Texas
Related: About this forumTexas Is Getting Its Very Own Bullion Depository
As state lawmakers prepare to leave Austin, political observers are writing off 84th Legislature's session as a dud, small in deed and ambition. After all, this is a body whose proudest accomplishments are passing tax cuts that will be too small for anyone to notice and letting licensed gun owners carry handguns on their hips instead of their coat pockets.
The elegies were premature. Lawmakers, their sense of mission suddenly awakened, voted over the weekend to establish a state-run bullion depository, to be called, simply, the Texas Bullion Depository.
The depository, Southlake Representative Giovanni Capriglione's two-year vision quest, will basically function like a bank, minus most of the borrowing and lending functions normally associated with banks. People, corporations, governments basically anyone or anything who happens to be in possession of significant quantities of gold (or silver, or platinum, or palladium, or rhodium) will be able to turn their precious metals over to the state Comptroller's Office, which will oversee the TBD, for safekeeping. The TBD will not pay interest. It will not make loans. It can't invest the bullion in sub-prime mortgages, credit default swaps or anything else, as it is statutorily required to keep enough precious metal on hand to satisfy all deposits.
So basically Texas is creating a great big safety deposit box, which doesn't sound all that visionary. But that overlooks two important points. One, this makes Texas the first state in the country with its own bullion depository, which is self-evidently awesome. Two, having a stockpile of gold is a necessary first step toward preparing Texas for the inevitable collapse of the global economy and world order.
Read more: http://www.dallasobserver.com/news/texas-is-getting-its-very-own-bullion-depository-7275541
delrem
(9,688 posts)The US is proud of its democracy, and that's it.
I just wish these politicians didn't have their hands on so much military hardware, either themselves or through their associations with other politicians like them. That's when it gets scary for the rest of us - why we don't just laugh and shrug.
Downwinder
(12,869 posts)If so it would be a sneaky way to set up a high level spent fuel rod storage.
Thor_MN
(11,843 posts)Sounds like they have removed any potential for it to make money, so who pays the costs?
https://screen.yahoo.com/first-citywide-change-bank-1-000000088.html
hobbit709
(41,694 posts)They'll find some way to get at it.
NV Whino
(20,886 posts)I think this is going to make a great heist movie.