Dear Editor

I was happy to see one of our area's House representatives—Mr. Doug Kary—sponsored HB474. This proposed legislation would authorize $9,500 to study prospects of chartering a state central bank.

 

Please consider:

1. Our current national debt is $16.6 trillion; $147,275 per taxpayer.

2. In 2012 our budget deficit: $6.6 trillion.

3. Total federal obligations: $85.4 trillion.

4. The Federal Reserve spends $85 billion a month on security buying programs.

We cannot rely on policy makers in Washington. The reason U.S. citizens have a good lifestyle is because of the world currency reserve status of the United States and the might of our military. However, many countries are questioning our solvency. We continue to watch China, Germany and others diversify their holdings out of U.S. dollars. What this means for Montanans is we will suffer the consequences as the status quo are underfunded. Consequences could be the reduction of social safety net programs, continuing decay of infrastructure, decreased law enforcement, price increases, inflation. This scenario will occur in some form.

Passage of HB474 starts Montana down the road of putting our state into a position where we will be able to mitigate the effects of an economic catastrophe.

In the construction of a Montana central bank, I demand two conditions of its charter:

1. That a large fixed percentage of bank assets be held in gold and silver.

2. A sunset clause on the bank's charter. This provides for accountability.

Please tell your representative to support HB474!

Michael D. Asselta

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