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Texas May Start Hoarding Gold…Secession Next?

dmcowen674

No Lifer
Oct 13, 1999
54,894
46
91
www.alienbabeltech.com
3-22-2013

http://finance.yahoo.com/blogs/daily-ticker/texas-may-start-hoarding-gold-secession-next-192407075.html

Texas May Start Hoarding Gold…Secession Next?



A lawmaker has proposed a bill to create a Texas Bullion Depository, which would allow the state and its citizens to store gold bullion in its own facility in Texas, with the protection of the state.


If passed, the Texas bill would tell Washington to “shove off” under the 10th amendment power given the states, if we ever saw the kind of currency craziness we saw during the Great Depression when President Franklin D. Roosevelt mandated citizens hand over most of their gold.

As for the Texas proposal, Jim Rickards, senior managing director of Tangent Capital Partners and author of Currency Wars, tells The Daily Ticker you can think of it like the “Fort Knox of Texas.”


And on the legal side Rickards says, “you’ve got the state of Texas standing up for you if the federal government tries to do what they tried to do in 1933, which is take the people’s gold." Rickards is also a lawyer and has read the legislation.

So, is Texas making preparations to start hoarding gold?

“It may end up that way,” Rickards says. “Personally, I think this is a game changer in terms of the way institutional investors are going to look at gold.”


That’s because large Texas pension funds haven’t been allowed to invest in physical gold, but Rickards explains this law would change that.

If people were to lose faith in the dollar, Rickards concedes Texas could have the foundation for its own currency, of sorts.
Which could come in handy if they, say, push forward in trying to secede.
 

ivwshane

Lifer
May 15, 2000
29,413
9,673
136
Yes texans! You hate the government so give the honest banks your gold! That way when or if the dollar is worth nothing they can take your gold:p
 

Londo_Jowo

Lifer
Jan 31, 2010
17,303
158
106
londojowo.hypermart.net
Funny how the OP always leaves out anything that doesn't fit in with his BS.

Texas isn't the first state to think about hedging its monetary destiny with precious metals.

Citing concerns over the value of the U.S. dollar, Arizona lawmakers are the latest to pursue legislation that would declare privately minted gold and silver coins legal tender. In 2011, Utah became the first state in the country to legalize these precious metal coins as currency. Lawmakers in states including Minnesota, North Carolina, Idaho, South Carolina, and Colorado have debated similar laws.
 

K1052

Lifer
Aug 21, 2003
36,853
11,053
136
If Texas ever succeeded I say we give them the rest of the south in the bargain. They can support those welfare queens instead of the rest of the country.
 

Spungo

Diamond Member
Jul 22, 2012
3,217
2
81
A friend of a friend I know :awe:

What is wrong with a state trying to hold things? Are we expected to panic because it's gold? Its shiny surface strikes fear into our hearts! Go ahead and set up a state run gold reserve. I don't see a problem with this.
 

dmcowen674

No Lifer
Oct 13, 1999
54,894
46
91
www.alienbabeltech.com
Originally Posted by dmcowen674
Please Texas secede

Good riddance


You do know Texas refines about 20% of the nations oil and gas, right?
and you do know that practically none of it is used here in the U.S.?

They sell it to Mexico for a fraction of the price they charge here in the U.S.

You are paying for the Mexicans to drive their cars with cheap gas.

Sounds like you like subsidizing Mexico and the world out of your pocket.
 

CLite

Golden Member
Dec 6, 2005
1,726
7
76
You do know Texas refines about 20% of the nations oil and gas, right?
Learn about global markets. Drilling home, refining home, etc. makes almost no difference except the cost of shipping. Shipping costs won't change if Texas secedes.

It's why personally I'm quite content to not drill while other countries bleed their supplies dry. Then when everyone else is out of oil, drill baby drill. Tax income through the roof.
 

Matt1970

Lifer
Mar 19, 2007
12,320
2
0
You want Texas to leave the US, you want the rich to leave the US, who is going to left to support your ass?
 

DucatiMonster696

Diamond Member
Aug 13, 2009
4,269
1
71
The reason why this is a big deal is because this bill will create the first public depository and reserve of gold where private investors can store their gold along side state gold inventories. That means that public pension funds would also be able to allow their retirees to buy up and store physical gold and not just only invest in the futures market contracts for gold which is basically considered to be "paper gold". Furthermore this bill is being crafted in such a manner that it would obligate and allow the state of Texas to defend your gold (using and citing the 10th amendment) if the Federal government were try to confiscate gold as it did in the 1930's.
 
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Orignal Earl

Diamond Member
Oct 27, 2005
8,059
55
86
You want Texas to leave the US, you want the rich to leave the US, who is going to left to support your ass?
If your boss made 300% more then you.
You know his job is actually 10 times easier then yours, since he's making you do most of his work anyways.
Would you move up to his spot for a 100% raise?
 

Matt1970

Lifer
Mar 19, 2007
12,320
2
0
If your boss made 300% more then you.
You know his job is actually 10 times easier then yours, since he's making you do most of his work anyways.
Would you move up to his spot for a 100% raise?
Yep, running a company is just sooooo easy....
 

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