Texas Bullion Depository Begins Construction. In June 2015, Gov. Greg Abbot signed legislation creating the state gold bullion and precious metal depository. The facility will not only provide a secure place for individuals, business, cities, counties, government agencies and even other countries to store gold and other precious metals, the law also creates a mechanism to facilitate the everyday use of gold and silver in transactions. In short, a person will eventually be able to deposit gold or silver – and pay other people through electronic means or checks – in sound money.
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According to an article in the Star-Telegram, state officials want a facility “with an e-commerce component that also provides for secure physical storage for Bullion.” While in the development phase, officials said plans for a depository will include online services that would let customers accept, transfer and withdraw bullion deposits and related fees.
Ultimately, depositors will be able to use a bullion-funded debit card that seamlessly converts gold and silver to fiat currency in the background. This will enable them to make instant purchases wherever credit and debit cards are accepted. [Tenth Amendment Center]
In other words, they’re trying to recreate E-gold as a state-run entity. This effort is doomed from the start. The Evil Empire destroyed E-gold because it can’t afford to permit a threat to the Federal Reserve’s monopoly on money–they’ll destroy any state-run equivalent for the same reason. This is why Bitcoin came along–it removed the ability of a government to destroy a threat to their fiat currencies.
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