Texas Committee Passes Bill to Create 100% Reserve Gold and Silver-Backed Transactional Currencies
Posted by freedomforall 11 months, 3 weeks ago to Economics
Excerpt:
"On May 2, a Texas House committee passed a bill to create 100% reserve gold and silver-backed transactional currencies. Enactment of this legislation would create an option for people to conduct business in sound money, set the stage to undermine the Federal Reserve’s monopoly on money, and possibly create a viable alternative to a central bank digital currency (CBDC).
Rep. Mark Dorazio (R) introduced HB4903 on March 10 and it has since garnered a bipartisan coalition of 42 cosponsors. The legislation would require the state comptroller to establish and provide for the issuance of gold and silver specie and also establish digital currencies that are 100% backed by gold and silver, and 100% redeemable in cash, gold, or silver."
"On May 2, a Texas House committee passed a bill to create 100% reserve gold and silver-backed transactional currencies. Enactment of this legislation would create an option for people to conduct business in sound money, set the stage to undermine the Federal Reserve’s monopoly on money, and possibly create a viable alternative to a central bank digital currency (CBDC).
Rep. Mark Dorazio (R) introduced HB4903 on March 10 and it has since garnered a bipartisan coalition of 42 cosponsors. The legislation would require the state comptroller to establish and provide for the issuance of gold and silver specie and also establish digital currencies that are 100% backed by gold and silver, and 100% redeemable in cash, gold, or silver."
GO Texas!!!
It’s pretty easy to see that the Dems “solution” for Texas is illegal immigration. Texas politicians need to grow some balls fast and start doing things that will be unpopular but necessary if Texas is still going to be Texas. Like patrolling the border and jailing any Federal employees that get in the way. I’m not being hyperbolic. LITERALLY JAILING the FEDS.
Open borders defies Constitutional law.
Texans are no less spoiled by modern conveniences than most other Americans, and, imo, no more willing to risk that for "expensive" freedom.
They should have closed the border 40 years ago.
I wish it wasn't true.
The key is in making it easier to use gold in everyday transactions. The reason bad money drives out good is that governments put up barriers to using sound money in day-to-day life. That makes it more costly to spend gold and incentivizes hoarding. When you remove barriers, you level the playing field and allow gold and silver to compete head-to-head with Federal Reserve notes. On an even playing field, gold beats fiat money every time.
Fiat is NOT money, it is no store of value. As we have seen.
But EXCELLENT point.
Part of this is simply because the masses are uneducated. But I have plenty of BTC. Don't ask me to buy things with it!
I will gladly take BTC as payment. But I don't want to part with it... UNTIL I have to.
The point is, just like they are planning with the CBDC... They will kill the regular dollar to replace it with the CBDC. I am BELIEVING that paper dollars will RETAIN their value when they stop printing them! And even better, they may become worth MORE once CBDCs come into play. (And that seems crazy at first blush).
My hope is we get WorldWide Digital Currencies NOT tied to CBs, that are Privately held assets, like BTC, and ETH. But with much lower premiums like LTC.
I still want to use CCs, but I would prefer more competition... I can also imagine BlockChain Giving that CANNOT be usurped like GoFxxxMe has done enough times to prevent me from EVER doing one again.
If signed into law by Abbott and put into effect, I'm sure this new currency will circulate far and wide, unlimited by state or even national borders.
I can, however, smell an immediate "cease and desist" executive order originating somewhere in the Biden admin--most likely from SoT Yellen, then a federal court injunction, and eventual SCOTUS decision that might take years. Corrupt national legal tender currencies don't usually die a quick, painless death.
I like the gold backs myself. NH,NV,AZ and WI are making them.
This is interesting. Because the W2 can read the Face Value. The employee who sells these coins for their actual value, gets to claim that income as Capital Gains. Taxed at a much lower rate.
The challenge I face, as self-employed is that if I sell the coins back to the company, then it's considered an arms-length transaction.
Strongly considering seeing if the local coin dealer who has some "$1,000" bills. Might be willing sell them repeatedly. (Some are worth $100k). Imagine paying yourself $1,000 and gladly paying income tax on that.
And then paying Only Cap Gains on the $100k.
The magic is writing off the losses on the purchase and dispensing. I guess the "premium" could be considered a banking fee...
Would jump on this in a heartbeat for all my day-to-day transactions and move all my savings to the GLINT account. Feel better the gold is outside the US.
With that said, scream for TEXIT. Get off your ass Abott.