Texas Launches Gold-Backed Bank

[danielpalos]

It is about time the hard money crowd did something. Now, if they could only eliminate the "monopoly" money used for food stamps, it may be even better.

 

[Toddsterpatriot]

If the feds don't put a stop to this, then federal reserve notes will soon become a thing of the past. It will be interesting to see how this plays out.

The New American covers news on politics economy culture and more based on the U.S. Constitution so that freedom shall not perish.​

The State of Texas is setting up a gold-backed bank that will allow depositors to bypass the controversial Federal Reserve System and its fiat currency in banking and commerce, according to the state representative who authored the recently enacted law. Under the measure, passed overwhelmingly by lawmakers and signed in mid-June by Republican Governor Greg Abbott, Lone Star State officials will establish and operate the Texas Bullion Depository for anyone who would like to deposit and trade in precious metals. The implications are as big as Texas.

While some analysts have said the move may be another sign heralding Texas’ eventual secession from the union, or preparation for financial Armageddon, its advocates say the depository simply makes financial sense. Among other benefits, the institution will provide more options to consumers weary of the increasingly troubled traditional banking and monetary system, which is viewed by the public with growing suspicion. And experts say the effect of making it easier to use sound money in commerce could be far-reaching.

Among other immediate effects, the law creating the first state-level gold-backed bank in the nation, House Bill 483, will involve repatriating about $1 billion of Texas gold from New York. Conflicting news reports and official statements say the state’s precious metals stockpile is being held either by HSBC in New York, or by the powerful New York Federal Reserve Bank, a privately owned outfit cloaked in secrecy with immense power over the U.S. economy. First, though, officials will need to select a home for the Texas depository.

“Today I signed HB 483 to provide a secure facility for the State of Texas, state agencies and Texas citizens to store gold bullion and other precious metals,” said a statement issued by Governor Abbott, a popular conservative governor, after the ceremonial signing. “With the passage of this bill, the Texas Bullion
Depository will become the first state-level facility of its kind in the nation, increasing the security and stability of our gold reserves and keeping taxpayer funds from leaving Texas to pay for fees to store gold in facilities outside our state.” The law protects the assets from seizure by the feds or other forces, too.​

The State of Texas is setting up a gold-backed bank that will allow depositors to bypass the controversial Federal Reserve System and its fiat currency in banking and commerce,


A gold depositary is not a bank. Nothing in this about a gold backed currency.
The gold isn't even owned by the state of Texas.
Silly, stupid article.​

 

[The Irish Ram]

Was it Utah that recently wanted to issue gold backed currency and the Feds. shut it down before it even got off the ground? Too bad. Having our money backed by something other than, "trust me, this dollar is worth a dollar, honest. We haven't been printing a bunch more of them." is what the whole country needs.

 

[Toddsterpatriot]

Was it Utah that recently wanted to issue gold backed currency and the Feds. shut it down before it even got off the ground? Too bad. Having our money backed by something other than, "trust me, this dollar is worth a dollar, honest. We haven't been printing a bunch more of them." is what the whole country needs.

A gold backed dollar would have lost over one-third of its value since September 2011.

 

[SwimExpert]

Oh look, Texas is masturbating again.

 

[The Irish Ram]

Was it Utah that recently wanted to issue gold backed currency and the Feds. shut it down before it even got off the ground? Too bad. Having our money backed by something other than, "trust me, this dollar is worth a dollar, honest. We haven't been printing a bunch more of them." is what the whole country needs.

A gold backed dollar would have lost over one-third of its value since September 2011.

It would actually help stabilize the market with a steady demand. China has manipulated the gold market so badly has been impossible to predict these last few years. I'd love to see this country go on the gold standard. Money that would actually be of value, an inability to print without gold backing, and a powerful dollar in the global arena.

 

[BULLDOG]

Oh look, Texas is masturbating again.

Nope....Texas does a lot of dumb shit, but this is just crazy right wingers making shit up. Of course lots of those crazies are from Texas.

 

[Contumacious]

If the feds don't put a stop to this, then federal reserve notes will soon become a thing of the past. It will be interesting to see how this plays out.

The New American covers news on politics economy culture and more based on the U.S. Constitution so that freedom shall not perish.​

The State of Texas is setting up a gold-backed bank that will allow depositors to bypass the controversial Federal Reserve System and its fiat currency in banking and commerce, according to the state representative who authored the recently enacted law. Under the measure, passed overwhelmingly by lawmakers and signed in mid-June by Republican Governor Greg Abbott, Lone Star State officials will establish and operate the Texas Bullion Depository for anyone who would like to deposit and trade in precious metals. The implications are as big as Texas.

While some analysts have said the move may be another sign heralding Texas’ eventual secession from the union, or preparation for financial Armageddon, its advocates say the depository simply makes financial sense. Among other benefits, the institution will provide more options to consumers weary of the increasingly troubled traditional banking and monetary system, which is viewed by the public with growing suspicion. And experts say the effect of making it easier to use sound money in commerce could be far-reaching.

Among other immediate effects, the law creating the first state-level gold-backed bank in the nation, House Bill 483, will involve repatriating about $1 billion of Texas gold from New York. Conflicting news reports and official statements say the state’s precious metals stockpile is being held either by HSBC in New York, or by the powerful New York Federal Reserve Bank, a privately owned outfit cloaked in secrecy with immense power over the U.S. economy. First, though, officials will need to select a home for the Texas depository.

“Today I signed HB 483 to provide a secure facility for the State of Texas, state agencies and Texas citizens to store gold bullion and other precious metals,” said a statement issued by Governor Abbott, a popular conservative governor, after the ceremonial signing. “With the passage of this bill, the Texas Bullion
Depository will become the first state-level facility of its kind in the nation, increasing the security and stability of our gold reserves and keeping taxpayer funds from leaving Texas to pay for fees to store gold in facilities outside our state.” The law protects the assets from seizure by the feds or other forces, too.​

I support the concept.

But demagogue politicians will argue that a Federal Reserve Board and FRN's are required if they are going to continue operating the gargantuan welfare/warfare police state.

 

[hipeter924]

If Texas wants to waste its money building up stockpiles of gold, then by all means it can do so.

The Gold Standard has its own problems.

People have short memories if they can't remember the Nixon Shock: Nixon Shock - Wikipedia the free encyclopedia

The current world monetary system assigns no special role to gold; indeed, the Federal Reserve is not obliged to tie the dollar to anything. It can print as much or as little money as it deems appropriate. There are powerful advantages to such an unconstrained system. Above all, the Fed is free to respond to actual or threatened recessions by pumping in money. To take only one example, that flexibility is the reason the stock market crash of 1987—which started out every bit as frightening as that of 1929—did not cause a slump in the real economy.

While a freely floating national money has advantages, however, it also has risks. For one thing, it can create uncertainties for international traders and investors. Over the past five years, the dollar has been worth as much as 120 yen and as little as 80. The costs of this volatility are hard to measure (partly because sophisticated financial markets allow businesses to hedge much of that risk), but they must be significant. Furthermore, a system that leaves monetary managers free to do good also leaves them free to be irresponsible—and, in some countries, they have been quick to take the opportunity.[18]

 

[S.J.]

Liberals need to take note,if this shit catches on it's gonna get messy.

I made a comment on the Texas gold reserve on another thread this past week. No one commented or seemed excited then.

I missed it, can you link it?

 

[bripat9643]

It is like the OP wants us to know he is stupid and delusional.

The bank will either be a pointless waste of money or illegal so a pointless waste of money.

Curious, I was thinking the same thing about your post.

How is it illegal? How is it a pointless waste of money?

 

[bripat9643]

If Texas wants to waste its money building up stockpiles of gold, then by all means it can do so.

The Gold Standard has its own problems.

People have short memories if they can't remember the Nixon Shock: Nixon Shock - Wikipedia the free encyclopedia

The current world monetary system assigns no special role to gold; indeed, the Federal Reserve is not obliged to tie the dollar to anything. It can print as much or as little money as it deems appropriate. There are powerful advantages to such an unconstrained system. Above all, the Fed is free to respond to actual or threatened recessions by pumping in money. To take only one example, that flexibility is the reason the stock market crash of 1987—which started out every bit as frightening as that of 1929—did not cause a slump in the real economy.

While a freely floating national money has advantages, however, it also has risks. For one thing, it can create uncertainties for international traders and investors. Over the past five years, the dollar has been worth as much as 120 yen and as little as 80. The costs of this volatility are hard to measure (partly because sophisticated financial markets allow businesses to hedge much of that risk), but they must be significant. Furthermore, a system that leaves monetary managers free to do good also leaves them free to be irresponsible—and, in some countries, they have been quick to take the opportunity.[18]

We went off the gold standard under FDR, so what does Nixon have to do with anything?

 

[bripat9643]

Was it Utah that recently wanted to issue gold backed currency and the Feds. shut it down before it even got off the ground? Too bad. Having our money backed by something other than, "trust me, this dollar is worth a dollar, honest. We haven't been printing a bunch more of them." is what the whole country needs.

A gold backed dollar would have lost over one-third of its value since September 2011.

Federal reserve notes have lost 95% of their value since 1914.

 

[IsaacNewton]

If the feds don't put a stop to this, then federal reserve notes will soon become a thing of the past. It will be interesting to see how this plays out.

The New American covers news on politics economy culture and more based on the U.S. Constitution so that freedom shall not perish.​

The State of Texas is setting up a gold-backed bank that will allow depositors to bypass the controversial Federal Reserve System and its fiat currency in banking and commerce, according to the state representative who authored the recently enacted law. Under the measure, passed overwhelmingly by lawmakers and signed in mid-June by Republican Governor Greg Abbott, Lone Star State officials will establish and operate the Texas Bullion Depository for anyone who would like to deposit and trade in precious metals. The implications are as big as Texas.

While some analysts have said the move may be another sign heralding Texas’ eventual secession from the union, or preparation for financial Armageddon, its advocates say the depository simply makes financial sense. Among other benefits, the institution will provide more options to consumers weary of the increasingly troubled traditional banking and monetary system, which is viewed by the public with growing suspicion. And experts say the effect of making it easier to use sound money in commerce could be far-reaching.

Among other immediate effects, the law creating the first state-level gold-backed bank in the nation, House Bill 483, will involve repatriating about $1 billion of Texas gold from New York. Conflicting news reports and official statements say the state’s precious metals stockpile is being held either by HSBC in New York, or by the powerful New York Federal Reserve Bank, a privately owned outfit cloaked in secrecy with immense power over the U.S. economy. First, though, officials will need to select a home for the Texas depository.

“Today I signed HB 483 to provide a secure facility for the State of Texas, state agencies and Texas citizens to store gold bullion and other precious metals,” said a statement issued by Governor Abbott, a popular conservative governor, after the ceremonial signing. “With the passage of this bill, the Texas Bullion
Depository will become the first state-level facility of its kind in the nation, increasing the security and stability of our gold reserves and keeping taxpayer funds from leaving Texas to pay for fees to store gold in facilities outside our state.” The law protects the assets from seizure by the feds or other forces, too.​

Then Taxus should immediately give up its FDIC protection and reject any and all federal assistance for anything...like a catastrophic flood.

You want to be independent? Good, go all the way an no whining when a hurricane destroys two or three of Taxus' largest cities.

 

[amrchaos]

As long they do not conflict with Congress authority, there is nothing to keep Texas from "printing" a second currency honored by the government of Texas.

In fact, it could be a money making idea if they are prudent in its uses.

I guarantee you the feds will try to shut it down because it won't be long before all Americans are performing their transactions in the new Texas gold backed currency.

I don't know
That currency is going to be mighty expensive based on how Texas split it up in terms of gold. What is the current price of gold right now? over $1,000 US

People will probably hold onto it before they exchange it. Pretty good deal for the Texas bank if it has a currency for Gold exchange plan.

 

[bripat9643]

If the feds don't put a stop to this, then federal reserve notes will soon become a thing of the past. It will be interesting to see how this plays out.

The New American covers news on politics economy culture and more based on the U.S. Constitution so that freedom shall not perish.​

The State of Texas is setting up a gold-backed bank that will allow depositors to bypass the controversial Federal Reserve System and its fiat currency in banking and commerce, according to the state representative who authored the recently enacted law. Under the measure, passed overwhelmingly by lawmakers and signed in mid-June by Republican Governor Greg Abbott, Lone Star State officials will establish and operate the Texas Bullion Depository for anyone who would like to deposit and trade in precious metals. The implications are as big as Texas.

While some analysts have said the move may be another sign heralding Texas’ eventual secession from the union, or preparation for financial Armageddon, its advocates say the depository simply makes financial sense. Among other benefits, the institution will provide more options to consumers weary of the increasingly troubled traditional banking and monetary system, which is viewed by the public with growing suspicion. And experts say the effect of making it easier to use sound money in commerce could be far-reaching.

Among other immediate effects, the law creating the first state-level gold-backed bank in the nation, House Bill 483, will involve repatriating about $1 billion of Texas gold from New York. Conflicting news reports and official statements say the state’s precious metals stockpile is being held either by HSBC in New York, or by the powerful New York Federal Reserve Bank, a privately owned outfit cloaked in secrecy with immense power over the U.S. economy. First, though, officials will need to select a home for the Texas depository.

“Today I signed HB 483 to provide a secure facility for the State of Texas, state agencies and Texas citizens to store gold bullion and other precious metals,” said a statement issued by Governor Abbott, a popular conservative governor, after the ceremonial signing. “With the passage of this bill, the Texas Bullion
Depository will become the first state-level facility of its kind in the nation, increasing the security and stability of our gold reserves and keeping taxpayer funds from leaving Texas to pay for fees to store gold in facilities outside our state.” The law protects the assets from seizure by the feds or other forces, too.​

Then Taxus should immediately give up its FDIC protection and reject any and all federal assistance for anything...like a catastrophic flood.

You want to be independent? Good, go all the way an no whining when a hurricane destroys two or three of Taxus' largest cities.

You mean it should secede? I thought numskulls like you were opposed to secession.

 

[amrchaos]

PS I don't agree with the fed changing to the Gold standard. Used to, but I gained a better understanding of fiat currency since then.

However, a resource backed note by a couple of state banks may actually help the economy during boom times. The main problem is not to over print notes! leave at least 25 to 50% of your gold uncommitted, then it becomes easier to navigate bust times with the restricted currency.

The real obstacle I see is gaining permission from Congress. These banks will essentially Gold exchanges anyway, so what is the underling problem.

 

[SwimExpert]

Was it Utah that recently wanted to issue gold backed currency and the Feds. shut it down before it even got off the ground? Too bad. Having our money backed by something other than, "trust me, this dollar is worth a dollar, honest. We haven't been printing a bunch more of them." is what the whole country needs.

A gold backed dollar would have lost over one-third of its value since September 2011.

It would actually help stabilize the market with a steady demand. China has manipulated the gold market so badly has been impossible to predict these last few years. I'd love to see this country go on the gold standard. Money that would actually be of value, an inability to print without gold backing, and a powerful dollar in the global arena.

Who says how much gold is worth?

 

[Bombur]

It is like the OP wants us to know he is stupid and delusional.

The bank will either be a pointless waste of money or illegal so a pointless waste of money.

Curious, I was thinking the same thing about your post.

How is it illegal? How is it a pointless waste of money?

You and other seem to be under the impression Texas is about to launch their own currency, which is illegal.

It is essentially just a propaganda program to placate a bunch of brainwashed idiots. Since you are one of these idiots it seems like a great idea because of reasons rooted in your own gross ignorance of reality.

 

[Bombur]

It is like the OP wants us to know he is stupid and delusional.

The bank will either be a pointless waste of money or illegal so a pointless waste of money.

Do you have any clue as to how our money is evaluated?

Yes, do you?