on gold, silver, platinum, and palladium bullion and coins, legislators in Wisconsin and Maine introduced similar measures in their own states.

All told, 39 states have now reduced or eliminated sales taxes on the monetary metals, and Wisconsin, Maine, Kansas, Arkansas, Minnesota, and Tennessee are all actively considering bills of their own this month.

West Virginia’s Senate Bill 502 enjoyed tremendous popularity, passing through the State Senate unanimously before passing out of the House 90-9. Starting July 1, investors, savers, and small businesses in the state are no longer required to pay sales and use tax on the exchange of dollars for the monetary metals.

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Wyoming Legislators Want State to De-Risk Investments by Holding Gold and Silver

Re-Blogged From Money Metals Exchange

A group of Wyoming legislators have introduced three bills this week to de-risk the state’s financial holdings with modest allocations to physical gold and silver in the state’s pension fund, reserve fund, and mineral trust fund.

Introduced by Representative Roy Edwards (R-Gillette) and co-sponsored by 15 others, the Wyoming Sound Money Trust Act (HB 174) empowers the State Treasurer to hold at least 10% of the Permanent Wyoming Mineral Trust Fund in the monetary metals in a depository in or near the state of Wyoming.

The Permanent Wyoming Mineral Trust Fund is the state’s oldest and most well-funded permanent fund with over $8 billion in assets.

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Lemonade Stand Economics

By Gary Christenson – Re-Blogged From http://www.Gold-Eagle.com

Summary: Timmy, a precocious ten-year-old opens a lemonade stand and learns about unbacked currencies.

“Dad, I’m excited and ready for business. Mom made me sign an IOU when she gave me sugar and frozen lemonade so I have stuff to sell.” Timmy looked up at his father and smiled in anticipation.

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The Real Indian Currency Crisis

By Hard Asset Alliance – Re-Blogged From http://www.Silver-Phoenix500.com

On November 8, 2016, Indian Prime Minister Narendra Modi dropped a bombshell. In a televised address at 8:00 pm, he declared that after midnight—four hours later—banknotes with face values of INR500 (US$7.50) and INR1,000 (US$15) would no longer be legal tender.

These bills comprised 86% of the monetary value of currency in circulation, so to say that panic ensued would be an understatement. The market stayed open all night as people rushed to buy gold, Rolex watches, and anything else they could get their hands on to use up their cash.

During the next two weeks, gold traded for as much as US$3,000 per ounce, a premium of almost 100% to the international price. Foreign currencies traded at similar premiums.

Soon, Indian tax authorities descended on the gold market, confiscating security camera recordings to identify any transaction that might have bypassed taxation. They were raiding people’s houses with abandon.

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Central Banks: Alchemists of Finance Part III

By Dale B. Halling – Re-Blogged From http://www.thesavvystreet.com

History of Central Banks in the United States

Many people label the First National Bank of the United States as a central bank. A central bank is different from a national bank, however, such as the First National Bank (FNB) of the United States setup during Washington’s presidency. The FNB was a private bank in which the federal government had a twenty percent equity interest. It was forbidden from buying government bonds, it had a mandatory rotation of directors, it could not issue notes or incur debt beyond its capitalization, and the federal government could withdraw its money from the FNB and place it with another bank.[1] The FNB of the United States was truly a private bank not a central bank. It did not set the policies that “affect a county’s supply of money and credit.”  It also did not issue legal tender.

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