Andrew Racz
Director of Research
300 East 54 Street, Suite 26C
New York, NY 10022
Phone: (212) 319-6949
Fax: (212) 753-1944

Senator Chester Crandell ( R ) Arizona
State Senate 
May 7, 2013

Recorded Interview


Good morning, Senator – it’s Andrew Racz speaking.




My first question is what is exactly the function and aim of the committee that you represent?


Are you talking about Senate Bill 1449 or 39?


That deals with gold or what?


Yes, that was the bill that the governor vetoed and it was basically to put in the statute that the citizens of the state of Arizona could be able to use gold and silver coins as legal tender; to be able to use it on a volunteer basis and so it would require businesses saying that yeah we will accept it and then putting it into place. It simply just put it in the statute – there was no guidance, no guidelines on how to do that and that was coming. I was putting together legislation for next year to do that.


And that applies to coins, and that applies to other forms of gold?


It had – I think it had, if I remember correctly, in the bill it said gold and bullion.


Gold and bullion?




Now may I ask you, did the people take it seriously or it is still a year now, conversational stage.


Well right now it’s in two states in the United States and is basically taking a look at it; there are several states that have looked it. Utah was the first that passed it and got it signed by the governor. Arizona was the second to get it through the system but it was vetoed by the governor and so we’re trying to regroup and take a look at what we are going to do to re-introduce it next year and address some of the concerns of what the governor….


Let me ask you – where is Texas in the picture?


You know I haven’t heard anything about Texas whether they are using – whether they’re moving in that direction or not – I know that Virginia has been one of the states that has tried. Wyoming has tried some things to get it through. South Carolina I think ran some legislation on it but didn’t go very far this year.


You know, I worked 8 years for the late governor John B. Connolly –he believed in hard money - but let me come to the point. The use of gold and maybe eventually other metals, is more important to this country than people see. I mean – let’s take today’s example. May 7, 2013. The City of Harrisburg is sued while in bankruptcy by the SEC for fraud in making misleading material representations about the financial health of the city for a period of years-a securities fraud.The settled case puts all municipalities on notice and many municipalities are in the same position . Further, Somalia is a small country in Africa, but still they want the Marshall Plan to bail them out from their until financial crisis. And problems are going to grow in the U.S. eventually resulting in a crisis which is developing with a projected $22 trillion debt. Obviously, something has to be done and when you say it has to be done, some major conceptual changes have to be made. Otherwise there will be a crisis like in the early 30’s in Germany.


You’re right. You’re exactly right.


I mean look – I was born during World War II and my father died and my stepfather who was an attorney who handled the affairs of many – one or two dozen people – he did something which you know I learned early at the age of 5 or 6 – he put everybody’s money in gold. As a result in ’45 after the War we lived quite well. Now here in the United States the numbers are very big. I mean student debt – it’s getting bigger and bigger and eventually, there will be a revolution in Phoenix Arizona.


You’re right; you’re exactly right.


Now what we have to do is explain all this to the people in articles, speeches, meetings that there is a danger and how the danger can be handled. I mean – for instance, I wrote a lot about these things and about gold backed bonds. Now gold backed bonds is basically a very simple idea because you have 5 times more gold underground than what has been mined in major mining companies. Now 5 to 1 is still better than nothing and if therefore gold backed bonds are marketed, the municipalities, the states, the governments who have to commit fraud to sell their inferior rated municipal paper can instead sell gold index bonds and that will force the country, particularly the government, to adjust to reality that people want solid, good bonds.


Yes and I totally agree with you and that’s part of the discussion that we had is that we moved it through and I’m certainly not an expert on the gold issue and that, but philosophically, I totally agree with everything that you are saying that we’ve got to do something to get it out of the hands of the government that has the ability to simply print money anytime they want to.


You know, in simplistic language, you and I go to the restaurant and I want to pay with paper money and the restaurant is filled up and you have some gold index bond or gold coins they will put you in the best table and ask me to leave. That is what happened in Weimar Germany. My story may be fictional but it’s realistic and historically this happened once in Europe. You have a neighboring state – California. I always remember California as a booming great state. Now you have 17% tax; people are escaping, there’s unemployment that is going to get worse and worse – therefore, you and I have to take the matter into our hands, explain it to the people, so some change will come and save the country.


You’re exactly right and I think Utah has led that fight – got it passed so that they can start using it and we’ve just got to come back to the drawing board and I plan on doing that to get this set in place. You are exactly right and you probably as you talked about gold backed bonds and those kinds of things – I think those are some issues that I would certainly be interested in learning more about and you know, putting it together. But first thing I’ve got to do is I’ve got to put it in state statute that you know that we can use gold and silver and legal tender. And…


Now to get the statute we have to educate the people, we have to get to the media.


You’re exactly right, but here again, you know the governor veto letter said that basically I didn’t do my homework and didn’t go to the Department of Revenue and explain to them what was going on and that’s why she – you know – I think it was just an excuse but you know, she’s saying you need to do a better job of getting your homework done.


Well we have to start somewhere. The main media is ….


And I will start that process. I plan on meeting with Department of Revenue and finding out what their concerns are and you know – so that everybody is on board next year when we run this legislation again.


Tell me, can I contribute by making speeches, articles, to get the thinking process going?


Sure, you know, you have every right to go ahead and start printing articles and doing whatever you need to do and start that process going. Are you located here in Arizona or are you….


No, New York City.


You’re in New York … You bet – I would certainly appreciate that and in fact, I did a radio interview on Sunday with Financial Myth Busters – I don’t know if you are familiar with that radio station or not. But, they were quite surprised that governor vetoed it. So… there’s a lot of organizations out there that are really pushing and trying to get another financial system to run parallel to the Federal Reserve because their confidence and…


Now, what would you suggest me to join in these motions?


Let me give you a – there’s a gentleman in – his name is Rich Danker – in Washington, DC that has been coordinating a lot of the state efforts in getting this passed. Let me see if I can find that information for you and give that to you and you can contact him and he can help coordinate anything that you wanted to do on that.


American Principles Project is it a national organization?


Right. It’s Rich Danker.


And he’s working with you or independently?


Yes – well –they are an organization wanting to get back to gold standard of using gold and silver and they helped in the Utah process and they were very instrumental in helping to get as far as we did with ours and so he would be a good one to visit with; to talk about a national campaign and I’m sure that they’d like to see it go in every state in the Union if they could get it going so….


You know who was the first person who stood for indexed bonds?




Bunker Hunt, the Texas billionaire. I did a silver bond for him but he was an early advocate of hard money – a very intelligent man; very controversial I know.


Well this is the issue that trying to do anything different than what we have been doing for the last 100 years is all very controversial so but Rich Danker in Washington – they’ve got a group that is really helping states to implement this.


Arizona is not an independent entity or everything is coordinated with Mr. Danker?


No, we were independent. But he – we started the legislation and then he just kind of stepped in to say hey we’ll help you anyway we can.


Okay – so that’s how we will start and I’ll keep you informed.


All right – thank you very much.




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