Texas does it again

When someone is “holding on to” your gold for you, it is best to get it back

With Eye on Fiscal Armageddon, Texas Set to ‘Repatriate’ Its Gold To New Texas Fort Knox

On Friday, Gov. Greg Abbott signed legislation that will create a state-run gold depository in the Lone Star State – one that will attempt to rival those operated by the U.S. government inside Fort Knox and the Federal Reserve Bank of New York’s vault in lower Manhattan. “The Texas Bullion Depository,” Abbott said in a statement, “will become the first state-level facility of its kind in the nation, increasing the security and stability of our gold reserves and keeping taxpayer funds from leaving Texas to pay for fees to store gold in facilities outside our state.” Soon, Abbott’s office said, the state “will repatriate $1 billion of gold bullion from the Federal Reserve in New York to Texas.”

Please don’t let this be a joke.

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4 Responses to Texas does it again

  1. formerly dfwmtx says:

    I’m not sure that the fed.gov gives much of a shit about gold. However, were Gov. Abbott to stop the export of oil & gas out of the state, as well as catching all illegal immigrants coming over the Rio Grande and releasing them en-masse into Washington DC, then fed.gov would give a shit.
    The financial elites wanted us away from gold-backed money a long time ago because if money was forced to be backed with gold, they couldn’t create more wealth. However, the invisible hand inserted itself into the market, and the dollar got tied to oil, so our currency is still backed with a commodity, albeit one that is consumable versus non-consumable like gold.

  2. Pingback: Texas to bring its gold back home

  3. Kristophr says:

    The bankers do not “create wealth” by printing up more money.

    They steal wealth from producers, and transfer it to cronies who get to spend the new fiat money before it becomes less valuable.

    And tying gold to oil ( the petro-dollar ) was not any kind of invisible hand. It was Nixon and Volker trying desperately to save the dollar after it became clear that the Fed could not honor the Bretton Woods agreement and redeem those dollars in gold at the rate set by that agreement.

    The Saudis agreed to only trade in dollars in return for a promise by Nixon to defend them.

    Obama has abrogated this, and now the Saudis sell oil for Euros, Rubles, and Renmimbi. And thus the Dollar has gone into free fall.

  4. Sulaco says:

    I remember a TV series about the gold reserve and its condition. The UK demanded the gold stored in the US deposits back, the deposits placed there during and after WW II. The NY vaults were empty and it would take “several years” according to the government accounting office for the US to find “their” gold or enough to return the same amount to the UK. Just think what would happen if all countries (and states) demanded that their gold be returned to them. Fort Knox has in recent years refused to supply congress with an inventory or allow Congress to inspect US gold reserves being “held” there. Me thinks its all gone and when the news breaks, that it for the US government.

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