Texas Gold Repatriation Act creates a way for the public to "go around" the FED.

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Governor Greg Abbott today signed House Bill 483 (Capriglione, R-Southlake; Kolkhorst, R-Brenham) to establish a state gold bullion depository administered by the Office of the Comptroller. The law will repatriate $1 billion of gold bullion from New York to Texas. The bullion depository will serve as the custodian, guardian and administrator of bullion that may be transferred to or otherwise acquired by the State of Texas. Governor Abbott issued the following statement:

"Today I signed HB 483 to provide a secure facility for the State of Texas, state agencies and Texas citizens to store gold bullion and other precious metals. With the passage of this bill, the Texas Bullion Depository will become the first state-level facility of its kind in the nation, increasing the security and stability of our gold reserves and keeping taxpayer funds from leaving Texas to pay for fees to store gold in facilities outside our state."
Office of the Governor - Greg Abbott - [Signature Statement] Governor Abbott Signs Legislation To Establish State Bullion Depository

This gets better. Listen to an interview with Texas Representative Capriglione, who sponsored the bill. Take note of the interest by other states in setting up a similar system which EXCLUDES the Federal Reserve System (FED).

https://www.youtube.com/watch?v=kuNF...tu.be&t=15m18s

Ha!


Joe Mobley
  • Profile picture of the author BigFrank
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  • Profile picture of the author HeySal
    Idaho has also started thinking about metal. They're the third leading silver producer in the world. They stopped outsourcing silver processing and right now make silver ingots that can legally be used there to pay gov fees at the current daily value of the ingots.

    One of the M states out east (('m thinking Maryland, but it could be Maine) has set itself up for metal tender, too.

    The way our gov has treated our metal currency, it would be a good idea for all states to do the same. The more set we are for metal backed, the less crisis the FED or the collapse of their fiat currency can cause us.
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    Sal
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    • Profile picture of the author Joe Mobley
      Sal, listen to the interview if you can. They are thinking of ways for the general public to utilize this type of system, even from out of state or out of the country.


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      • Profile picture of the author HeySal
        Originally Posted by Joe Mobley View Post

        Sal, listen to the interview if you can. They are thinking of ways for the general public to utilize this type of system, even from out of state or out of the country.


        Joe Mobley
        One good start would be to get a bill going to rescind the law against American citizens owning gold. That was never put down - just put on pause. They can reactivate it any time they want. One reason that in the states, Gold is a bad investment idea.
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        Sal
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        • Profile picture of the author seasoned
          Originally Posted by HeySal View Post

          One good start would be to get a bill going to rescind the law against American citizens owning gold. That was never put down - just put on pause. They can reactivate it any time they want. One reason that in the states, Gold is a bad investment idea.
          They passed a number of laws in like the 1980s that could be used to confiscate gold, etc... Basically, you are forbidden to get anything of value over whatever you pay for it, etc.... So if you donate $1000 to a charity, and get a gift that could be valued at $200, the government will only let you claim $800. If you pay $20 for an ounce of gold, the government will want you to pay tax on the other $1100+ of value you got. And they ALSO forbid taking over a certain amount of value out of the country in secret, and one case they seem to care more about it gold. Silver is less watched, but having a large dollar amount of silver can be bulky and heavy.

          Now they COULD claim this is Christian, but they would have to accept the "take up your sword and follow me..." and the "whose picture is on it....". At that point, they HATED taxmen! They HATED FIAT currency. They HATED the profitmongers, like money changers and people selling animals for sacrifice, ESPECIALLY those in the temple!

          Steve
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  • Profile picture of the author sbucciarel
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    Bbbb but ... I just heard that the military was taking over the state of Texas and creating death squads for troublemakers.
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    • Profile picture of the author HeySal
      Originally Posted by sbucciarel View Post

      Bbbb but ... I just heard that the military was taking over the state of Texas and creating death squads for troublemakers.
      Looks like they're guaranteed the cash to do it, huh?
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  • Profile picture of the author TLTheLiberator
    Wow, it looks like just another place for anyone to deposit their gold but it's the first of its kind being state owned.

    I guess the state will save some money by keeping their gold themselves and may even pick up some business. I really don't see this as groundbreaking or anything special and don't understand how this is supposed to be going around and/or socking it to the fed (the central bank) and/or the federals.

    IMHO, If Texas officials were so savvy they wouldn't leave...

    ...about 10 Billion per year in (their own taxpayer's) federal money unclaimed.

    Forcing their citizens to pay...

    Higher taxes, premiums etc., for health insurance while donating the money to other states and putting many of their hospitals at an disadvantage covering uninsured people - thanks to ideology.

    Yea, they're on the cutting edge so don't mess with Texas!

    Texas pays a big price for saying no to Medicaid expansion
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  • Profile picture of the author yukon
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    Funny they mention Bitcoin because the whole point of Bitcoin is to skip the middle man which is what Texas is trying to be, the middle man.

    I don't blame Texas for not wanting to pay another state fees when they can keep their money in state. Smart move to keep their own money close to home.
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    • Profile picture of the author Joe Mobley
      Originally Posted by yukon View Post

      Funny they mention Bitcoin because the whole point of Bitcoin is to skip the middle man which is what Texas is trying to be, the middle man.
      I think one of the ideas is to replace the middle man, in this case New York.

      Originally Posted by yukon View Post

      I don't blame Texas for not wanting to pay another state fees when they can keep their money in state. Smart move to keep their own money close to home.
      An intended side benefit is that this move takes the gold out of the Federal Reserve system. This greatly reduces Texas' exposure to the Federal Government's ability to confiscate "idle cash reserves" of local governments.

      The government of Greece feels "obliged" to confiscate "idle cash reserves" of it's local govts.

      Smart fiscal responsibility in my opinion.


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      • Profile picture of the author yukon
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        Originally Posted by Joe Mobley View Post

        I think one of the ideas is to replace the middle man, in this case New York.
        They're doing it wrong when it comes to Bitcoin.

        New York is a middle man. Bitcoin doesn't have a middle man so If Texas adds a middle man to a Bitcoin transaction it defeats the whole point of Bitcoin. They're customers might as well be dealing with Wells Fargo.






        Originally Posted by Joe Mobley View Post

        An intended side benefit is that this move takes the gold out of the Federal Reserve system. This greatly reduces Texas' exposure to the Federal Government's ability to confiscate "idle cash reserves" of local governments.

        The government of Greece feels "obliged" to confiscate "idle cash reserves" of it's local govts.

        Smart fiscal responsibility in my opinion.


        Joe Mobley
        Like I said earlier, I don't blame Texas for taking control of their own money, every state should do the same. It doesn't make sense for money to leave a state unless that money/gold is earning money.
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        • Profile picture of the author sbucciarel
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          Originally Posted by yukon View Post

          They're doing it wrong when it comes to Bitcoin.

          New York is a middle man. Bitcoin doesn't have a middle man so If Texas adds a middle man to a Bitcoin transaction it defeats the whole point of Bitcoin. They're customers might as well be dealing with Wells Fargo.
          I think the Bitcoin Exchanges are middle men

          Very interesting white paper about the Bitcoin Exchange Risk

          http://fc13.ifca.ai/proc/1-2.pdf

          Abstract.
          Bitcoin has enjoyed wider adoption than any previous crypto-currency;
          yet its success has also attracted the attention of fraudsters who have taken ad-
          vantage of operational insecurity and transaction irreversibility. We study the risk
          investors face from Bitcoin exchanges, which convert between Bitcoins and hard
          currency. We examine the track record of 40 Bitcoin exchanges established over
          the past three years, and find that 18 have since closed, with customer account
          balances often wiped out. Fraudsters are sometimes to blame, but not always. Us-
          ing a proportional hazards model, we find that an exchange's transaction volume
          indicates whether or not it is likely to close. Less popular exchanges are more
          likely to be shut than popular ones. We also present a logistic regression showing
          that popular exchanges are more likely to suffer a security breach.
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          • Profile picture of the author yukon
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            Originally Posted by sbucciarel View Post

            I think the Bitcoin Exchanges are middle men
            An exchange is a middle man, but that's not the same as peer-to-peer transactions.

            A person does not need an exchange to make a direct Bitcoin transaction with another person.

            It's easy to buy & sell with Bitcoin without any middle man that's what drives Gov crazy, they can't control the process.
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            • Profile picture of the author sbucciarel
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              Originally Posted by yukon View Post

              An exchange is a middle man, but that's not the same as peer-to-peer transactions.

              A person does not need an exchange to make a direct Bitcoin transaction with another person.

              It's easy to buy & sell with Bitcoin without any middle man that's what drives Gov crazy, they can't control the process.
              I have never used Bitcoin and don't have any so don't really know much about it. If transactions are peer to peer, don't you need an exchange to turn Bitcoins into cold, hard cash?
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              • Profile picture of the author Joe Mobley
                Originally Posted by sbucciarel View Post

                If transactions are peer to peer, don't you need an exchange to turn Bitcoins into cold, hard cash?
                Not all bitcoin transactions are peer-to-peer.

                Yes.

                I would love a thread on bitcoin as I am just getting interested myself.



                Joe Mobley
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                • Profile picture of the author sbucciarel
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                  Originally Posted by Joe Mobley View Post

                  Not all bitcoin transactions are peer-to-peer.

                  Yes.

                  I would love a thread on bitcoin as I am just getting interested myself.

                  Joe Mobley
                  I've always been somewhat interested, but also as I know practically nothing about how to acquire, store, spend and turn into cash, a little leery of them.
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                  • Profile picture of the author yukon
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                    Originally Posted by Joe Mobley View Post

                    Not all bitcoin transactions are peer-to-peer.

                    Yes.

                    I would love a thread on bitcoin as I am just getting interested myself.



                    Joe Mobley
                    Originally Posted by sbucciarel View Post

                    I've always been somewhat interested, but also as I know practically nothing about how to acquire, store, spend and turn into cash, a little leery of them.
                    You'll need to setup a wallet that holds the Bitcoins. My advice is use an offline wallet like MultiBit HD. It's a very small software app. that holds unlimited Bitcoin wallets. You can create 1 wallet or a wallet for each transaction.

                    If you both want to setup a wallet PM me & I'll send you a very small amount just so you can see how it works. No fee, lol.
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                    • Profile picture of the author Joe Mobley
                      Originally Posted by yukon View Post

                      You'll need to setup a wallet that holds the Bitcoins. My advice is use an offline wallet like MultiBit HD. It's a very small software app. that holds unlimited Bitcoin wallets. You can create 1 wallet or a wallet for each transaction.

                      If you both want to setup a wallet PM me & I'll send you a very small amount just so you can see how it works. No fee, lol.
                      Hey, I'm in. I'll take you up on that in a "bit". I couldn't resist.

                      I started a bitcoin thread, can we move over there and leave Texas' gold for this thread?

                      http://www.warriorforum.com/off-topi...-together.html


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              • Profile picture of the author yukon
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                Originally Posted by sbucciarel View Post

                I have never used Bitcoin and don't have any so don't really know much about it. If transactions are peer to peer, don't you need an exchange to turn Bitcoins into cold, hard cash?
                If you really wanted to cash out, sure, you'll pay a small fee to someone.

                There's options to completely bypass cash & still buy things at a lot of offline/online stores. Example, If a person wanted to buy a lawnmower at Lowes or Home Depot, buy a gift card with Bitcoin. Same goes for a lot of other things most people buy:
                • movie tickets
                • restaurants
                • sporting goods
                • clothes
                • groceries
                • car tires
                • oil changes
                • etc...

                You can even buy domains & web hosting directly from Namecheap using Bitcoin. Or buy electronic stuff from Tiger Direct with Bitcoin.
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  • Profile picture of the author sbucciarel
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    Texas ain't Greece, but you're right, due to the impending Texas takeover, they should be afraid of the government taking over their money too. lol.
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