Texas Bill Would Create State-Issued Gold-Backed Digital Currency
Posted by freedomforall 1 year ago to Economics
ERxcerpt:
"Bills introduced in the Texas House and Senate would create a state-issued, gold-backed digital currency. Enactment of this legislation would create an option for people to transact business in sound money, set the stage to undermine the Federal Reserve’s monopoly on money and create a viable alternative to a central bank digital currency (CBDC).
Sen. Bryan Hughes (R) introduced Senate Bill 2334 (SB2334) on March 10. Rep. Mark Dorazio (R) introduced a companion, House Bill 4903 (HB4903) on the same day. The legislation would require the state comptroller to establish a digital currency that is fully backed by gold and fully redeemable in cash or gold as well. The comptroller would also be required to create a mechanism to use this gold-backed digital currency in everyday transactions."
"Bills introduced in the Texas House and Senate would create a state-issued, gold-backed digital currency. Enactment of this legislation would create an option for people to transact business in sound money, set the stage to undermine the Federal Reserve’s monopoly on money and create a viable alternative to a central bank digital currency (CBDC).
Sen. Bryan Hughes (R) introduced Senate Bill 2334 (SB2334) on March 10. Rep. Mark Dorazio (R) introduced a companion, House Bill 4903 (HB4903) on the same day. The legislation would require the state comptroller to establish a digital currency that is fully backed by gold and fully redeemable in cash or gold as well. The comptroller would also be required to create a mechanism to use this gold-backed digital currency in everyday transactions."
Texas is not as “Texas” as Texas thinks it is.
I have a few "Gold Backs" NH, NV, WI where the GOLD is in the bill and could be separated if need be...same size as bills now.
A one dollar bill contains 1/1000 of an ounce of gold between two colorful laminates.
No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility..."
To reiterate "No State shall...make anything but gold and silver Coin a Tender in Payments of Debts..." Shouldn't every State be doing this? Or are we no longer a Constitutional Republic?
no thanks
I suspect its the only safe option for TX politicians (short of secession) to escape the fed monopoly.
The banksters killed JFK for printing silver certificates.
In precious metals bull markets historically ….
Silver outperforms Gold 2.1 to 1
lots of people wanted JFK dead
They never do their own dirty work.
The agency has a lot of such experts.