What can we do when the federal government exceeds its constitutional authority? Thomas Jefferson answered that question in 1798. He said, “nullification is the rightful remedy.” But what in the world is nullification? And how do you do it?
Over the last few weeks, three states have moved measures forward that chip away at the Federal Reserve’s monopoly on money by facilitating and encouraging the use of gold and silver.
While Congress will most likely never even audit the Fed, much less end it, this kind of action at the state level can undermine the Federal Reserve. Coupled with individual action, it could effectively erode the central bank’s monopoly on money.
