Greg Abbott Jade Helm
Image- YouTube

Last Friday, Texas Republican Governor Greg Abbott signed House Bill 483 into law, which will create a new state-level bullion depository. According to KVUE-TV, representatives from Governor Abbott’s office said that, under the new law, Texas will repatriate $1 billion in gold from the New York branch of the Federal Reserve to its new state gold depository, which has been unofficially nicknamed Texas’ “Fort Knox.”

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,” said Governor Abbott, according to a press release.

The Houston Chronicle notes that the legislation was originally introduced by Southlake Republican Representative Giovanni Capriglione back in 2013, but that it only recently gained momentum in the Texas legislature.

Tenth Amendment Center founder and executive director Michael Boldin wrote that the bill “creates a means for transactions to occur” in gold. “In short, a person will be able to deposit gold or silver – and pay other people through electronic means or checks – in sound money. Doing so has the potential to open the market to sound money in day-to-day transactions,” said Boldin.

According to The Epoch Times, Victor Sperandeo of the financial firm EAM Partners said, “In this case it’s going to be a depository, the gold is going to be there, they are not going to be able to lend it out and it won’t serve as collateral for other transactions of the bank.” Funds held in the depository will be protected by the State of Texas from any attempts at seizure, even by the federal government.

Constitutional lawyer Edwin Viera told The Epoch Times, “People can legally [use gold as money] with gold contracts. The difficulty is the implementation. Now Texas has set up a mechanism with the depository. We have accounts in that institution and can easily transfer back and forth certain amounts. So we can run our money system on a gold or silver basis if we were so inclined.” He continued, “If someone from the Department of Justice comes along you are going to see legal and political fireworks. The state is going to say ‘we need to have a mechanism to make gold and silver money. This is pursuant to the constitutional provision we have. You can’t touch this. Our state power on the constitutional level is more powerful than any statute you may pass’.

The bill’s sponsor, Representative Giovanni Capriglione, said to the Star-Telegram, “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.

Under the law, the Officer of the Comptroller will serve as the custodian and administrator of Texas’ new precious metals depository.

  • James Michael Hartley

    Texas still does a few things right.

    • sweetqueen777

      Texas does a LOT of thing right.

      • James Michael Hartley

        Oh I agree.

    • g.johnon

      well you good ol boys did shut down the transamerican highway, so far, I will give you mucho credit for that one. but don’t freaking relax.

      • James Michael Hartley

        Absolutely.

  • DaveBeaulieu

    That is a start in the right direction! Hopefully he won’t be assassinated like Kennedy was when he messed with the “private” owners of the Federal Reserve!

    • g.johnon

      well maybe so daveb, but when it all boils down, its just another hoodoo fractional reserve system. there is not enough gold in the world for a gold based money system to work without highly (super highly) fractionalizing its (money’s) distribution. the only workable backing for a dollar is production without the grubby little paws of the “elites” all over the system. so, you are right about the kennedy thing. lincoln did the same thing (greebacks) and…..well you know, history.

  • FarmerJack

    Next can we start our own currency in Texas? I believe we can do a better job at shutting off the printing press than the Fed. Queen Victoria kept inflation a nearly 0% for almost 100 years. We can do the same in Texas if we had the chance.

    • fearlesskris

      First you better get yourself a Queen. Unless you’re looking to Abbott for that…

      • Samuel Adams

        We don’t need a stupid queen. We also don’t need the stinking Federal Reserve and the U.N.

        • g.johnon

          nobody does.

    • g.johnon

      we could do the same in America, or anywhere else….if we had the chance. man this divide and conquer shit is working like a freaking dream!

    • docmerlin

      Essentially already did. You will be able to write checks against your gold account.

      • FarmerJack

        Awesome!

  • scribblegenie

    Texas, pls secede. We’ll all be happier.

    • Tim Goyer

      I know Texans would be.

    • Samuel Adams

      If you don’t live in Texas, you won’t be all the happier. When we leave, your taxes will rise through the roof to pay for all of the communist/socialist programs that have failed and keep sucking Americans dry. We also will stop being controlled by the global elitists that own the Federal Reserve that have made the country go broke.

      • scribblegenie

        Doubtful. Texas currently uses enormous amounts of federal assistance, far more than most other states, and far more than what they contribute in return. This has been long documented. Please secede, Texas. The rest of us will happily two step Texas away.

        • Mike Allen

          what’s “long documented” to you is more democrat BS. The best thing we have going is you’re not here http://wallethub.com/edu/states-most-least-dependent-on-the-federal-government/2700/

        • Samuel Adams

          Your brain is a scribble. Where do you get your info? Last fed report has stats showing Texas pays way more than we get from fed govt. Also, Texas is not a big welfare state. Now if you want to talk about all of the illegals the feds brought here and now get food stamps, that is a different story. That you can blame on obummer. But we can’t stop the fed assistance socialist welfare the fed does. But if and when we leave the union that would stop and all the illegals will stop getting govt. checks and go up north. Even with illegals we still are in top 5 of economic growth.

          • Mike Lavender

            Yep, your Utopia’s gonna get anemic. All the Defense contractors gone, highway funds gone, healthcare costs skyrocket. The ‘illegal’flow won’t stop, VA hospitals close, Federal military bases close. Medicare payments gone, Crime increases as any assistance from Federal agencies disappears. The only thing that remains static is the level of stupid.

          • Justda Tip

            Everything you stated could be created in any state. We have the means to pay for it internally not like most states right now who need Texas to survive. You will be like some of these other haters looking over the fence one day thinking you should have moved when you had the chance.

          • g.johnon

            no sammie, you blame that one on georgie the second. he is the one who opened the border, obummer just didn’t close it. corporate is the biggest welfare recipient in the country by far. followed by the war machine (lots of overlap between those two) and the cost to administrate the dshs welfare program (about twice the money goes into the administration of “welfare” than goes directly to its recipients. welfare is one of the few good ideas the left has ever come up with. but nobody wants to think about 20-30 million starving, homeless people coming to dinner at your house whether you like it or not. or should we just kill everyone under a certain income level? I am totally sick of platitudes from the “right” as well as the “left”.

          • Kingzilla

            In the 2010-11 biennium, the federal government supplied more than 40 percent of all state revenue, due to the additional temporary American Recovery and Reinvestment Act (“stimulus”) funds. The state budget received $15 billion in federal stimulus support in 2009, 2010, and 2011. While some of that money was dedicated to specific, one-time uses, the Legislature used about half to replace General Revenue spending on schools and health care. In other words, rather than take advantage of the ARRA funds to jumpstart the economy, Texas used it to fund public services typically paid for with General Revenue. In 2013 and years after, actions to reduce the federal budget deficit will reduce the amount of federal money available to states.

          • scribblegenie

            Blame Obama? Are you trying to tell me that there were no brown skin people in Texas before Obama? You mean no one ever crossed the Rio Grand before Obama? Sorry, trying to blame Obama for a problem that is so entrenched in our southern border history it becomes comedy fodder for movies. I’m referring to MIB1.
            Besides, you do know that Texas was once a part of MEXICO. There are going to be lots of brown peole there from now on.

        • Justda Tip

          Well let’s remember that the oil Texas provides would pay for any assistance we need internally as long as we stop carting it away to other states and then watch how much to pay for a gallon of gas without the reserves we have, idiot.

          • scribblegenie

            If that’s so then why aren’t you using the oil now for your own assistance? Seems Texans would rather suck the Federal government dry rather than use their oil earnings for their own home grown problems.

          • TheTomato

            Because Federal law prohibits the export of oil….

          • scribblegenie

            Justda T. says that Texas could use their oil to pay for any assistance they need after they secede. At that time federal law would no longer cover Texas. But Justda T. doesn’t realize is the cost of all the federal aid given to Texas to set up the infrastructure that would allow the “state” to sell oil to other countries would very likely have to be paid back at secession. Sorry Texans, but you won’t be able to cut the apron strings so easily. There are far too many and each apron string is extremely expensive to cut.

            Texans may want to secede and there are plenty of us non-Texans that would be very happy if you did. But Texas ain’t goin’ no whar without payin’ the revenuer first.

          • docmerlin

            It is illegal for Texas to export its oil. (federal law). We could export it just fine if we seceded.

        • Actually, Texas gets way less than they pay: Federal Taxes collected (1990-2009 in billions): 2,738; Federal Spending (1990-2009 in billions): 2,348.

          http://www.economist.com/blogs/dailychart/2011/08/americas-fiscal-union

    • Jim Gunslinger

      Please learn English and grammar.

      • hmmm

        That isn’t bad english or poor grammar. What’s wrong with you?

      • scribblegenie

        Gunslinger, are you serious? That’s all you can add to this debate? No wonder Texas is having problems.

    • Justda Tip

      says the person who comes running when their state gets over run. We Texans feel the same about any state that has a problem with us. Texas can survive without the resources the other states provide.

      • g.johnon

        yupp…. just one big ol’ boot scootin’, bubba justice paradise!!

      • TheTomato

        Tennessee stands with Texas, as always.

      • John ‘Genryu’

        LMAO! Texas would last about six months. It takes in more Federal money than it gives you dolt.

  • Billie Jane Floyd Noey

    It looks to me that Abbot is preparing just in case we have to receed. He is not going to let the Feds take us down. The problem I see is we will have an over flow of people wanting to move to Tx. There will have to be a stopping point, get rid of all of the illegal Mexicans.

    • Pamela Ann Myers

      Get rid of ALL ILLEGALS, from all countries and including illegal muslims who, in their own words, are here to kill us.

      • Eddie

        That’s the most ignorant thing I’ve read on the internet all day. Congratulations.

        • DebL.

          Maybe her real name is Geller, not Myers….

      • John ‘Genryu’

        Let’s start with you then Pamela. On looking you up, it seems you aren’t native American. GTFO you ignorant, fascist POS.

    • hmmm

      receed or secede?

      • scribblegenie

        LOL IKR

    • Justda Tip

      How about get rid of the white people who came here from everywhere but here in the United States. You can’t have it both ways, we are the melting pot of the world which includes the Mexicans that at one point owned part of Texas and Cali and so on.

      • g.johnon

        of course you missed the word “illegal.

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  • Pat Enery

    The feds will retaliate with more unnatural weather like they’re doing in California. Texas should start shooting down the planes that are spraying all that aluminum oxide. Aluminum (& its derivatives) is not a naturally airborne substance. This should financially bring Texas to its knees. The ruling banking elite do not like relinquishing power or money. Google Geoengineering & Geoengineering Watch. Many are the ways that they employ to keep us enslaved.

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  • Werewolf Alpha

    All the talk of succeeding, while it may be a pleasant thought to get out from under the mostly insane politics of the Fed, is just realistic. One, Bush was one of the worst presidents we’ve had and where did he come from? Two, the Feds have how many military bases in Texas? Trust me, there is a reason for that. Texans will stay on her knees and obey her Fed masters like all of the other states. We are way past the point of being able to fight this giant, oppressive government.

    • DebL.

      Seceeding, you mean?

      • Werewolf Alpha

        It’s seceding, actually, but thank you for pointing out my error.

  • mthorn62 .

    The United States is nearing a 20 trillion dollar deficit, and what are we doing about it? Nothing, It’s totally out of control. So, where does it end? The answer is, in total collapse, Compounding and accruing interest will eventually be so high, that we’ll be paying interest on the interest and nothing on the principal. Our credit rating will go down, we will not be able to borrow, unless we pay a very high interest, and the dollar will collapse and will no longer be stable. Inflation will go through the roof, and paper money will no longer be worth the paper it’s printed on. So, great preparation on the part of our Texas leadership.

    • David Wallace

      Why are we even borrowing in the first place? That’s where all the trouble started, having someone else printing our money and loaning it back to us, What a scam.

  • LetsTryLibertyAgain

    Germany thought they’d repatriate their gold from the New York Fed. The German legislature passed a law and everything. Then The Fed pretended to transfer a little bit of their gold, but quickly told them “No gold for you!” I have no idea what back channel communications occurred but Germany stopped asking for their gold and dropped the matter in a hurry.

    Somehow, I don’t think Texas is going to take no for an answer.

    The Texas gold depository has the potential to create a real commodity backed currency. It wouldn’t take too much to devise a safe and secure electronic means to transfer electronic gold on the books while retaining the physical gold on deposit. The state of Texas could make money by charging far less than the credit card rates charged by Wall Street banksters. Good money always replaces bad money, so this could be a great way to End The Fed.

    The Texas gold depository also has the potential to reveal the naked theft and tear down the entire financial house of cards.

    Either way, it’ll ultimately be a good thing.

  • Jim Morgan

    All I can say is good luck trying to get it back to Texas from the NY Fed. I wonder if it’s even there.

    • docmerlin

      It isn’t being held at the fed. It is held at HSBC in NYC.

  • David Wallace

    I get so tempted to move back to Texas when I read stuff like this but then I see other stuff like “Texas Police Shut Down Little Girls’ ‘Illegal’ Lemonade Stand, Citing Lack Of Permit”. Get your cops back under control and Texas will be a State to look up to.

  • Occams

    Looks like Texas is trying to prepare for the collapse of the US….

    But, ummmmm…Good luck on getting any gold back. It’s either all gone, or just as well considered so.

  • DebL.

    Hate to be so cynical but the only way we’ll know if Abbott truly works for the people of Texas is if there is either an assassination of Abbott (as with JFK) or an attempt at one (and not a phony false flag either). I want no one to be killed by folks the only people that have any power who use that power for the people are either assassinated by the bankster/NWO gangsters, or are nearly assassinated, then say “uncle” and do the bidding of their Satanic masters after recovery.

    But the appearances are that it looks like if Abbott is for real, secession is possible. Meet the new boss, same as the old boss?

    • BarkingDawg

      Are you saying that Abbott will be shot from the window of the Texas Gold Depository ??

      LOL LOL LOL.

  • DebL.

    The other thing is it’s just a method for the Bush’s to get their so-called gold in their hands under the pretext of “we the people”…again, I can’t help but be cynical…why would any politician give a crap about we the people? And wasn’t Abbott the one who stopped Texas from getting rid of TSA?

    • highlanderjuan

      I understand your cynicism, but today the American people have a HUGE problem with a criminal federal government and anything that can break their control over the states and over the people is a good thing.

    • docmerlin

      The Bushs don’t have very much power in texas, dude.

  • highlanderjuan

    I suspect that Texas, like North Dakota, needs to have its own state bank if it is serious about replacing the functions of the federal reserve bank. I hope it does create a state bank. We (the states) ALL need to remove and replace the Rothschild federal reserve bank in its entirety, and it’s pretty clear the DC crime syndicate will never detach itself from the FRB.

  • highlanderjuan

    If we were still a constitutional republic, and if the Constitution for the United States were still in control of the federal government, Article 1, Section 10 would dictate that the states use gold and silver coin as a tender in payment of debts. Dealing in fiat currency (FRNs) as we have been doing for decades now, is simply fraud that has been perpetrated on the American people. Where DID our money go?

    • FactsSaveLives

      It doesn’t dictate that the states have to do that — it says it is the only thing they can make when it comes to money because only the federal government can mint money:

      “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.”

      • highlanderjuan

        Interesting. I thought the word ‘shall’ was mandatory.

        “No State shall…make any Thing but gold and silver Coin a Tender in Payment of Debts…”

        • FactsSaveLives

          “No state shall … make any Thing but” to me does not mean has to make, but can’t make anything else.

          But interpretation up to the Supreme Court as usual.

          • MarkPitrone

            Article 3 doesn’t grant the Supreme Court the power to ‘interpret’ the Constitution nor laws passed by the States, but only laws passed by Congress using the Constitution as their standard.

            The Fed Judiciary has severely overstepped its Constitutional mandate and needs to be reigned in every bit as much as does the Executive.

            Our problem is that Congress needs to grow a pair and exert ITS authority over the other 2 branches.

          • FactsSaveLives

            Where does it say Supreme Court has no jurisdiction over the states? To me, this says the opposite:

            “In all cases affecting ambassadors, other public ministers and consuls,
            and those in which a state shall be party, the Supreme Court shall have
            original jurisdiction. In all the other cases before mentioned, the
            Supreme Court shall have appellate jurisdiction, both as to law and
            fact”

            A state law constitutional challenge would start in the state, but can be appealed all the way to the Supreme Court, as has always happened.

          • MarkPitrone

            In all cases … in which a State shall be Party. The Supreme court has nothing to say about a State law until the case gets there through the appeals process.

            That means YEARS from now. First some aggrieved party needs to sue the State in a State court, that needs to be appealed alll the way through the stae’s appelate courts and then through the federal district, appeals and finally the Supreme court. YEARS.

            Fortunately, the Supremes have not YET ruled on things not argued before them, but wait … they’ll try soon enough.

            By the way, “in all cases .. in which a State shall be party” CAN be construed to mean that a State Trooper writing a traffic ticket, especially on an out of state driver, COULD have to take their case to the Supremes as the court of primary jurisdiction, couldn’t it?

          • FactsSaveLives

            “The Supreme court has nothing to say about a State law until the case gets there through the appeals process.”

            No one said differently. It still often ends up in the Supreme Court to make final determination.

          • MarkPitrone

            Agreed, but my point is that UNTIL there is a challenge to a State law that makes it to the Supremes for review, they have nothing to say about it. In fact, the Justices should not even weigh in publicly with their personal opinion on a State issue, as THAT could encourage or discourage any potential challenge. Scalia and Sotamayor (sic) have done this recently, and IMO should not have.

          • FactsSaveLives

            Not necessarily. A court can put a stay on the activities of the bank until the litigation is resolved. But yes, it would probably take years to resolve. However, once a case begins, I doubt many who were relying on the so-called inaccessibility of those funds to any government agency will wait around for the case to resolve.

    • Mike Lavender

      OMG a gold bug! If you understood WHY that provision was there you wouldn’t be quoting the 21st century Imams about an 18th century problem. Gold is worth only what some one thinks it is worth. It keeps it’s value only so far one is willing to place a value there. Most gold bugs are comfortable and have no real worries, They complain from a position of comfort. (IOW the GOP and RWNJ) Drop the conspiracy nonsense. Read a book about the 1781 Confederation’s (not the US Constitution, that’s 1787) Revolutionary War debt. Has nothing to do with the latest Limbaugh sponsor.

      • highlanderjuan

        OMG – a name caller. If you understood constitutional law and could really understand the words I originally drafted, you would not have commented as you did.

        Try not to preach to me. I actually ‘get it’ and understand more economics and law than you imply. And, for the record, I am not a Rush listener – haven’t been for years.

  • Karl Johnson

    This would make a lot more sense if Texas in fact had any gold in the federal reserve. Sigh… bunch of idiots running around half cocked, but sure that the feds are gonna get um. The only thing worse than federal government incompetence is Texas style Incompetence.

    • TheTomato

      But when they ask for it and the Feds cannot give it, the cat will really be out of the bag!

      • pianoman

        You are assuming that the Feds will not simply say “Get lost Texas” when asked.

        • docmerlin

          The Feds don’t have the gold, dude.

      • docmerlin

        The Feds don’t have it.

    • Actually, Texas has about 1 billion dollars of gold sitting in a vault in New York.

      • BarkingDawg

        And that is exactly where it will stay.

        • docmerlin

          It will be sold, and then new specie bought in texas.

    • docmerlin

      The Gold is in an NYC bank, not with the NY fed.

  • Gregory Alan of Johnson

    This’ll be very interesting, because FRN’s are backed by Birth Certificates, not gold.

    • BarkingDawg

      I hope, for the sake of your sanity, that you were joking in that post.

      • Gregory Alan of Johnson

        Nope. Already proven by many researchers.

        • BarkingDawg

          Oh, you’re one of those people.

          • BarkingDawg

            GREGORY ALAN OF JOHNSON
            (See how I used the magic words in all caps?)

            The gold fringed flag of the state of Texas commands you to cease and desist

            http://www.amazon.com/gp/aw/c/ref=navm_hdr_cart

            Go forth and Sov. Cit. no more.

          • Gregory Alan of Johnson

            Which is?

  • FactsSaveLives

    So basically they are advertising for drug lords and other criminals to come keep there money in Texas where no one, not even the federal government, can confiscate it.

    • Contrarianthefirst

      The real criminals keep their wealth in Wall Street banks. Go lick their hands.

      • FactsSaveLives

        Yes, they launder their money through wall street but keep it in numbered accounts in Switzerland. I guess Texas wants to attract some of that great revenue.

        • Contrarianthefirst

          That affects you, how?

          • FactsSaveLives

            Hey, if promoting illegality doesn’t bother you, that’s up to you. But I doubt not allowing any confiscation by any government agency will stand up in court.

          • Contrarianthefirst

            From your above;
            “But I doubt not allowing any confiscation by any government agency will stand up in court.”

            Happens every day.

          • FactsSaveLives

            Oh, yeah? Every day in the USA there are banks or other entities that deny any and all court orders for confiscation of illegally gotten goods and money? Name one.

          • Contrarianthefirst

            That’s not what you tried to say in your above post.

          • FactsSaveLives

            That may not be what you understood, but it is what I said.

  • Jeff Mulrooney

    Will the Federal Government have to fess up to being completely broke and looted when they deny Gov. Abbott’s request. If so, will the rest of America be up in arms as I suspect the Texans will be when the reality sets in? Maybe this why Texas is listed as hostile during the Jade Helm 15 operation.

    • docmerlin

      The federal government won’t have anything to do with the request. It is being held by a private bank in NYC. And no it is not at the federal reserve.

  • stubby1122 .

    Good luck getting that Billion in gold. I’m sure the US doesn’t even have gold anymore.

    • MarkPitrone

      Never saw “Die Hard: With a Vengeance”? 😉

    • docmerlin

      It never did, it is deposited at Hongkong and Shanghai Banking Corporation (HSBC) bank in NYC.

  • Clement Mckenzie

    The problem with this plan is, of course, that Texas has no gold on deposit in any reserve, nor in Fort Knox. There is also the awkward bit that Texas falls under the Federal Reserve of Dallas, not New York, so any such request must be filed with their local Reserve branch. Texas clearly forgot this bit from Article I Section 9:
    No money shall be drawn from the treasury, but in consequence of appropriations made by law; and a regular statement and account of receipts and expenditures of all public money shall be published from time to time.So, when Texas passed House Bill 483, to create a state-run precious metal depository for the backing of currency, it just violated the US Constitution. By signing a law which enables people to write checks, to debit off of, or otherwise draw currency off of these deposits without any tie to the federal government,

    • marlio

      How do we know there is any gold in Fort Knox??? WE DONT!!!

      • BarkingDawg

        That’s right! Auric Goldfinger stole it all with the help of Pussy Galore.

    • Contrarianthefirst

      The “Federal Reserve” is a privately held corporation. It’s not “government”.
      Honest weights and measures? Seems the fiat FRN does not meet that standard.

    • docmerlin

      Texas’s gold isn’t being held at the fed. It is being held at the Hongkong and Shanghai Banking Corporation (HSBC bank) in NYC.

    • BarkingDawg

      There is a tie. The value of the deposits is set in US Dollars. The checks will be paid in US Dollars.

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  • John ‘Genryu’

    You idiots might want to read the Constitution some time. This bill is flat out illegal you morons.

    • Contrarianthefirst

      So is murdering “Americans”, but I note you wouldn’t balk at assassinating a few.

    • BarkingDawg

      I wonder how many of them think that there will actually be trucks transporting gold from New York to Texas?

      This is all nothing more than a paper shuffle.

      The bullion will stay right where it is, in a New York bank vault.

      • docmerlin

        1) It would only take 1 or 2 trucks to transport the gold. 1B in gold isn’t that much.
        2) The gold in NYC would be sold and physical gold bought in Texas.

        • BarkingDawg

          There aren’t that many Glen Beck listeners in Texas

    • docmerlin

      Quite the opposite. The constitution allows the states to coin their own money or make gold and silver into legal tender.

      • BarkingDawg

        No.
        Article 1, Section 10

        No State shall enter into any Treaty Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit;

        Try again, please.

        • docmerlin

          I oversimplified. It is easy to get around, you just declare the private money coined by another organization as your legal tender. Texas however isn’t even doing that. They aren’t coining anything, just paying a private company to hold gold for people and allowing them to write checks against it.

          • BarkingDawg

            Checks written in United States dollars.

  • MarkPitrone

    So, will Texas now ‘coin’ silver and gold money? It has no Constitutional right or power to do so. BUT, it MAY NOT accept or pay anything but gold or silver coin as tender for debts. The State cannot accept FaRTs [Federal Reserve Tokens] as payment, nor can it accept them AS tender in payment, according to a simple reading of Art. 1, sect.10, paragraph 1 of the united States Constitution.

    Nothing in the Constitution says anything like you think it says, John ‘Genryu’. It is NOT ‘illegal’ for a State to have a precious metals depository. Neither is it unConstitutional.

    Break out that Constitution and show me how it is. Art., sect., and paragraph, please.

    • BarkingDawg

      In other words, this is nothing more than a state chartered bank that only takes deposits from Glen Beck listeners.

  • BarkingDawg

    It’s a Texas depository. Not only can you take your gold plated coins there, but you can leave your school books at the depository as well

  • Rjr

    So the New York fed is just going to hand over a billion dollars worth of gold to the State of Texas?
    I’ll believe that when I see it… seems to me this could cause a civil war. For one thing, I’m not convinced that the fed even has the gold, and for another, even if they did I don’t think they’d hand it over. Perhaps this is the card that needs to be pulled to topple the rest of the house. Should be interesting.

    • docmerlin

      No, it isn’t in the NY Fed. It is at the HSBC bank.

      • Rjr

        What is the HSBC bank?

        • docmerlin

          Hongkong and Shanghai Banking Corporation, it is an international private bank headquartered in London, but with an office (and a gold vault) in NYC.

          • Rjr

            do you have a source for this? Why does the article say that the gold is being stored by the New York Fed?

  • Bill_Clement

    In my entire life I have never read such drivel. Have you all lost your minds? How stupid do you have to be to follow these idiots?

    • BarkingDawg

      Forget it, Bill. It’s Texas.

      • ThisOldHouse

        That’s all anyone needs to know…

  • Kathy Stuart

    Assuming TX did have ownership of the Gold (they don’t), Texas falls under the Federal Reserve of Dallas, not New York. These yokels are so stupid on so many levels.

    • docmerlin

      1) You are wrong, the state of Texas (really the UT system) owns 1B in gold.
      2) This gold is being held at HSBC bank in NYC.
      3) There is a history of NYC banks refusing to turn over gold when the owner asks for it. (They refused to return Germany’s gold a few years ago.)

      • BarkingDawg

        The University of Texas System is not the State of Texas.

        Yes, they invested a portion of their endowment in gold, but they will sell that off as soon as the market changes.

        The state of Texas has no control over that gold whatsoever.

    • Rjr

      Those who trust and believe in the Federal Reserve system are stupid on so many levels.

  • docmerlin

    It isn’t at the fed. It is at HSBC.

  • Shadow Machine

    This is a big move by Governor Abbott and one other Governors should make. Let’s stop all this Bullshit and raise up the curtain. Been stinking long enough. If the gold is due and payable, then just give it back like any other transaction at any level would be due upon demand. Why would anyone gasp in horror unless they are really afraid to look under the curtain. Unless you are in a coma, all should now know that the entire Globe is in extreme trouble and the power positions are looking at a total meld, total oppression, total governance and control of “everything/everybody”. We all have to use the Historical legal power built in to the system to push back as Abbott is doing here. Left unchecked ….. it is over as we have known it. More Governors please come forward, ask questions, defend your people.

  • Richie Rich

    F*ck Texas!

  • jake

    how are they going to get their gold back. are you going to war with the banks. good one. texas is the number one poor people welfare state, they also pay the least federal taxes. what happens when jp morgan stops ebt cards of texas, you do realize they get 10 billion more dollars to distribute the money, then what is paid out in benefits. they also have the windfall of electronic fees. texas won’t see an ounce, and they will issue an excuse, just like the europeans. the banks own every aspect of the american economy, they will just shut your credit down. the fed is owned by banks. you have bashed the brics, wise old texans, because you drank the koolaide, are you going to beg them for help now. their the only alternative to the london,zuhric,vatican middlemen, that your challenging. look at recent history when the us electronic money system has had problems. remember the wal mart fiasco a couple of years ago.

  • BarkingDawg

    This will be nothing more than a state run pawn shop for golf jewelry.

  • Bastet’sMom

    The Constitution of the United States forbids states from coining their own currency. Abbott probably knows this and is just grandstanding. A nice thank you to American taxpayers who just send millions in flood relief (thanks, Obama).

    • BarkingDawg

      I don’t think that the state is coining money, just running a pawnshop.

    • Dennis Barone

      Texas has been coining republic of texas currency for about 3 or 4 years now. Watch rt docu republic of texas

  • BarkingDawg

    As near as I can figure it out, this is little more than a state run “Cash for gold”/pawnshop operation.

    You go to an “Agent” with your gold. He assigns a value to it IN UNITED STATES CURRENCY

    that is the value in your account.

    you get a checkbook. You use it to write checks for values of UNITED STATES CURRENCY

    Your account values gets debited by that amount in UNITED STATES CURRENCY.

    the amount of gold you own gets reduced by that amount.

  • alumette

    I thought all the gold had been stolen . Fort Knox is empty and it is in Texas , already….ask GWB……

  • Layla Godey

    I don’t blame Texas for wanting to safeguard its gold…the Federal Reserve is untrustworthy. It will be interesting to see if this enhances a sense of economic security in the state of Texas, further increasing their “business appeal”.

  • wilsonsandy2

    This is a monetary system to protect Texas if the dollar collapses. Gold standard has been around since before Christ. This is a solid protection for Texas. This governor is doing his best to safeguard our precious state. The obama administration cannot be trusted and the feds. If another Democrats gets into office as president you can kiss the dollar goodbye. They will spend till we bust.
    Yeah Texas for being large and bold! Kudos.

  • Jan Ryan

    Texas is the only State in the Union that upon joining the United States after the Mexican American War at the Alamo and San Jacinto, that our Constitution says we have the Right to Stand Alone as a seperate Entity, or in other Words “Seceed” from a power we cannot deal with. Rather than have our Billion Dollars in the Federal Reserve to be possibly messed with we are bringing it home, where it is Safe and Secure for our Citizens. All of this is because we started OUT as a Country before we joined the U.S.
    We are also putting together a “Border Control” ourselves, since the Feds. Don’t want to do anything about it. We have Miles and miles and miles of desolate border that needs patrolled. We are used to fending for ourselves…..so we are continuing on. We are sooooooooovery Proud of our Governor, we are all about to do a JIG. He is the “BOMB”. He is a man that says what he means and THEN follows up on it. In my opinion and a whole lot of others I know, He will go down in History as our Greatest Governor and rightly so. Good going Gregg Abbott!!!!!!!

    • mph

      I hope he can clean up the 40 billion dollar texas being behind on it bills paid thanks a lot bush and and the guy that just left us perry……….

  • Cecil Howard

    We ar not coining our own money. BASTERDMOM. Who are amout as dunb as thay come. I pray we Seceed from the union and become the Lone Star state again. We can do it. We can have our own military. We can have our own currency. We can recall all of our Senators and our Representatives. Yes we Texans can do anyting our Governor wants us to do.

    • Dennis Barone

      Cecil texas has been making republic of texas currency for about 3 or 4 years now. Check out docu republic of texas

  • Dennis Barone

    Americans don’t even know why we call Texas the lone star state. Watch a documentary called Republic of Texas by rt. Texas has been coining their own currency for about 3 or 4 years now. Watch and learn and please don’t move to Texas after watching stay right where you are at and fall with all the lib’s and Dems. I wish the dems and libs would move to Detroit or Chicago or Baltimore instead of trying to change the states they live in. Go live where there has been dems in charge.