Bringing gold and silver back as America's Constitutional money

Restoring Sound Money: An Insightful Interview with Jp Cortez on The Bob Murphy Show

Posted on March 15th, 2024 in -

In an enlightening episode of The Bob Murphy Show, host Bob Murphy delves into the world of sound money with Jp Cortez, the passionate Executive Director of The Sound Money Defense League

The episode unfolds the narrative of Cortez's journey from a student intrigued by Austrian economics at Auburn University to joining the team at Money Metals Exchange and spearheading its grassroots legislative campaigns and other initiatives aimed at restoring sound monetary systems in the United States.

The conversation begins with Cortez detailing his academic foray into economics, largely influenced by his proximity to The Mises Institute and his chance assignment on Ron Paul during high school. 

Bob and Jp explore the foundational aspects of sound money, emphasizing the constitutional and economic rationales for advocating gold and silver as real money, in contrast to the inherently unstable and inflation-prone fiat currency. 

Together, they delve into the historical backdrop that led to the severance of the dollar from its gold and silver roots, highlighting key legislative and policy shifts that have contributed to the present-day monetary predicament.

Bob Murphy also mentions his book, Understanding Money Mechanics (Robert P. Murphy), published by the Mises Institute. 

According to the podcast host and book author, this book provides the intelligent layperson with a concise yet comprehensive overview of the theory, history, and practice of money and banking, with a focus on the United States. Although the author considers himself an Austrian school economist, most of the material in this book is a neutral presentation of historical facts and an objective description of the mechanics of money creation in today's world.

A significant portion of the interview is dedicated to discussing the league's strategy and successes in state-level legislation. Cortez outlines the multifaceted approach of Money Metals and its public policy arm, from eliminating taxes on precious metals to enabling states to invest public funds in physical gold and silver. 

These initiatives, he explains, are designed to reduce barriers and provide alternatives to fiat currency, fostering an environment where individuals and states can opt for sound money practices.

Particularly intriguing is the discussion on state depositories, which Cortez identifies as a safeguard against federal overreach and a step toward reestablishing gold and silver's monetary role. 

The conversation also touches on federal efforts, albeit with a more skeptical tone regarding their immediate impact, yet acknowledging their importance in the broader sound money movement.

Key Questions and Answers from the Interview with Jp Cortez on The Bob Murphy Show: 

What led Jp Cortez to become involved with sound money principles and the Sound Money Defense League?

  • Answer: Cortez's interest in sound money principles was sparked during his time at Auburn University, where he was exposed to Austrian economics through proximity to The Mises Institute. A chance assignment on Ron Paul in high school also steered him towards libertarian ideas. His educational background and passion for human freedom led him to his role as executive director of the Sound Money Defense League.

What are the core objectives and strategies of The Sound Money Defense League?

  • Answer: The League's main objective is to advocate for stable and constitutional monetary systems, primarily through legislative victories and educational campaigns. They aim to remove barriers to using gold and silver as money, such as sales taxes and capital gains taxes on precious metals, and to educate lawmakers and the public on the importance of sound money for individual liberty and economic stability. 

The Sound Money Defense League also publishes the Sound Money Index, a yearly scorecard ranking every state in the country by their pro- or anti- sound money environments.

What specific legislative successes have the Sound Money Defense League achieved?

  • Answer: The League has seen over a dozen legislative victories across various states since 2018. These include removing sales taxes on gold and silver, establishing gold and silver as legal tender, empowering state treasurers to invest state funds in physical gold and silver, and more. Cortez highlighted significant progress in states like Wyoming, which became a sound money haven after passing comprehensive sound money legislation in 2018.

How can individuals get involved and make a difference in their state's monetary policy?

  • Answer: Cortez encourages individuals to engage with their state representatives and become active participants in their state legislature. He explains that a small number of phone calls or emails can significantly impact state legislation and that grassroots advocacy is a powerful tool for enacting change at the state level.

What is the significance of state depositories for gold and silver?

  • Answer: State depositories for gold and silver safeguard against federal overreach and provide an infrastructure for individuals and states to store and transact in precious metals. They represent a step toward re-establishing gold and silver as practical monetary alternatives, protecting citizens' wealth from inflation and fiat currency devaluation.

What are the challenges and future directions for The Sound Money Defense League?

  • Answer: While there have been many successes, challenges remain, such as overcoming political inertia and educating a broader audience on sound money principles. The future direction involves continuing to push for sound money legislation at both the state and federal levels, expanding the educational outreach, and fostering a greater public understanding of the importance of a stable and constitutional monetary system.

Throughout the interview, Cortez underscores the practicality and impact of grassroots advocacy in state legislatures. He encourages listeners to engage with their state representatives, emphasizing the tangible difference individuals can make in shaping sound money policies. 

The dialogue encapsulates a sense of urgency and optimism, reflecting a belief in the possibility of a monetary system that champions stability, liberty, and economic sanity.

In summary, The Bob Murphy Show episode with Jp Cortez (Ep. 312 JP Cortez Pushes For Sound Money at the State Level) offers a compelling exploration of the sound money movement, blending historical insights with contemporary legislative initiatives. 

Cortez's journey and the strides made by Money Metals Exchange and the Sound Money Defense League illustrate a fervent and ongoing quest to restore sound monetary principles, one state at a time.  

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