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Thread: Tarrant lawmaker seeks to create Texas Bullion Depository

  1. #1

    Tarrant lawmaker seeks to create Texas Bullion Depository

    Call it the Rick Perry gold rush: The governor wants to bring the state's gold reserves back from a New York vault to Texas.

    And he may have legislative support to do it. Freshman Rep. Giovanni Capriglione, R-Southlake, is carrying a bill that would establish the Texas Bullion Depository, a secure state-based bank to house $1 billion worth of gold bars owned by the University of Texas Investment Management Co., or UTIMCO, and stored by the Federal Reserve.

    The idea isn't entirely new. Some Republicans worked on a gold bill last session that was never filed. And gold-standard-backing Ron Paul, the former Lake Jackson congressman, has raised repeated concerns about the safety of states' gold supplies.

    "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 told The Texas Tribune on Thursday. "Texas is better served if it knows exactly where the gold is rather than depending on the security of the Federal Reserve."

    Bringing Texas' gold home has gained traction this session because of Perry's vocal support. On conservative radio host Glenn Beck's show Tuesday, the governor said Texas is "in the process" -- the legislative process, he later clarified -- of "bringing gold that belongs to the state of Texas back into the state."
    He argued that the state is at least as capable as the Federal Reserve of safeguarding Texas' "physical gold."
    "If we own it," Perry said, "I will suggest to you that that's not someone else's determination whether we can take possession of it back or not."
    Rep. Lon Burnam, D-Fort Worth, said he is familiar with Capriglione's bill but is skeptical that it addresses a legitimate problem facing the state.
    "We've got plenty of real problems that we're not going to deal with this session," Burnam said. "Let's deal with them."

    Capriglione said he was at a Tea Party event in Tarrant County this year where Perry spoke about the state's gold investments as an economic development tool. Since then, he has worked with Perry's office on the bill.
    "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 said. "I think it's been in his consciousness for a while in trying to get some sort of depository in the state of Texas."
    He has also spoken with UTIMCO, which owns the 6,643 gold bars housed underground in New York City.
    "We're trying to figure out the right amount of gold to have here in Texas," Capriglione said.
    "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."

    The United States and many other countries stopped pegging their currencies to the gold standard decades ago. Capriglione said the bill is not about putting Texas on its own gold standard. Rather, a depository would give the state a reputation as being more financially secure in the event of a financial crisis.
    Tarrant lawmaker seeks to create Texas Bullion Depository | Texas Legislature | News fro...

    Texas is really the state of resistance in my opinion, what are your thought?

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    I think it is a good idea. Texans may be surprised if they find out that their gold doesn't exist.

    It is also a good first step if Texan's are serious about seceding from the USA union. According to this video, it looks like Texas could easily do it financially.



    The problem with Texas dropping out of the USA is that there would not be enough room in the state for the millions of conservatives who would immediately migrate there.
    "Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote." -- Benjamin Franklin


  3. #3
    But all those millions of conservatives moving to Texas would displace all the illegals!

  4. #4
    Quote Originally Posted by iowadawg View Post
    But all those millions of conservatives moving to Texas would displace all the illegals!
    There you go again with putting a happy spin on everything.

    I seriously think there would be a mass migration if Texas managed to break away for the USA. Regardless of what the video concludes from a biased Supreme Court perspective, I don't think the US government would go to war with Texas just because they dropped out and refused to waste any further money paying Federal taxes. The Mexican American War and the Civil War were different times. While Mexico can try to claim that Texas was part of Mexico when they attacked the Alamo, the fact is that Texas was already an independent territory at that time and not part of either Mexico or the USA. It was, in effect, its own country at the time.

    Texas has a unique range of resources and industries that would allow it to survive and probably thrive as an independent country today. It has cattle, oil, agriculture and a wide range of manufacturing industries. Hey Texas, you say the word and disconnect from the incredibly wasteful Obama welfare nation and I will be your first legal immigrant.
    "Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote." -- Benjamin Franklin


  5. #5
    Quote Originally Posted by TopDogger View Post
    I think it is a good idea. Texans may be surprised if they find out that their gold doesn't exist.

    It is also a good first step if Texan's are serious about seceding from the USA union. According to this video, it looks like Texas could easily do it financially.

    The problem with Texas dropping out of the USA is that there would not be enough room in the state for the millions of conservatives who would immediately migrate there.
    My wife told me that the Texas mindset is like they are in their own country. I love the concept, and frankly I don't know about you, but I am tired of centralized power, because it doesn't bring anything good to the people besides taxes, restrictive laws and most of the time people are deprived of liberties and freedom.

  6. #6
    Texans have always been very proud of their state and they have always been very independent, which goes back to the days of the cowboys.

    Too much centralized power forms the basis for a tyrannical government. When the government gets too strong and people start to oppose it, the more tyrannical it tends to become. We are seeing that right now. Washington is in serious need of getting their wings clipped.
    "Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote." -- Benjamin Franklin


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