Gov. Rick Perry: Texas wants its Gold from the Federal Reserve
WND EXCLUSIVE by Garth Kant
Why Texas wants its gold back from the feds
More security 'in the event of a national or international financial crisis'
“The eyes of Texas are upon you” goes the song, but right now those eyes seem to be squarely focused on the financial crisis in Cyprus.
Texas Gov. Rick Perry is supporting a bill that would return the state’s $1 billion in gold reserves currently stored by the Federal Reserve at a vault in New York to the state.
The sponsor of the bill, State Rep. Giovanni Capriglione, R-Southlake, told the Texas Tribune, “For us to have our own gold, a lot of the runs on the bank and those types of things, they happen because people are worried that there’s nothing there to back it up.”
Bank runs were the great fear in the Mediterranean-island country of Cyprus today, as banks reopened for the first time since March 16, while the European Union imposed unprecedented austerity measures on the nation, including confiscating money in bank accounts. WND reported on March 18 the concerns that the crisis could spread to the U.S. financial system.
Capriglione said his bill is, “not about putting Texas on its own gold standard, [but instead will] give the state a reputation as being more financially secure in the event of a national or international financial crisis.”
“If we own it,” Perry told Glenn Beck last week, “I will suggest to you that that’s not someone else’s determination whether we can take possession of it back or not.”
Capriglione’s bill would establish the Texas Bullion Depository to hold the gold.
“We don’t want just the certificates. We want our gold. And if you’re the state of Texas, you should be able to get your gold,” said Capriglione.
However, he concedes transporting $1 billion worth of gold bars would be impractical, so he suggests selling the gold and repurchasing it in Texas.
The bill might get bipartisan support. State Sen. Rodney Ellis, D-Houston, called the bill “an interesting concept” and wants to consult financial experts on its merits.