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03-25-2013, 05:04 PM #1
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Texas takes step toward Secession with Rick Perry's plan to hoard Gold
Fort knox of Texas: Texas takes step toward secession with Rick Perry's plan to hoard gold
David Edwards
The Raw Story
Fri, 22 Mar 2013 00:00 CDT
Texas Gov. Rick Perry (R) and freshman state Rep. Giovanni Capriglione have a plan to create a "Fort Knox of Texas" so that the state can start hoarding gold.
Giovanni has filed a bill to establish a Texas Bullion Depository to store the $1 billion worth of gold bars that are owned by University of Texas Investment Management Co. (UTIMCO), which are currently being housed by the U.S. Federal Reserve.
Speaking to conservative radio host Glenn Beck on Tuesday, Perry said that lawmakers were in the process of "bringing gold that belongs to the state of Texas back into the state." Beck has been a longtime paid spokesperson for the precious metal seller Goldline, which agreed to refund up to $4.5 million to former customers last year after being sued for marking up gold more than 50 percent.
"If we own it, I will suggest to you that that's not someone else's determination whether we can take possession of it back or not," Perry told Beck.
Former Rep. Ron Paul on Thursday explained to The Texas Tribune that the gold would be safer in the hands of Texans.
"If you think gold is a hedge, or a protection, you always want it as close to the individual and the entity as possible," Paul said. "Texas is better served if it knows exactly where the gold is rather than depending on the security of the Federal Reserve."
For his part, Capriglione said that he had gotten the idea while attending a tea party rally with Perry in Tarrant County earlier this year
"Something on the scorecards of a lot of these businesses in deciding whether they want to come to Texas is stability and gold as being one of those items," Capriglione insisted. "I think it's been in his consciousness for a while in trying to get some sort of depository in the state of Texas."
"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."
Tangent Capital Partners senior managing director Jim Rickards speculated to Yahoo Finance on Thursday that creating a "Fort Knox of Texas" could be a step in Texas creating its own currency and eventually moving to secede.
"This bill contains a provision that says to the federal government that you, the federal government, purport to confiscate this Texas gold, we, the state of Texas, consider that to be null and void," Rickards pointed out. "And under the 10th Amendment of the United States Constitution, they have that power."
Earlier this year, more than 100,000 people signed a petition on the White House website calling on President Barack Obama's administration to allow the state to secede.
White House Office of Public Engagement Director Jon Carson responded by noting that the Supreme Court in 1869 that states do not have a right to secede.
Carson noted that the Founding Fathers established a Constitution and "enshrined in that document the right to change our national government through the power of the ballot - a right that generations of Americans have fought to secure for all. But they did not provide a right to walk away from it."
In a 2009 interview, Perry had joked that Texas was "thinking about" becoming an independent republic, but he dismissed the call to secede last year.
Watch this video from Yahoo Finance, broadcast March 21, 2013.
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03-25-2013, 05:09 PM #2
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03-25-2013, 05:10 PM #3
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03-25-2013, 05:37 PM #4
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03-25-2013, 05:46 PM #5
Sadly I see the US breaking apart as did the soviet union it will be based on ideology rather then region.
I'm old with many opinions few solutions.
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03-26-2013, 10:09 PM #6
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Why Texas wants its gold back from the Federal Reserve
By Keith Wagstaff | The Week 11 hrs ago
ViGov. Rick Perry tells Glenn Beck he wants the state's $1 billion ingold bars on Texas soilTexas wants its gold back all $1 billion of it. That's what Gov. Rick Perry told Glenn Beck on his radio show last week, according to the Texas Tribune.
The Federal Reserve holds the gold bars, which are owned by the University of Texas Investment Management Company. Perry wants to bring them all back to Texas to store the gold in what would be called the Texas Bullion Depository.
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Former Rep. Ron Paul (R-Texas), a stalwart gold standard proponent, supports Perry's proposal. ButTexas state representative Giovanni Capriglione, who wrote legislation to fulfill Perry's wishes, wants to distance the move from that kind of rhetoric, telling the Texas Tribune that the measure is "not about putting Texas on its own gold standard." He says, instead, that it looks to "give the state a reputation as being more financially secure in the event of a national or international financial crisis."
But what's so bad about keeping the gold in the Federal Reserve's vault in New York City? If there were a serious spike in inflation (a big worry of gold standard supporters), there would be nothing to stop Texas from accessing its store of gold in Manhattan. And taking the gold to Texas would likely be more problematic than helpful. As Neil Irwin of the The Washington Post notes, building, staffing, and securing the proposed Texas Bullion Depository would be incredibly expensive.
In fact, it would take a Mad Max-style breakdown to justify bringing all of that booty back to Texas, says Irwin:
For it to make sense to go to all that hassle of storing your own gold, you have to be insuring against some much darker possibilities, like a collapse of the U.S. government and monetary system...
In some episode of hyperinflation and U.S. government collapse, as the nation falls into a Hobbesian state of nature, paper dollars will be no good, but gold would likely be the medium of exchange for buying food and guns and whatever else is needed for Texas to prosper amid the post-apocalyptic hellscape. [Washington Post]
Another reason other than the one put forth by Capriglione that a state might want to keep $1 billion of gold handy is if it were planning to secede. Texas has already tried to break away from the Union twice in 1836 and 1865 and more than 100,000 Texans signed an online petition earlier this year asking the White House to allow the state to secede.SEE MORE: Today in business: 5 things you need to know
Other than support from the Tea Party set, though, many Texas politicians aren't sold on the gold idea. State Rep. Lon Burnam (D) told the Texas Tribune, "We've got plenty of real problems that we're not going to deal with this session. Let's deal with them."
Why Texas wants its gold back from the Federal Reserve
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07-17-2015, 04:26 PM #7NO AMNESTY
Don't reward the criminal actions of millions of illegal aliens by giving them citizenship.
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