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Ronan Manly: Sound money legislation rapidly gains traction in many U.S. states
By Ronan Manly
Bullion Star, Singapore
Sunday, April 30, 2023
As the U.S. federal government and Federal Reserve head ever more into the abyss of destroying the value of the U.S. dollar, continually breaching debt ceilings, creating asset bubbles, and intervening in and manipulating financial markets, there is an accelerating counterforce emerging in the U.S. that is the antithesis of this madness.
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That is the sound money movement. Generally speaking, a sound money is a money that is able to maintain a stable purchasing power over time and does not significantly fluctuate due to inflation or deflation. Sound money is most often associated with a tangible asset, such as gold, which has a low supply increase (or tight monetary controls) to ensure its stability. To paraphrase Mises, a sound money can "protect against arbitrary actions by sovereigns to depreciate the currency."
The Sound Money Defense League defines sound money as follows:
"Sound money is money that is not prone to sudden appreciation or depreciation in purchasing power over the long term, aided by self-correcting mechanisms inherent in a free-market system."
The movement for Sound Money in the United States is most powerful and effective on the state level, and it is a movement grounded in grassroots activism and in the tireless advocacy and promotional work of groups such as the aforementioned Sound Money Defense League, the Tenth Amendment Center, and the Campaign for Liberty. ...
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