I'm So Proud of My State, Texas For Leading The Fight Against The Fiat Money; HB483 29-2 Passes!!!!!

This is huge, Texas lawmakers have passed HB483 which will allow Texas to create a Bullion Depository for precious metals and use them as legal tender for payments. Texas is starting to get away from the fiat paper money, a great move. Apparently even foreign countries are calling Texas lawmakers as well to let them know they would rather Texas hold their gold than HSBC or some Vault in NY lol.... Praise God for Texas. No wonder the FED's have Texas listed as hostile.........Here's a few links I found about the subject:

ZeroHedge

"We are not talking Fort Knox," Capriglione said. "But when I first announced this, I got so many emails and phone calls from people literally all over the world who said they want to store their gold … in a Texas depository.

"People have this image of Texas as big and powerful … so for a lot of people, this is exactly where they would want to go with their gold."

Here's the link with the above quote:

KHOU

What do you guys think???

I think this is huge and definitely has to potential to upset the fiat money apple cart.
On days like this, what a great state, the great republic and state of Texas; true home of the brave and land of the free!!!!!!!!

a reply to: BlessedLore

It is rather pointless. Until the dollar is linked to gold or a basket of commodities, or in a best case scenario, convertible, this will do nothing to affect the deflationary aspect of a fiat dollar. All they are doing is moving gold from one vault to another.

What I read from the source is that it's only a moneymaking opportunity for Texas . They are pledging to keep the gold safe just like New York or Shanghai or any other bouillon reserve . It might also be nice to note that the Gold is not the property of the state of Texas .

Go Texas!

For the record, however, my home state of Utah beat you to it by just over three years..

le.utah.gov...

I would love to see more states enact similar laws.

I don't think fiat currencies are bad - I do believe they are necessary. The problem isn't relying on a currency who's value comes from faith in the issuing authority - instead it comes from usury and our country borrowing from a privately owned central bank. Eliminate the Federal Reserve and return the power to print currency to Congress.

originally posted by: Greathouse
What I read from the source is that it's only a moneymaking opportunity for Texas . They are pledging to keep the gold safe just like New York or Shanghai or any other bouillon reserve . It might also be nice to note that the Gold is not the property of the state of Texas .

The repository is second in importance to the ability to use bullion as legal tender, and the obligation for businesses to accept it.

a reply to: AugustusMasonicus

It is rather pointless. Until the dollar is linked to gold or a basket of commodities, or in a best case scenario, convertible, this will do nothing to affect the deflationary aspect of a fiat dollar. All they are doing is moving gold from one vault to another.

LOL. You don't think gold is convertible to any form of paper on this planet? LOL again.

You think the USD is deflationary? And you probably think deflation is bad for people that buy things they need right? LOL all the way off my chair.

originally posted by: TinkerHaus

originally posted by: Greathouse
What I read from the source is that it's only a moneymaking opportunity for Texas . They are pledging to keep the gold safe just like New York or Shanghai or any other bouillon reserve . It might also be nice to note that the Gold is not the property of the state of Texas .

The repository is second in importance to the ability to use bullion as legal tender, and the obligation for businesses to accept it.

But you have to own the gold before you can use it to back new currency .

a reply to: AugustusMasonicus

It is rather pointless. Until the dollar is linked to gold or a basket of commodities, or in a best case scenario, convertible, this will do nothing to affect the deflationary aspect of a fiat dollar. All they are doing is moving gold from one vault to another.

Not really, actually it's genius as when the dollar goes bye bye, Texas can still float along as BRICS and others will as well. And yes the more gold we add to the depository it will definitely affect the value of the US dollar, think not, well tell that to the forex markets, price action and news trading speculation. And no it's not just moving it from one vault to another. By moving it to the soon to be Texas bullion depository, we know it's actually there, not tungsten bars, not paper fax with amount but physical inventory and this is important to those in the bullion arena. Something the Fed has been losing as of late, last example was Germany getting the cold shoulder when trying to ask about let alone trying to acquire their own physical gold lol....How many times did the FED say no until finally....Not what another country wants when storing their precious metals abroad.

originally posted by: InverseLookingGlass
LOL. You don't think gold is convertible to any form of paper on this planet? LOL again.

Do you have a reading comprehension issue? I clearly stated a convertible dollar.

You think the USD is deflationary? And you probably think deflation is bad for people that buy things they need right? LOL all the way off my chair.

The dollar has been in a deflationary spiral since the early 1970's due to it being completely unlinked from gold. This allows the federal Reserve to print unlimited amounts of currency and sell the notes it is backed by to the citizenry.

Deflation is bad, it is even worse than inflation. A strong economy will have zero inflation/deflation or very slight inflation.

Do you have even a minute grasp of the topic or are you too busy falling off your chair to understand?

originally posted by: BlessedLore
Not really, actually it's genius as when the dollar goes bye bye, Texas can still float along as BRICS and others will as well.

How? It is not their gold.

Also, if the dollar 'goes bye, bye' how would anyone here purchase it? With colored rocks and shells?

What I read from the source is that it's only a moneymaking opportunity for Texas . They are pledging to keep the gold safe just like New York or Shanghai or any other bouillon reserve . It might also be nice to note that the Gold is not the property of the state of Texas .

a reply to: Greathouse

Everything in this world has some form of monkey-making to it almost nowadays. Some of the gold will actually be the state's as the UT gold will be kept there also as well among others. Individuals gold will be theirs and I have to say I think I would trust Texas a hell of allot more than the FDIC and the FED system as of late would you agree???

a reply to: BlessedLore

Personally I trust nobody .


And nowhere in any of the sources did I see a link that claimed part of the gold was Texas's. The premise of this thread is ridiculous. Apparently Texas is going to fight the Fiat dollar by issuing a Fiat dollar since hey don't allow gold? Lol

For the record, however, my home state of Utah beat you to it by just over three years..

le.utah.gov...

a reply to: TinkerHaus

First props to your state Utah in general sicking it to the man..... I read the gist of the bill its shows accepting payment in gold and silver even amendments to the tax codes and laws as well but I did not see anywhere where Utah established their own actual Bullion depository. Did they add the depository in another bill or has that specific thing not gone though yet for Utah???

I would love to see more states enact similar laws.

I don't think fiat currencies are bad - I do believe they are necessary. The problem isn't relying on a currency who's value comes from faith in the issuing authority - instead it comes from usury and our country borrowing from a privately owned central bank. Eliminate the Federal Reserve and return the power to print currency to Congress.

I fully agree if the FED was removed and congress took over again then I would feel allot different about paper money than I currently do.

Props to you and your state, and like you said I also hope more states board the band wagon as well.

originally posted by: TinkerHaus


The repository is second in importance to the ability to use bullion as legal tender, and the obligation for businesses to accept it.



But you have to own the gold before you can use it to back new currency .

a reply to: Greathouse

Greathouse, I don't think TinkerHaus meant that at all. I think TinkerHaus was referring that gold/silver can now be used as a second form of payment other than paper money and not what you were thinking as backing a new paper monies with gold. Hope that clears that up.

originally posted by: BlessedLore
Not really, actually it's genius as when the dollar goes bye bye, Texas can still float along as BRICS and others will as well.


How? It is not their gold.

Also, if the dollar 'goes bye, bye' how would anyone here purchase it? With colored rocks and shells?

a reply to: AugustusMasonicus

How? It is not their gold.
What are you referring to in the above sentence, it is very vague. Let me know so we can commence dialogue.

Also, if the dollar 'goes bye, bye' how would anyone here purchase it? With colored rocks and shells?

If the dollar did collapse, then with the establishment of the bullion depository people could get said precious metal for work or serviced rendered so I don't see an issue as Texas has said they are creating a digital front as well so members could do transfers of metals to each others account much like direct deposit used by most employers.

originally posted by: BlessedLore
What are you referring to in the above sentence, it is very vague. Let me know so we can commence dialogue.

The gold obviosuly does not belong to Texas. It belongs to its depositors. They cannot legally do anything other then store it.

If the dollar did collapse, then with the establishment of the bullion depository people could get said precious metal for work or serviced rendered so I don't see an issue as Texas has said they are creating a digital front as well so members could do transfers of metals to each others account much like direct deposit used by most employers.

So Texas should confiscate the deposited gold and disburse it to its citizens so they can use it to pay each other?

Tell me why anyone would want to move their gold if this is the proposed outcome?

So things to know before anyone gets excited. The gold in question belongs to the states University Investment Fund. It is currently held in by a private bank HSBC in New York. This plan has been tossed around before but, declined because of the cost of holding and securing the gold means a loss of some of the return on the investment. However the creator of this bill manage to sell it by claiming they only need a vault of 20 square feet to store it and that would keep costs down. So in the end if they can keep costs below what the they pay HSBC to store it is good deal, if it costs more it is just wasting money. And in this case if it is stolen Texas will have to pay back its University system instead of HSBC.

It's like a bank......except instead of depositing crappy fiat funny money, you can deposit precious metals. I see this as a way to even pay bills, etc, bypassing using the US Dollar after its inevitable collapse.

I've lived in Texas for 13 years and I feel grafted on permanently now. Go Texas! Next up: Seceding from the union. We have a 3 trillion a year economy down here. We don't need the United States. The united states needs us.

What the bill essentially does is create a means for transactions to occur in precious metals. It allows people to open an account and deposit their precious metals in the state depository. They could then use the electronic system to make payments to any other business or person who also holds an account.

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HB483 previously passed the House by a vote of 140-1. After some amendments were added in committee on the Senate side, the bill will first go back to the House for concurrence. On Twitter, Capriglione said the amendments were “minor” and in the vote, he “will concur.”

5/26/2012 -
Texas Senate Passes Bill to Establish Bullion Depository

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OPINION:

An Example of ... Leadership-At-Work.
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