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Utah's Step-by-Step Strategy in support of...
NanaRepublic
 April 13 2024 at 08:27 pm
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From the tenthAmendmentcenter.com Original article by Mike Maharrey. Jumping into this topic in the middle of the article... "The problem is it’s almost impossible to pass sweeping legislation that addresses every aspect of anything, much less something as far-reaching and complex as sound money and monetary policy. Success against the largest government in history requires more than tough rhetoric or big talking in social media posts. It requires a sound strategy – as the founders recognized, a step-by-step approach that can be implemented over time. The Federal Reserve and the U.S. government have monopolized money and locked us into a fiat monetary system for more than 100 years. We won’t establish a sound money system in a day by passing a single bill. Here’s a crucial point to understand: there is no silver bullet. Anyone promising one is either lying to you or more likely hasn’t made an effort to address the issue beyond posting online about how anything less than their idea is a “waste of time.” The real waste of time is trying to do too much at once. After all the time and effort, you usually end up with nothing. However, an incremental, step-by-step approach is proven to be effective. It just takes more time and energy. This is exactly how Utah has evolved into a growing haven for sound money. " < skipping a bit about the methodical step-by-step process of creating the law around sound money in Utah, but it's important reading. In my state, the democrats do this incremental approach all the time... I call it "moving the ball down the field."Here's a bit more...> "The Utah Specie Legal Tender Act has also led to the creation of the Goldback, a local, voluntary medium of exchange. Goldbacks are “gold-weight” notes made from physical gold. The 1 is 1/1000 of an ounce of Troy weight gold; the 5 is 5/1000 or 1/200 of a Troy ounce, and so on. The company created a process that turns pure gold into a spendable physical form for small transactions. It describes the goldback as “the world’s first physical, interchangeable, gold money, that is designed to accommodate even small transactions.” UPMA General Counsel Larry Hilton noted that the Utah Goldback is legal tender in the State of Utah because of the Specie Legal Tender Act “This means that under Utah State law, the Goldback is a voluntary legal tender in Utah. The goal is for the Goldback to circulate within the State.” The Goldback has been enthusiastically embraced in Utah. The UPMA estimates that Goldback acceptance may be as high as 50 percent among small business owners. Because of this strong demand – both inside Utah and from other states, the company has been able to launch Goldback editions in Nevada, New Hampshire, Wyoming and South Dakota. With more likely soon. In 2022, Utah opened the door for the use of Goldbacks to grow even further by expressly repealing the sales tax on the sale of all “goldback” notes. @Valueside and @CanadianLibertarian, what are your thoughts on the implementation of sound money in Utah, and the potential to replicate this process in other states/countries? Which states/provinces would be good candidates in the future for this type of long term (10 year + ) effort?Do you think this process could this be replicated at a city, county level?Is it possible that at some point, if we got to a critical mass of communities with sound money, fiat money would lose a war of attrition? Interested in your thoughts, thinkers! Learn more here...
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Tomorrow's GDP Will Set The Tone For The Quarter
David Reavill
 April 24 2024 at 01:08 pm
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Tomorrow at 8:30 a.m. Eastern time, the financial world will be on high alert as the Bureau of Economic Analysis unveils its first estimate of Q1 GDP. This figure holds immense significance, providing the most crucial snapshot of the economy’s macro status. Despite the possibility of revisions, this initial estimate offers Wall Street the most comprehensive view of the economy. Investors and speculators have already taken their positions, with the bond market leading. The reason is apparent: Street will use this GDP reading to speculate on the Federal Reserve’s next move. A slowdown in GDP could prompt the Fed to ease its tight money policy. Conversely, robust GDP growth could signal the Fed’s decision to maintain or even raise interest rates, a scenario that Wall Street is not keen on. GDP (green, left scale) 10 Year US Treasury at constant yield (Blue, right scale) So, we were presented with an irony: While the Street would like a moderately strong economy and especially strong earnings, it doesn’t want GDP so strong that the Fed continues to stand pat with its high (from the Street’s perspective) interest rate policy. GDP has been notoriously difficult to predict over the past year. In 2023, the economy experienced a very tepid 2.1% growth in Q2, followed by a very strong 4.9% growth in Q3. GDP finished the year in 2023 with a solid 3.4% growth, so that’s the comparison for tomorrow’s reading (3.4%). Unfortunately, almost no one believes that the economy is still growing at that rate. Virtually all analysts see the economy slowing; the average estimate is a 2.5% GDP growth rate. GDP Now, the rolling estimate of GDP by the Atlanta Fed, also sees a slowing economy, with its estimate at 2.9%. I’m hard-pressed to find anyone who sees the economy getting more robust. Yet, it is not likely that the Fed will change its stance on interest rates; at least, that is how the bond market sees it. For the last couple of weeks, bond yields have been rising, partly because bonds see the Fed standing pat and partly as a reaction to that brief rally a few weeks ago anticipating a Fed rate cut. Tune in tomorrow, an hour before markets in New York open, to see the most important data point of the quarter and an indication of the Fed’s future direction in interest rates. Follow me here on ThinkSpot for more stories from the ValueSide.
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