Texas is known for it’s independence and it has taken some steps this year to solidify its financial independence.
In June, Governor Greg Abbott signed legislation to open its own gold depository and bring $1 billion worth of gold back to Texas.
Governor Abbott granted a high-profile signing ceremony for the legislation.
It is currently stored in an underground Manhattan vault.
“This could very well make the Federal Reserve System unnecessary.”, said Texas Rep. Giovanni Capriglione, the author of HB 483 that passed by a vote of 140-4.
The bill allowed the State to set up a gold depository to store gold bullion and other precious metals and bring its $1 billion in gold bullion back to Texas.
Capriglione proposed the depository in 2013, but it didn’t gain traction until this year’s session.
Individuals would be able to conduct transactions that are backed by the gold. This would circumvent the Fed, Capriglione said.
That means that people can conduct their own transactions and they would be backed by gold stored in the Texas depository. This would effectively circumvent the Federal Reserve as well as reserve banking practices in general.
“The really interesting part about this depository, which hasn’t been getting a lot of press,” Capriglione said, is that “with this depository, private individuals and entities will be able to purchase goods, and will be able to use assets in the vault the same way you’d be able to use cash,” reported the Texas Observer.
In an interview with Rick Wiles, Rep. Capriglione explained that while the media is paying attention to the gold portion of the story, most news outlets are not mentioning the banking ramifications.
“This is the biggest threat in 102 years to the Federal Reserve System,” exclaimed Wiles.
“I’d like Texas to be the Switzerland of the world,” said Capriglione. “I can see that happening because as you know…besides being a great state…it also has the advantage of being situated geographically in a great situation. We’re halfway between the east coast and the west coast. Between Canada and South America.”
Listen to Rep. Capriglione explain the coming Texas Banking system to Rick Wiles and how this could be the beginning of the end of the Federal Reserve.: