Galt's Gulch

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  • Posted by SaltyDog 8 years, 10 months ago
    This should be an interesting contest when Treasury tries to assert Federal Supremacy when the want to 'borrow' that asset. And I feel pretty confident that at some point, they will try it.
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    • Posted by Technocracy 8 years, 10 months ago
      And they don't handle NO well at all.
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      • Posted by $ MichaelAarethun 8 years, 10 months ago
        Whiy would they want it. A billion is chump change compared to a near 18 trillion dollar debt at 1/18 thousandth the amount. They will stick with inflation, devaluation and debt repudiation. Texas I''m wondering may be setting that amount aside for an eventual hard currency issue. They can no longer leave the union on their own hook (since the Civil War) which leaves a complete meltdown breakup. Something to think about. On the other hand complete control of everything is what fascism is all about. Enter Comrade Emperor Obama and wanna be Comrade Hillary (if he abdicates.) Wouldn't take much to engineer the political death of the front runners and eventual supposed winners and pull one of his executive order changes to the Constitution.
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        • Posted by Technocracy 8 years, 10 months ago
          They would want it because gold is always valuable, printed paper is not.

          Although now its mostly electrons, only a fraction of the "currency" actually exists in solid form.
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          • Posted by $ MichaelAarethun 8 years, 10 months ago
            True. The only financial value is if there is enough to support the credit side of full faith and credit. But it is valuable for commercial reasons. Meanwhile the Emperor has no clothes.
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          • Posted by $ jdg 8 years, 10 months ago
            Our money hasn't been backed by anything at all since Nixon "closed the gold window" in 1971. The mere fact that the Treasury owns some gold doesn't mean that holders of Federal Reserve Notes have any claim against it.

            If I were they I would sit on it until the day when foreign governments decide they will no longer accept FRNs.
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  • Posted by Herb7734 8 years, 10 months ago
    Finally! A defying of the Fed by a State! Symbolic, yes, but if enough states wake up and assert their constitutional rights, then it will cease being merely symbolic.
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  • Posted by Temlakos 8 years, 10 months ago
    Excellent! But one wonders what prompted them so to act.
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    • Posted by $ blarman 8 years, 10 months ago
      There have been certain of the financial advisors who are looking at several key indicators as well as the rise of the Chinese Yuan through the establishment of a new international bank as warning signs about the dollar. It has remained the de facto currency of international trade because it has been stable and valuable, but with our skyrocketing debt and bond yields in the toilet, this situation has become toxic. Some are predicting real problems in the US economy as soon as this coming October. Texas may be anticipating something similar.
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  • Posted by waytodude 8 years, 10 months ago
    Makes sense to me. I've been buying gold ,silver lead , brass and other valuable trading items along with keeping a good stock portfolio so my family and I are ready for good times and bad times. Many here predict apocalypse and I for one see it however if we are wrong a good portfolio with tangible and Wallstreet stuff one can cover both for our loved ones and ourselves.
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  • Posted by ObjectiveAnalyst 8 years, 10 months ago
    Bully for bullion! Gold may not presently be worth as much as it should, but it will never be worthless. Unlike the Weimar Republic story it is unlikely it would ever take a wheel barrow of gold to buy a loaf of bread.
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