The State of Texas is setting up a gold-backed bank
- that will allow depositors to bypass the controversial Federal Reserve System and
- its fiat currency in banking and commerce,
- according to the state representative, who authored the recently enacted law.
- Under the measure, passed overwhelmingly by lawmakers and signed in mid-June by Republican Governor Greg Abbott,
- Lone Star State officials will establish and operate the Texas Bullion Depository
- for anyone, who would like to deposit and trade in precious metals.
- The implications are as big as Texas
While some analysts have said the move may be another sign heralding Texas’ eventual secession from the union
- or preparation for financial Armageddon,
- its advocates say the depository simply makes financial sense.
- Among other benefits, the institution will provide more options to consumers
- weary of the increasingly troubled traditional banking and monetary system,
- which is viewed by the public with growing suspicion.
- And experts say the effect of making it easier to use sound money in commerce could be far-reaching.
Among other immediate effects, the law creating the first state-level gold-backed bank in the nation
- House Bill 483, will involve repatriating about $1 billion of Texas gold from New York.
- Conflicting news reports and official statements say the state’s precious metals stockpile
- is being held either by HSBC in New York, or by the powerful New York Federal Reserve Bank,
- a privately owned outfit, cloaked in secrecy with immense power over the U.S. economy.
Bonus - Texan humor