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States Chip Away at Federal Reserve’s Money Monopoly

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Gold coinTenth Amendment Center

States continue to pass measures that chip away at the Federal Reserve’s monopoly on money by facilitating and encouraging the use of gold and silver.

On July 25, North Carolina Governor Roy Cooper signed a bill into law exempting the sale and purchase of gold and silver from state sales taxes. The new law removes an important roadblock in the way of their everyday use as money, taking the first step toward breaking the Federal Reserve’s monopoly. With the governor’s signature, the law went into effect retroactively to July 1, 2017.

A month earlier, Louisiana Governor John Bel Edwards signed a similar bill into law that went into immediate effect.

While repealing state sales taxes on precious metals may seem like a relatively small step, it removes one barrier to owning gold and silver and eliminates a penalty on the use of sound money.

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© 2017 Tenth Amendment Center

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