How much faith do you have in the US Dollar? Or the bigger question: how much faith do you have in our federal government to protect our own personal interests?
State politicians across the country are engaging in lively discussions on how best to protect their own citizens from the disintegrating dollar and the likelihood of a repeat of the 1933 gold confiscation as implemented by FDR. While states such as Minnesota, North Carolina, Idaho, South Carolina and Colorado are currently debating this precarious topic, Utah in 2011 already acted by declaring privately minted gold and silver coins as legal tender – something Arizona lawmakers may soon push through as well.
Texas, however, decided to take this fear up a notch by proposing a bill to create a Texas Bullion Depository that would allow the state and its citizens to store gold. Using the state’s power under the 10th Amendment, the state would push back on the federal government should there be another confiscation and protect its citizens further from the devaluation of the fiat currency we call Dollar. We all know that Texas will likely never stop seeking secession from the US, but if it does become successful one day, the state could easily abandon the Dollar and develop its own gold standard. Or, it could work the other way for Texas: just holding as much gold as they foresee could help them secede from the US as well.
But for the rest of the country, would this depository cause people to hoard gold? It may, but for those who are currently collecting precious metals, they are already ahead of the mad rush for protection and security. What troubles us more than a potential hoard is what may truly be going on “upstairs” when our country’s own states are scrambling in fear to develop quick laws to protect themselves from the White House itself.
