Jp Cortez, executive director of the Sound Money Defense League, joined Chris Marcus from Arcadia Economics to discuss sound money legislation at the state level, de-dollarization, and what the global monetary system might look like 20 years from now.
Summary of the Interview Between Jp Cortez and Chris Marcus
In this interview, Chris Marcus from Arcadia Economics talks with Jp Cortez, the executive director of the Sound Money Defense League, about the growing movement for the remonetization of gold and silver in the United States.
They discuss the Sound Money Defense League's advocacy for removing taxes on precious metals and the increasing number of U.S. states that are introducing legislation to support sound money policies. Key topics include the role of the BRICS nations in de-dollarization, the importance of state-level initiatives, and how individual states are starting to invest in physical gold.
Cortez shares the successes in passing sound money legislation, such as eliminating sales and income taxes on precious metals in multiple states, and he highlights how the Sound Money Defense League continues to push for legislative reforms. The interview also explores the challenges in using gold and silver as money, including Gresham's Law and the friction created by taxation.
Key Questions and Answers
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What is the Sound Money Defense League?
- Jp Cortez explains that it is an advocacy group owned by Money Metals Exchange, focused on removing regulatory and tax barriers that prevent people from using gold and silver as money.
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Why is removing taxes on precious metals important?
- Jp highlights that sales and income taxes on precious metals create friction that discourages their use as money. The Sound Money Defense League has helped pass legislation in several states to eliminate these taxes.
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Which states have introduced sound money legislation?
- Jp shares that 27 states have introduced pro- gold and silver legislation, and in 2024, seven pieces of legislation have been signed into law.
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What are some notable legislative successes?
- Recent wins include eliminating income taxes on precious metals in Nebraska and adding protections against Central Bank Digital Currencies (CBDCs) in other states. New Jersey and Wisconsin became the 44th and 45th state in the country to end sales taxes on purchases of gold and silver. Alabama passed its third pro- sound money bill in as many years by removing income tax on precious metals.
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How are states like Texas and Utah advancing sound money?
- States like Texas are establishing bullion depositories, while Utah is moving forward with investing state funds in physical gold, showcasing how states are acting as custodians of sound money.
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What challenges remain in promoting sound money?
- Jp points out that Gresham's Law (bad money driving out good money) and people's reluctance to spend gold and silver, as they believe its value will increase, are ongoing challenges.
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What does the future of sound money look like?
- Jp believes that the current U.S. dollar system is unsustainable and that the shift toward sound money is inevitable, driven by rising inflation and the decline of the dollar.
This interview dives into the rising movement toward sound money in the U.S., where Jp Cortez from the Sound Money Defense League discusses recent legislative successes in removing taxes on precious metals. Key topics include how BRICS nations and individual U.S. states are moving toward gold-backed assets, challenges in using gold and silver as money, and what the future may hold for the U.S. dollar.
