Ending the Fed and the Constitutional Tender Act

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I assume the reader already wants to End the Fed, so I won’t make that case here. However, society is full of people who feel differently, so we must continue the intellectual battle of educating the masses while also applying the appropriate political pressure to end the Fed.

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Our goal is a return to sound money (and preventing the collapse of the dollar, the economy, and what remains of our liberty). Here I will focus on the strategy for actually getting it implemented. Below are some of the conventional methods, followed by a more unique and promising approach:

Speak out to your community. Flyer and pamphleteer. Host a film screening to inform your peers (free pizza can’t hurt your turnout). Give out free DVDs. Picket and protest. Urge people to withdraw their ‘money’ from their fractional-reserve bank accounts. Spread the message with relevant apparel and stickers. Play anti-Fed music. See Rothbard for more ideas.

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If you saw Ron Paul’s last appearance on The Colbert Report, you’ve heard about the Constitutional Tender Act, a bill introduced in the Georgia state legislature (which convenes this Monday).

The Constitutional Tender Act would bring the state back in accordance with Article I, Section 10 of the U.S. Constitution, which declares “No State shall… make any Thing but gold and silver Coin a Tender in Payment of Debts.”

William Greene, the bill’s author, explains it in this article, saying “the State would be required to only use gold and silver coins (or their equivalents, such as checks or electronic transfers) for payments of any debt owed by or to the State (e.g., taxes, fees, contract payments, etc.).” Also, banks would offer accounts in gold and silver.

Greene continues:

Upon going into effect, the Constitutional Tender Act would introduce currency competition with Federal Reserve Notes, by outlawing their use in transactions with the State. Ordinary citizens of the State, being required to pay their State taxes in gold and silver coins, would find it necessary to open bank accounts in those denominations.

Over time, as residents of the State use both Federal Reserve Notes and silver and gold coins, the fact that the coins hold their value more than Federal Reserve Notes do will lead to a “reverse Gresham’s Law” effect, where good money (gold and silver coins) will drive out bad money (Federal Reserve Notes). As this happens, a cascade of events can begin to occur, including the flow of real wealth toward the State’s treasury, an influx of banking business from outside of the State (as citizens residing in other States carry out their desire to bank with sound money), and an eventual outcry against the use of Federal Reserve Notes for any transactions.

I encourage you to contact your representatives in your state legislature to try and setup a meeting with them and persuade them to introduce/cosponsor the Constitutional Tender Act.

Attached  at the end of this post is a double sided End the Fed flyer I made to get the word out about the Fed and the Constitutional Tender Act here in Georgia. It is a Microsoft Word document so you can edit it as you please

I will leave you with a couple funny pictures from an Atlanta End the Fed rally:

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