Texas Wants its Gold Back from the Feds

[Dusty]

Sometimes I wish I'd never left Big D...

http://www.wnd.com/2013/03/why-texas...from-the-feds/

The eyes of Texas are upon you” goes the song, but right now those eyes seem to be squarely focused on the financial crisis in Cyprus.

Texas Gov. Rick Perry is supporting a bill that would return the state’s $1 billion in gold reserves currently stored by the Federal Reserve at a vault in New York to the state.

The sponsor of the bill, State Rep. Giovanni Capriglione, R-Southlake, told the Texas Tribune, “For us to have our own gold, a lot of the runs on the bank and those types of things, they happen because people are worried that there’s nothing there to back it up.”

Bank runs were the great fear in the Mediterranean-island country of Cyprus today, as banks reopened for the first time since March 16, while the European Union imposed unprecedented austerity measures on the nation, including confiscating money in bank accounts. WND reported on March 18 the concerns that the crisis could spread to the U.S. financial system.

Capriglione said his bill is, “not about putting Texas on its own gold standard, [but instead will] give the state a reputation as being more financially secure in the event of a national or international financial crisis.”

“If we own it,” Perry told Glenn Beck last week, “I will suggest to you that that’s not someone else’s determination whether we can take possession of it back or not.”

Capriglione’s bill would establish the Texas Bullion Depository to hold the gold.

“We don’t want just the certificates. We want our gold. And if you’re the state of Texas, you should be able to get your gold,” said Capriglione.

However, he concedes transporting $1 billion worth of gold bars would be impractical, so he suggests selling the gold and repurchasing it in Texas.

The bill might get bipartisan support. State Sen. Rodney Ellis, D-Houston, called the bill “an interesting concept” and wants to consult financial experts on its merits.

That bipartisan support may stem from the severity of the crisis in Europe and fears it could spread here.

Snip

[SF18C]

Two things...
1) Dusty you can come live here!

2) Could this be the catalyst for a Texas succession?

Edit...maybe I should have made both of those point in pink

[Dusty]

Originally Posted by SF18C

Two things...
1) Dusty you can come live here!

2) Could this be the catalyst for a Texas succession?

Edit...maybe I should have made both of those point in pink

Arkansas is closer to the land mass geocenter, but thanks anyway.

If Texas secedes, it will incorporate AR, I'm sure...

[Lan]

We should have a right to know how much gold is at Ft. Knox. Why it hasn't been audited is beyond me. The gold reserves at the Fed are private and the New York facility happens to have the most. I don't think Rick Perry understands that if the Fed is 'storing' their gold that essentially means the fed owns their gold. Why the state of Texas would allow a private corporation to house their gold reserves is another question that begs to be asked.

Edit: The Fed is not in the business of storing gold, it's in the business of making money and stabilizing our monetary system. I applaud Rick Perry for his efforts. It's definitely a step in the right direction! Our government needs to be held accountable for the past 100 years of monetary system F ups. See Gold Act of 1934 or Federal Reserve Act of 1913.

[Badger52]

Originally Posted by Dusty

[B][I]However, he concedes transporting $1 billion worth of gold bars would be impractical...

Have Amtrak do it, they already lose so much per seat mile they could haul it for nothin' and look like they were makin' money.

Or... there are reportedly a bunch of MRAPs around. Pretend they're nukes and let the TX NG conduct the mother of all escort missions. Don't half-step here, Gov. Perry, if you want your gold, go get your gold.

[SF18C]

Originally Posted by Badger52

Have Amtrak do it, they already lose so much per seat mile they could haul it for nothin' and look like they were makin' money.

Or... there are reportedly a bunch of MRAPs around. Pretend they're nukes and let the TX NG conduct the mother of all escort missions. Don't half-step here, Gov. Perry, if you want your gold, go get your gold.

In true Texan fasion we SHOULD transport all of it back, and in stage coaches no less...I call shotgun!

[Lan]

That does sound like a fun trip!