by The Sharp Edge, Corey’s Digs:
While dysfunctional D.C. battles it out over the debt ceiling to reign in uncontrolled federal spending, ‘Quid Pro Joe’ (who is under Congressional investigation for laundering bribes by foreign nationals) recently pledged hundreds of millions more in aid to corrupt Ukraine, which has been exposed for embezzling funds. If that wasn’t enough, ‘The Big Guy’ committed another $250 million through USAID to the World Bank, which has the power to launder with immunity.
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Meanwhile, the 2023 banking collapse is turning out to be worse than the 2008 crisis, and the Treasury Secretary is warning that more bank mergers may be around the corner, as wealth consolidates into a handful of woke megabanks, like JPMorgan Chase and Bank of America, which continue to target the regime’s political enemies. According to 19 state attorneys general, JPMorgan Chase has repeatedly de-banked Christian and conservative organizations. Furthermore, a House Weaponization Subcommittee report detailing FBI whistleblower testimony, disclosed how Bank of America colluded with the FBI to hand over confidential data of customers in the D.C. area on January 6th, highlighting individuals who had ever purchased a firearm using B of A products. Adding insult to injury, the weaponized IRS, which recently beefed up its workforce and arsenal to target Americans, received a green light from the Supreme Court to obtain bank records of individuals who aren’t even under investigation.
If you think all of this is bad, just imagine what our absolutely corrupt federal government could do with a central bank digital currency. Of course, the Fed is looking to CBDCs as the solution to the financial crisis they’ve created. Problem – Reaction – Solution, as the old Hegelian Dialectic goes. Central banks around the world are working feverishly on implementing a CBDC system, and globalists are salivating over the “absolute control” it would give them.
Now, onto the good news. Red states are leading the charge in the financial rebellion. Several Republican states have recently introduced or passed legislation to establish a parallel economy by protecting the use of cash, affirming gold and silver as legal tender, establishing precious metal depositories, and blocking central bank digital currencies. This report highlights a collection of 10 red states which are designing a blueprint for the rest of the country to follow. This is by no means a comprehensive list. There are solid pieces of legislation designed to secure financial freedom working through other states as well. A comprehensive list of legislation in each state can be found here.
Alabama
Alabama’s state legislatures are taking a stand against central bank digital currencies.
A recently proposed bill in the Senate, SB330, “would prohibit any state or local governmental agency from accepting CBDC as a form of payment and would prohibit any governmental agency from participating in testing the use of CBDC by any Federal Reserve branch.”
Another bill introduced this month in the House, HB408, seeks to amend the Uniform Commercial Code to exclude CBDCs from the definition of “money” stating, “The term does not include a central bank digital currency.” Meanwhile, there are two other bills pending in the Alabama legislature, HB348 and SB231, that seek to amend the UCC, but don’t have any language to exclude CBDCs from the definition of money.
The UCC is a set of standards designed to create uniformity among states to facilitate interstate commerce. Recent changes to the UCC, promoted by the Uniform Law Commission, have embedded language to block crypto and enable CBDCs. The recommended UCC changes aim to revise the definition of “money” to state that, “the term does not include an electronic record that is a medium of exchange recorded and transferable in a system that existed and operated for the medium of exchange before the medium of exchange was authorized or adopted by the government.” While the language blocks crypto because it is a “medium of exchange” that existed “before” the medium was adopted by the government, it also paves the way for a CBDC as the implied “medium of exchange” to be “adopted by the government.”
Some states have already passed UCC amendments with embedded language to facilitate CBDCs, as legislation remains pending in several others. More information on the status of UCC amendments sliding through other states can be found here.
Arkansas
Arkansas is making moves to affirm gold and silver as legal tender, remove taxes on gold and silver, and block the tracking of individuals through a central bank digital currency.
In April, Arkansas passed HB1718, which establishes The Arkansas Legal Tender Act to affirm gold and silver as legal tender and remove tax liability by stating, “the exchange of one type or form of legal tender for another type or form of legal tender shall not give rise to any tax liability,” and “the purchase, sale, or exchange of any type or form of specie shall not give rise to any tax liability.”
Also, Arkansas signed HB1720 into law in April. HB1720 explicitly refers to a “central bank digital currency,” and prohibits “the tracking of an individual through the use of digital currency except for limited circumstances,” stating that “A digital currency tracker shall not be used in this state to track an individual’s purchases or location through the use by an individual of digital currency unless: (1) A warrant has been issued in a criminal or civil court case that expressly authorizes the tracking of the individual’s purchases; or (2) The individual knows and consents to the digital currency tracker.”
Florida & Indiana
This month, both Florida and Indiana passed amendments to the Uniform Commercial Code to block central bank digital currencies.
Florida’s SB7054, which passed on May 15, 2023, amends the UCC’s definition of money to state, “The term does not include a central bank digital currency.” Likewise, Indiana’s SB0468, which passed on May 4, 2023, amends the UCC’s definition of money to state, “The term does not include a central bank digital currency that is currently adopted, or that may be adopted, by the United States government, a foreign government, a foreign reserve, or a foreign sanctioned central bank.”
While a handful of states have proposed amendments to the UCC to exclude CBDCs from the definition of money, Florida and Indiana are the first to successfully pass such amendments.
Louisiana
Louisiana’s state legislature is taking steps to block central bank digital currencies in the state.
HCR71, which passed in the House this month and is now pending in the Senate, “urges the United States Congress to not support any legislation or efforts to adopt a central bank digital currency in the United States,” adding that “a United States CBDC raises significant concerns over privacy for individuals and businesses in Louisiana.”
Another bill that passed in the House this month, HB415, relates to banking in the state, amending the definition of “deposit account” to state “The term does not include… a central bank digital currency.”
Missouri
A few Missouri bills working through the state legislature would protect the use of cash, affirm gold and silver as legal tender, establish a gold and silver depository, and block public entities from requiring payments by a central bank digital currency.
SB100 passed in the Senate last February and is working its way through the House. A similar piece of legislation, HB1375, is also pending in the House.
The bills state “No public entity shall require payment in the form of any digital currency. Payment by means of cash, debit card, or credit card shall be considered legal tender and shall be accepted by all public entities. Payment in gold and silver coinage shall also be considered legal tender and shall be accepted by all public entities.”
Furthermore, SB100 and HB1375 provide exemptions for “all tax years beginning on or after January 1, 2024, the portion of capital gain on the sale or exchange of gold and silver that are otherwise included in the taxpayer’s federal adjusted gross income.”
Lastly, these bills direct the State Treasurer to “keep in the custody of the state treasury an amount of gold and silver greater than or equal to one percent of all state funds.”
A separate bill, HB718, which is pending in the House, would establish a Missouri Bullion Depository.
Oklahoma
Meanwhile, Oklahoma is working towards protecting cash, blocking public and private entities from requiring payments using a CBDC, and establishing a bullion depository.
