As trust in the Federal Reserve System and its fiat dollar continues to plummet worldwide, legislation making gold and silver into legal tender was given final approval by Arizona lawmakers on Monday when the Republican-led state House of Representatives voted overwhelmingly in favor of the bill. With tremendous grassroots support, an earlier version of the precious-metals measure sailed through the GOP-controlled Arizona Senate in late February.
If the legislation is signed by Gov. Jan Brewer, a Republican, Arizona would become the second state to officially define gold and silver as legal tender.
Friday's jobs report from the Bureau of Labor Statistics buttressed the position of many who have seen a widening disparity between Wall Street's enthusiasm and Main Street's gloom over the health of the economy.
The battle between a stock market that moves inexorably higher and an economy that continues to languish will be won when reality is recognized: The economy is getting weaker and consequently stocks are overpriced.
After looting some 30 percent of selected bank account holders’ deposits in Cyprus on behalf of the so-called “Troika”— the European Union (EU), the International Monetary Fund (IMF), and the European Central Bank (ECB) — eurozone boss Jeroen Dijsselbloem told reporters this week that taking money from savers in other crisis-hit nations to prop up banks could become the norm. Across Europe, analysts, experts, economists, markets, and especially savers recoiled in horror, prompting the increasingly discredited Dutch Finance Minister to backtrack slightly. In Cyprus, meanwhile, anger is boiling over as authorities prepare to impose capital controls in an effort to avoid a full-blown bank run.
Boasting the laudable goal of eliminating property taxes throughout the State of Texas, a recently filed Value-Added-Tax (VAT) bill — House Bill 3472 — would replace not only property taxes, but also business franchise taxes, a limited statewide sales tax, and various other local sales taxes with a VAT. Texans have never experienced the economically depressing effects of a VAT, but once they realize what those effects would be, they will oppose any VAT in order to preserve their state’s prosperity.