Friday, March 29, 2013
Texas: "We Want Our Gold Back From The Feds"
The State of Texas wants its gold back..and so does Governor Rick Perry.
The state legislature has a pending bill that would establish a Texas State Bullion Depository to house $1 billion in gold bars owned by Texas within the state. That gold is s now stored at the Federal Reserve in New York City.
Governor Rick Perry is very vocal about the idea. On Glenn Beck's radio show, the governor said Texas was “in the process” of “bringing gold that belongs to the state of Texas back into the state.” He said that the state was 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.”
The bill's sponsor, State Rep. Giovanni Capriglione, R-Southlake, was quoted in the Texas Tribune, “For us to have our own gold, a lot of the runs on the bank and those types of things, they happen because people are worried that there’s nothing there to back it up.”
“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,” said Capriglione.
If this goes through and Texas is successful in getting its gold back within the state's borders, it will be interesting to speculate whether other states, particularly Red states will follow Texas' lead and start a trend.