By Bill Holter:
There is a bill proposed to the Texas legislature that would allow various state pension plans to invest directly in PHYSICAL Gold.
The proposed bill would create the ability for the state to actually build its own depository where “state sovereign” Gold would be stored. Can you imagine the response out of Washington if a bunch of redneck, backwoods Texans demanded their Gold be delivered? Would Texas receive the same “7 year” waiting period response that Germany received when they requested their bullion be repatriated? The bill would also allow for individuals to eventually store personal Gold in this depository.
If this bill passes, you can pretty much bet that “them’s fighin’ words” will be what we hear out of Washington. I can already see the dust storm coming. Were the federal government to spazz out and declare a confiscation and Texas was sitting on a “hoard” of Gold, this dust storm would be a bunch of military tanks rolling along on their way to make a “withdrawal” from the depository. Say what you will but if you really think about it, other sovereign countries have been invaded and their Gold plundered many times for less. What do you think happened to Saddam & Qaddafi’s gold?
Cyprus is all the news right now, main stream media has a hush hush policy and deal after deal is trial ballooned yet no solution. …Because there is no solution and it is only a matter of time before people figure out that Cyprus, as everything else since 2008 is a SOLVENCY crisis which more and more liquidity cannot fix or repair. Rather than writing about the “topic du jour” which is currently Cyprus (and will be 24/7 this week), I’d rather write about a subject near and very dear to my heart. “Texas”. God bless Texas!
If this bill passes, you can pretty much bet that “them’s fighin’ words” will be what we hear out of Washington. It is however noteworthy that Arizona and Utah have bills proposed to make metals legal tender. Of course we will see a federal court try to strike anything like this down citing “counterfeiting”…which is exactly what the Fed does every single day. They print notes of no value yet claim they are valuable…which is why us Americans really shouldn’t fear a replay of Cyprus here in the States.
Counterfeiters never need to rob the banks…only the vaults!
Regards, Bill H.