Galt's Gulch

Texas and gold and silver currency

Posted by jimjamesjames 9 years, 4 months ago to Economics
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Possibilities like this excite me and give me some sense of hope. Thoughts?
SOURCE URL: http://www.thenewamerican.com/economy/economics/item/21257-texas-launches-gold-backed-bank-challenging-federal-reserve

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  • Posted by jdmatthew 9 years, 4 months ago
    But does the Texas gold still exist? Or has it been stolen and sold off by the very banks that were entrusted to safeguard it? Where has Russia and China's resent gold purchases come from? Who's gold have they been selling? HSB is also holding gold deposits from several foreign countries. Germany has been trying (unsuccessfully) to get there gold returned for a few years now.
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    • Posted by jimjamesjames 9 years, 4 months ago
      That there might not be any gold available is a distinct possibility. But when that is confirmed, the price of gold should reflect two things: low supply and high demand by those who "own" it on paper. Consequently, those who HAVE gold (or cheap-ass gold stocks) should benefit.
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      • Posted by khalling 9 years, 4 months ago
        Keith Weiner from the Gold Standard Institute says the amount of gold is much higher than we think. No one admits to having any of it. :)
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        • Posted by jimjamesjames 9 years, 4 months ago
          Considering that virtually all the gold ever mined and refined, purportedly, still exists, how much should not be difficult to determine. Here's an interesting list about gold:

          http://www.numbersleuth.org/worlds-go...
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          • Posted by Ibecame 9 years, 4 months ago
            The trouble with estimating the amount of Gold at least in the US was the hoarding set off by the government seizure of Gold by FDR under Executive order 1602. When this was being ignored FDR tightened his grip with Executive order 6111. Only a small portion of the total "Estimated" was ever turned into the government, and this out of circulation Gold is not part of the total.

            What FDR really created was a underground Gold economy.

            Not to mention all of the unaccounted Gold taken out of private mines. Here in Arizona alone there are hundreds of small mines owned by individuals. How much Gold they produce is virtually unknown.
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            • Posted by jimjamesjames 9 years, 4 months ago
              You have a point...but the question: How much is hidden will always be hard to quantify. I do know that when FDR started grabbing gold, my dad saved twenty $20 gold pieces dated 1907 (the year he was born) and his brothers and sisters did likewise. The couple that are left are really nice to fondle.......

              At any rate, the amount of known gold in the world divided by the fiat currencies in the world suggest a gold "price" way above where it is now.
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              • Posted by Ibecame 9 years, 4 months ago
                You do realize that the price of Gold is falling, and has been for some time?
                The problem here again is that Gold to has become a "fiat currency". Financial institutions have been issuing "Gold Certificates" the same way they were lending money (one in the bank and 15 imaginary dollars). Then there is all of the "Ghost Gold" like the Gold that is supposed to be at Ft Knox but obviously isn't there. Is there really more, or less actual physical gold in the world than what the figures pronounce. I'm not a pessimist, but I believe less. After all, the numbers come from the moochers and looters that run the Federal Reserve and the world governments.
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  • Posted by Ibecame 9 years, 4 months ago
    Some days you wake up and the world really has changed significantly. I suspect that this would even surprise Ayn Rand, were she still with us. I wonder how many Texas legislators either viewed the movies, Atlas Shrugged or have recently read the book. History has always been shaped; first by economic events, then by the lust for power and greed. Not romantic events as Hollywood would have us believe. Please don't let this event go unnoticed for it will have far reaching and significant effects. Thank you jimjamesjames for a very significant posting.
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  • Posted by $ jlc 9 years, 4 months ago
    I do not see 'when' this is happening. I find it exciting, and totally to Texas' credit but I find myself a bit leery of Brigadoon banking.

    Jan
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  • Posted by mccannon01 9 years, 4 months ago
    Since this is not a usual bank that lends (with interest) and then pays interest to depositors, may I assume the depositors are billed a fee for their deposits as well as every transaction (no "free" checking)? Where does the revenue come from to pay for facilities and personnel to run/guard it?
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    • Posted by jimjamesjames 9 years, 4 months ago
      I reviewed "Atlas Snubbed" a couple day ago on another thread, the question of "How will the new banking/currency system be paid for" is addressed neatly in the story. Again, the book is a great read on a number of practical topics of Going Gulch...
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  • Posted by bassboat 9 years, 4 months ago
    What will preclude the moochers from voting in a power hungry politician that will give them the gold? It's a good idea but there will be politicians that will start picking at the "Golden Egg" until it too is wasted. Hope it doesn't happen.....
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  • Posted by $ Olduglycarl 9 years, 4 months ago
    Now, if they would only print paper money with gold or silver threads in the paper, we'd have convenient paper currency With intrinsic value.
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    • Posted by $ Olduglycarl 9 years, 4 months ago
      Post Script: It is supposed that in the upcoming announcement of the IMF will give in October will likely approve such a currency printed by a private company. America should of been the first to do this. Proof positive of either stupidity or purpose in not having done this.
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  • Posted by BaritoneGary 9 years, 4 months ago
    YES!!!!!! I am sooooo glad to be a Texian! I've been following the progress of our leaders, and they have already established a Texas Treasury to house the gold. And yes, folks, it is Texian, not Texan. Ya'll come on down and celebrate with us! Secession is next!
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  • Posted by BrettRocketSci 9 years, 4 months ago
    Well well well! Thanks for posting this here Jim! I'm also excited, and surprised. Surprised this is actually happening, and surprised I didn't see this news from other sources first...this will create quite a stir! The Fed definitely needs more competition.
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  • Posted by $ jdg 9 years, 4 months ago
    The Constitution does give a state the right to make gold and/or silver legal tender. But the feds still have monopolies on coining the money and regulating its value. There are existing US-legal-tender gold coins around, but they are scarce enough that their collector value is greater than either their value as metal or their legal-tender face value. Similarly, there are lots of old US silver coins, but their metal value is greater than their face value. So I don't see this idea as likely to work without federal approval.
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    • Posted by jimjamesjames 9 years, 4 months ago
      The point, I believe, of the effort is to divorce a currency system from the fraud that the Federal Reserve is. An ounce of gold or silver is objective, not subject to the Fed debasing its value and, as such, is a threat to them. If it takes off in Texas and the banksters see it as a viable threat, they will retaliate.
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