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Texas Creating Its Own Gold-Based Currency

 
 
Reply Tue 16 Jun, 2015 03:05 pm
The long twisting, bizarre story of Texan paranoia and conspiracy theory has taken a new turn for the absurd. Governor Greg Abbot has signed a bill to create a gold bullion depository, to store gold and precious metals in preparation for “financial Armageddon”. Abbott has announced plans to withdraw over $1 billion in gold bars from the Federal Reserve in New York and store them in a fortified, Fort Knox-style depository in Texas.

It really calls into question the competence and sanity of the people Texas has chosen to govern their state, because Texas has no gold bars in the Federal Reserve in New York. But the severe disconnect with reality doesn’t end there: “the law Abbott signed calls for the creation of an electronic payments system that will allow gold, silver, platinum, palladium, and rhodium depositors to write checks against their accounts, making the depository into a bank – one that will create a metal-backed money supply intended to challenge the paper currency issued by the Federal Reserve – or “Yankee dollars” as one of the law’s top supporters calls them.”

The trauma of the Great Recession obviously still weighs very heavily on our nation, and has encouraged to no end libertarian mistrust of modern banking systems and hypercapitalism. Unfortunately, in Texas, this mistrust has manifested itself in conjunction with seccessionist delusions and a paranoid conviction that the federal government is actively conspiring against Texas. We saw it earlier this year with all the ridiculous nonsense over the US military’s Jade Helm 15 training exercise. The bill specifically states that the Federal government would not be allowed to seize assets held in the depository- because the state of Texas needs an alternative to federally-controlled monetary systems. One Tea Party supporter of the bill was jubilant because “it [the depository] will make Texas a center of world finance to rival New York and London better than Switzerland, because it contains 27,695,284 Texans and all but two of ‘em are armed & serious.”



It is only the latest absurdity to come out of the state of Texas. While it is very amusing to the rest of us, it is alarming that so many people in positions of power are actively supporting these paranoid delusions. It represents a distinct, obstinate refusal to acknowledge the reality, the way the world actually works, and to see a picture bigger than their own narcissistic fantasies of self-importance. When Senators and Governors display such profound ignorance, it should be cause for great concern, because their decisions affect millions of lives every day, and we can’t trust them to have the people’s best interests at heart if they’re busy worried about martial law and the federal government seizing all their gold.
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Type: Discussion • Score: 11 • Views: 2,309 • Replies: 28
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maxdancona
 
  1  
Reply Tue 16 Jun, 2015 03:32 pm
@edgarblythe,
Sometimes, when I read things like this, I think we should just call off the invasion and let Texas be free.
0 Replies
 
rosborne979
 
  1  
Reply Tue 16 Jun, 2015 04:16 pm
@edgarblythe,
Unfortunately the Texas government is a reflection of its voting public. On the bright side, you're making the rest of our pitiful national government look good in comparison. Not an easy task.
edgarblythe
 
  1  
Reply Tue 16 Jun, 2015 04:17 pm
@rosborne979,
You might be surprised how many people here are calling Ted Cruz the possible savior of our country.
rosborne979
 
  1  
Reply Tue 16 Jun, 2015 04:19 pm
@edgarblythe,
Who?
0 Replies
 
edgarblythe
 
  1  
Reply Tue 16 Jun, 2015 04:22 pm
Rafael Edward "Ted" Cruz
rosborne979
 
  1  
Reply Tue 16 Jun, 2015 04:23 pm
@edgarblythe,
Who? Wink
0 Replies
 
edgarblythe
 
  1  
Reply Tue 16 Jun, 2015 04:26 pm
I don't see him getting nominated. Just pointing out the sentiment among people I personally know and elsewhere about the state.
rosborne979
 
  1  
Reply Tue 16 Jun, 2015 04:33 pm
@edgarblythe,
Understood. I'm just implying that he's not even on the radar where I'm at.
edgarblythe
 
  1  
Reply Tue 16 Jun, 2015 04:36 pm
@rosborne979,
Texas appears to be moving toward secession without directly confronting the government over it.
rosborne979
 
  1  
Reply Tue 16 Jun, 2015 04:52 pm
@edgarblythe,
What percentage of the population actually votes in Texas? Do you know? I'm just curious.
edgarblythe
 
  1  
Reply Tue 16 Jun, 2015 04:58 pm
@rosborne979,
It is a very low count. Mainly rabid Republican "conservatives." Nobody else makes an effort, except in a few bastions, such as San Antonio, Austin and such. In a recent Mayoral race, in San Antonio, Democrats have the upper hand, but the Republicans put their weight for the one closest to their own positions and got her in.
edgarblythe
 
  1  
Reply Tue 16 Jun, 2015 05:02 pm
Texas ranked 48th in turnout in 2012, 47th in 2008 and 49th in 2006. The 2014 survey results are yet to be reported.

I just randomly took this off of a site.
0 Replies
 
Setanta
 
  1  
Reply Tue 16 Jun, 2015 05:46 pm
If the entire planet were to go back to the gold standard, the economic powerhouses of the earth would be Canada, South Africa and Russia. That's a sobering thought.
Setanta
 
  1  
Reply Tue 16 Jun, 2015 05:48 pm
If Tejas does leave the union, i'd be willing to hold the door, to see that it doesn't hit 'em in the ass.
0 Replies
 
Ionus
 
  -1  
Reply Tue 16 Jun, 2015 10:34 pm
Why leave out copper ? It is getting increasingly valuable . Or Texas tea ? Dont they have the federal reserves of oil pumped back into the earth down there ?
0 Replies
 
JPB
 
  1  
Reply Wed 17 Jun, 2015 04:59 am
Very interesting.

This is from 2013
http://theweek.com/articles/466250/why-texas-wants-gold-back-from-federal-reserve

This is from yesterday
http://www.latimes.com/business/hiltzik/la-fi-mh-texas-and-the-gold-bugs-20150616-column.html
0 Replies
 
Setanta
 
  1  
Reply Wed 17 Jun, 2015 05:41 am
Excellent articles, JPB . . . this line, from the second article, cracked me up:

Quote:
To be sure, Pike isn't advising his followers to dump their gold into the Texas vault quite as yet--after all, he writes, Texas is a government too, not entirely to be trusted.
0 Replies
 
Foofie
 
  -2  
Reply Wed 17 Jun, 2015 08:40 am
In 1966, in basic training, I heard more than once the high pitched twang of a Southern drawl loudly proclaim, "the South shall risssse again!" Northern recruits might reply to each other jokingly, "They are still fighting the Civil War."

Well, if Texas becomes the capitol of The United States of Dixie I would say one just had to keep one's ear to the rails. Few did that apparently.
0 Replies
 
neologist
 
  1  
Reply Wed 17 Jun, 2015 10:55 pm
What about Neodymium?
It's essential for the manufacture of hybrid car batteries.
Uh Oh. China has the most of that by far. Darn!
Wait.
What about BS?
Washington produces more of that than anywhere in the world.
Just think of the methane.. .
It would be OK to store it in Texas, too.
Problem solved.
 

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