Hang onto your gold jewelry, boys and girls. It could become money in places like Texas. And Texas may become a new country.
100,000 persons petitioned the White House to allow Texas to secede. President Obama said no. The movement continues in spite of the President’s answer.
According to “The Daily Ticker,” a lawmaker has proposed a bill to create a Texas Bullion Depository, which would allow the state and its citizens to store gold bullion in its own facility in Texas, with the protection of the state.
If passed, the Texas bill would tell Washington to “shove off” under the 10th amendment power given the states, if we ever saw the kind of currency craziness we saw during the Great Depression when President Franklin D. Roosevelt mandated citizens hand over most of their gold.
Texas isn’t the first state to think about hedging its monetary destiny with precious metals.
Citing concerns over the value of the U.S. dollar, Arizona lawmakers are the latest to pursue legislation that would declare privately minted gold and silver coins legal tender. In 2011, Utah became the first state in the country to legalize these precious metal coins as currency. Lawmakers in states including Minnesota, North Carolina, Idaho, South Carolina, and Colorado have debated similar laws.
If people were to lose faith in the dollar, Rickards concedes Texas could have the foundation for its own currency, of sorts.
Which could come in handy if they, say, push forward in trying to secede.