As Federal Reserve Challenges Trump’s Economy, States Push Back With Laws Strangling Fiat Currency
While the Federal Reserve continues manipulating interest rates in what many consider moves designed to strangle President Donald J. Trump’s roaring economy, Kansas and other states are attempting to pass legislation that would strangle fiat currency.
Kansas House Representative Michael Capps introduced legislation HB 2285 forcing the state of Kansas to recognize precious metals, such as gold and silver, as an official currency within the state. This would keep these precious medals from being taxed at the state level, and allow Kansans to bypass the seemingly anti-Trump Federal Reserve by using an alternate currency for economic transactions and stores of wealth to protect their savings from Federal Reserve meddling.
This legislation comes as President Trump has sparred frequently with the Federal Reserve, which has began to raise its historically low interest rates only as the President Trump’s economy begins to soar. In December of last year, President Trump declared that “The only problem our economy has is the Fed,” and said they “don’t understand” the economic issues the nation currently faces.
Former Texas Representative Ron Paul has endorsed the bill through his organization Campaign for Liberty, telling supporters the legislation will prove vital to dismantling the Federal Reserve’s stranglehold on the American economy.
“The Kansas Legal Tender Act would ensure a smoother transition from the Fed’s fiat currency by allowing a competing currency and legalizing gold and silver as money again,” wrote Paul in an email sent to Campaign for Liberty subscribers, “And precious metals can help protect you against the continued devaluation of Federal Reserve Notes.”
Paul also noted that while the Federal Reserve is able to manipulate the value of the American dollar, or Federal Reserve Notes, the value of precious metals has remained constant.
“In reality, gold and silver are simply excellent stores of wealth, maintaining purchasing power over time,” explained the former congressman, “Unlike the Fed’s currency that loses value over time simply because the Fed can create virtually as much of it as it wants to for free.”
“By recognizing precious metals as legal tender, Kansas legislators will help ensure you are able to survive the next inevitable recession caused by the Federal Reserve.”
Should the bill receive a committee hearing from Kansas Taxation Chairman Steven Johnson, it will then need a favorable vote to continue to the Kansas House floor before proceeding to the Senate.