The Legislature Has Gotten Out of Hand

On April 22, 2024, George Teal, Dan Haley, and Kurt Gerwitz joined the show. Douglas County Commissioner explains the county’s lawsuit challenging two state laws that prohibit local cooperation with federal immigration enforcement, describing proactive steps taken to protect residents from Denver’s migrant crisis The Colorado Oil and Gas Association CEO details multiple bills targeting the energy industry, including summer drilling bans and massive.

Douglas County Challenges State Immigration Laws

Start listening at 16:55 – Hour 1

George Teal announces that Douglas County, along with El Paso County and over 30 other counties, has filed a lawsuit against the State of Colorado and Governor Jared Polis challenging two specific state laws passed in 2019 and 2023. House Bill 19-1124 prohibits law enforcement from assisting in non-criminal immigration enforcement and prevents probation officers from sharing information with ICE. House Bill 23-1100 bars local governments from entering intergovernmental agreements with the federal government for civil immigration enforcement.

The commissioner explains that Douglas County took proactive steps before the lawsuit, including passing a resolution declaring the county is not a sanctuary jurisdiction in October, and issuing a public health order through the Board of Health to prevent Denver from relocating illegal immigrants to Douglas County hotels. Adams County had discovered a busload of illegal immigrants moved into one of their hotels, prompting Douglas County to act preemptively.

“We do believe we have standing. We do believe we have cause to bring the lawsuit and that we’ll be allowed to proceed to trial when that occurs.”

George Teal, Douglas County Commissioner

Anti-Oil and Gas Bills Threaten Colorado’s Economy

Start listening at 32:51 – Hour 1

Dan Haley warns that the Colorado legislature is pursuing multiple bills designed to cripple the oil and gas industry. Senate Bill 159, which would have banned the industry entirely by stopping permits in 2029 and ending drilling in 2032, was fortunately killed in its first committee. However, several dangerous bills remain active: Senate Bill 165 would stop drilling during summer months under the pretense of addressing ozone issues, Senate Bill 166 raises fines on industry from $300 per day to $52,000 per day, and House Bill 1330 would make obtaining air permits extremely difficult.

The COGA CEO points out that in 2022, the industry paid $1.9 billion in state and local taxes, with $432 million going directly to schools. A Common Sense Institute study found that Senate Bill 159 would have caused a $31 to $48 billion loss in state and local tax revenue over the next decade. Haley emphasizes that Colorado’s front range oil and gas producing basin has the lowest carbon intensity in the country, making it counterproductive to shut down the cleanest production in favor of imports from countries with lower environmental and labor standards.

“This industry is producing this resource cleaner, better, and safer than most anywhere on the planet. That ought to be good news.”

Dan Haley, CEO, Colorado Oil and Gas Association

El Salvador’s Bitcoin Experiment Tests Monetary Sovereignty

Start listening at 58:33 – Hour 2

Kurt Gerwitz analyzes El Salvador’s decision to adopt Bitcoin as legal tender in June 2021, a move he considers potentially historic for humanity. President Nayib Bukele, a popular but controversial figure who won reelection with 80% in a country with one-term presidential limits, has pursued ambitious cryptocurrency projects including a planned Bitcoin City powered by geothermal energy from volcanoes.

The finance professor notes that before Bitcoin, El Salvador dollarized in 2001, essentially adopting the U.S. dollar after determining their own central bank was not worth maintaining. While Bukele promotes Bitcoin internationally at conferences like Miami’s Bitcoin convention, Gerwitz’s contacts in El Salvador report that ordinary citizens are not actually using Bitcoin for daily transactions. The experiment remains largely symbolic, though the underlying technology of blockchain represents a fundamental shift in how currency could function without government control.

“What’s backing Bitcoin? It’s always trust is the answer to all currencies, what’s backing it. But it’s math and the internet. So two things, math and the internet.”

Kurt Gerwitz, Finance Professor