Undermining the Federal Reserve received a major boost yesterday.
Arizona Governor Doug Ducey signed into law a bill that eliminates capital gains taxes on gold and silver, thus allowing Arizona residents to use precious metals as currency instead of Federal Reserve notes.
Currency competition against the monopolist Fed is starting to unfold. Let’s hope that other states follow in Arizona’s heroic footsteps. There’s no reason to wait for another severe financial crisis to act.
Read Ron Paul’s statement via The Campaign For Liberty below:
Campaign for Liberty Chairman Ron Paul and Campaign for Liberty President Norman Singleton issued the following statements regarding the Arizona Legislature’s passage — and Arizona Governor Doug Ducey’s signing — of HB 2014.
HB 2014 defines gold, silver, and other precious metals as legal tender and exempts them from capital gains taxes, thus allowing Arizona residents to use precious metals instead of Federal Reserve notes.
Dr. Paul testified before the Arizona Senate Finance Committee in support of the bill in March.
Every supporter of free-markets should cheer Arizona’s passage of HB 2014. There is no more justification for forcing individuals to use government-created money than there is for forcing them to drive government-manufactured cars. In fact, as the Federal Reserve’s 114 years of failure shows, giving monopoly control over our money supply to a secretive central bank is the most dangerous form of government intervention,” said Dr. Ron Paul.
“By allowing the people of Arizona to use an alternative to Federal Reserve-created fiat currency, HB 2014 will help the people of Arizona survive the next Federal Reserve-created recessions. Passage of this bill will also help make Arizona more attractive to the growing number of people seeking alternatives to fiat money in order to protect themselves, their families, and their business from the effects of Federal Reserve policy. Thus, this bill will help attract new investments and jobs to Arizona.
“I hope other states follow Arizona’s lead and pass legislation protecting the right of their citizens to choose to use precious metals instead of the Federal Reserve’s consistently depreciating fiat currency,” …Continued Dr. Paul.
“Congratulations to Arizona Campaign for Liberty for their successful efforts to pass HB 2014 through the Arizona Legislature and then convincing Governor Ducey to reverse positions and sign the bill into law,” said C4L President Norm Singleton. “Campaign for Liberty is planning to work with activists across the country to get more state legislatures to follow Arizona’s lead. We will also continue our critical work to change our nation’s money monopoly by getting Congress to vote on — and pass — Audit the Fed.”