Bills filed in Florida and Oklahoma for the 2024 legislative session would create state precious metals bullion depositories. State-run bullion depositories would not only create a place to store precious metals; they could also encourage the use of sound money in those states and set the stage to undermine the Federal Reserve’s monopoly on money.
There has been a lot of talk about central bank digital currencies (CBDCs). The powers that be sell CBDCs on the promise of convenience and security. But in reality, they are part of a broader “war on cash” and a push to give governments even more control and power over you and me. Digital currencies could allow governments to track and even control everybody’s spending.
But some state legislators are pushing back against CBDCs and working to implement laws to protect people in their state from this excessive federal government control.
A bill filed in the Oklahoma Senate would establish a state bullion depository similar to the one operating in Texas. This would not only create a safe place to store precious metals; it also has the potential to facilitate the everyday use of gold and silver in financial transactions in Oklahoma and set the stage to undermine the Federal Reserve’s monopoly on money.
When I was a kid, I thought people in elected offices were among the brightest and best. Then I grew up, started interacting with politicians and realized they are no smarter than anybody else. And in fact, a lot of them are downright dumb.
Well, I’ve got an Oklahoma lawmaker for you that fits neatly into the downright dumb category.
Several state legislatures are considering bills that would repeal taxes on the sale of gold and silver.
Fundamentally, gold and silver are money. But most governments treat precious metals as a commodity. They don’t accept it as payment. Worse than that, they tax it. Think about the absurdity of this policy.
