Use Sound Money and Help Nullify the Federal Reserve

Whenever we talk about sound money and using gold and silver for everyday transactions, some people mock the idea with joke about having to cut coins into little slivers to make change. But with the advent of secure electronic payment systems, you don’t even need to carry gold or silver coins in your pocket. You can buy and sell using sound money with the swipe of a card.

This may soon be a reality in Texas. With the creation of the Texas Bullion Depository, people will be able to deposit gold and silver at the facility and then initiate electronic transactions using their stored metal. Basically, it’ll be just like using your bank debit card, except instead of moving dollars from one account to another, you’ll be moving gold and silver. This is already happening in places like Utah. A private company called United Precious Metals Association or UPMA offers publicly available accounts denominated in gold and silver dollars, backed by the physical metal. GoldMoney offers similar services nationwide.

So, the technology is in place for the widespread use of sound money. States like Texas, Utah and Arizona have passed legislation to create a legal environment favorable to the use of sound money. If people start using sound money, over time, it’s likely to crowd out worthless Federal Reserve fiat notes and effectively nullify the Fed’s unconstitutional monopoly on money.

The real barrier to using gold and silver in everyday transactions isn’t the need to cut up coins or carry around bags of gold. The real barrier is a mindset that only embraces the status quo.