The Texas House of Representatives has passed a brand new proposal with a vote of 143-0 to create a new Texas Bullion Depository, amassing wealth of the state to a banking facility in the state that is completely separate from a U.S. federal reserve system and, therefore, untouchable by the U.S. Government.
The new facility will allow private individuals and entities from within the state and, eventually from around the globe, to invest in the Bullion corporation by deposit precious metals into the facility and drawing on it through debit cards and checking accounts, just like modern banking systems.
In so doing, it would eventually dispel the need for the federal reserve note, placing more value on the gold and silver than on the note. The possibilities are endless and the Tenth Amendment Center ascribes this vote as being the single most important piece of legislation to pass in 2017.
Constitutional tender expert Professor William Greene wrote a paper for the Mises Institute arguing that enough states start transacting business in sound money, it would effectively nullify the Federal Reserve and end the federal government’s monopoly on money.
Over time, as residents of the state use both Federal Reserve notes and silver and gold coins, the fact that the coins hold their value more than Federal Reserve notes do will lead to a reverse Gresham’s Law effect, where good money (gold and silver coins) will drive out bad money (Federal Reserve notes).
As this happens, a cascade of events can begin to occur, including the flow of real wealth toward the state’s treasury, an influx of banking business from outside of the state “as people in other states carry out their desire to bank with sound money“ and an eventual outcry against the use of Federal Reserve notes for any transactions.
The Texas gold depository creates a mechanism to begin this process, and provides a blueprint for other states to follow.
Oh my. You don’t want to tick off the federal reserve. JFK enraged them and they killed him.
Tina Taylor Yes they were not going to let JFK bankrupt the Federal Reserve Bank, privately owned. He paid with his life to do what was right.
Wanna know how you create jobs? You introduce bills on taxes. You lower employment taxes, you lower taxes in certain states too bring business in. You can’t legislate jobs to people lol.
Puts the Federal Reserve to shame!!!