Posted on 06/17/2015 1:17:50 PM PDT by texas_mrs
The state of Texas is demanding the Federal Reserve in New York repatriate $1 billion in gold bullion after Governor Greg Abbott signed a bill establishing a state-run gold reserve in the Lone Star state.
Abbott signed House Bill 483 into law last Friday, stating, “Today I signed HB 483 to provide a secure facility for the State of Texas, state agencies and Texas citizens to store gold bullion and other precious metals. With the passage of this bill, the Texas Bullion Depository 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.”
Under the terms of the bill, written by Rep. Giovanni Capriglione (R-Tarrant County), the gold will be held in state run depository beyond the reach of the federal government and other any “quasi-governmental authority” should they attempt to access or “confiscate” it.
Section A2116.023 of the bill states: “Purported confiscation, requisition, seizure, or other attempt to control the ownership … is void and of no force or effect.”
The bill also states “The depository in the case of receiving notice of a purported confiscation, requisition, seizure, or other attempt to control the ownership, disposition, or proceeds of a withdrawal,transfer, liquidation, or settlement of a depository account … may not recognize the governmental or quasi-governmental authority, financial institution, or other person acting as the lawful successor of the registered holder of a depository account in question.”
(Excerpt) Read more at conservativerefocus.com ...
This could get interesting!
Good for Texas!
Ridiculous.
There is no gold.
Well done Texas.
Our present financial system is the foundation of progressive-left government. Printed money, monetized government debt, manipulated interest rates - all mean that government never needs to say “no” to any leftist social-engineering or political scheme. its why government is a natural base for leftists.
Actually, the existence of gold has been documented for thousands of years.
I suggest that your information may be out of date.
You may be right! If so, perhaps this move will flush out that fact!
A step towards succession?
Oops. I meant secession. I could blame it on auto-correct, but nope, it was me.
I would be SURPRISED to have it CONFIRMED that the State of Texas owned more than a negligible amount of gold bullion, and I would think they’d have NONE at the Federal Reserve!
Whoever has Texas Gold will issue IOU’s, but no gold.
Like the Germans, they will find that their gold is [ahem] mysteriously missing.
That is funny.
Somewhere, somehow there is a judge who will, for reasons unknown and never to be explained, manage to find the State of Texas in violation of, if not the law then something else very important.
Texas will never even get to see that gold let alone have it returned to them.
You read it here first.
OK.
There is no gold stored in vaults in NYC. Germany wasn’t able to get any, the same for Texas.
That’s one of the points. Texas will ask for our gold and the lack of gold will eventually be exposed.
I hope they succeed.
They might even be thinking about secession as well.
Germany asked for its gold back and had it quietly explained to them that they wouldn’t be getting it,
and also what the consequences would be if they
pursued the issue any further.
They tucked tail and shut up.
Or substantially replaced by tungsten.
“No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.”
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