Sunday, 24 November 2024

Texas Lawmakers Propose Gold and Silver-Backed Currency — Will Go To Legislature In 2025

100 Percent Fed Up
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In a bold move to reimagine how Texans use money, State Representative Mark Dorazio has filed two bills in the Texas House—HB1049 and HB1056—that aim to create gold and silver-backed transactional currencies. If passed, these bills could establish a system where money issued in Texas is fully backed by precious metals, offering an alternative to the Federal Reserve’s fiat money system.

What’s in the Bills?
Both HB1049 and HB1056 propose the creation of currency supported by gold and silver held in the Texas Bullion Depository. This means every dollar issued would be backed by a physical reserve of precious metals, ensuring its value remains stable.

The proposed system would allow Texans to:

  • Use gold and silver-backed currency for transactions.
  • Conduct electronic transfers in this currency.
  • Redeem it for either precious metals or U.S. dollars.
  • The main difference between the two bills lies in the sections of the Texas code they aim to amend, but their language and goals are nearly identical.

    • Why It Matters
    Advocates say this system could give Texans a secure, inflation-resistant alternative to the Federal Reserve’s money. By tying currency to tangible assets like gold and silver, the idea is to provide a more stable and trustworthy option for saving and spending.

    How It Would Work
    The Texas Comptroller would oversee the issuance of the currency and ensure that it remains fully backed by reserves stored in the Texas Bullion Depository. The state would also create mechanisms for electronic transfers and seamless use of the new currency in everyday transactions.

    The Road Ahead
    The bills, filed on November 12, 2024, are in the early stages of the legislative process and have yet to be debated or passed into law. Supporters argue that this could set a precedent for other states, while skeptics caution about potential conflicts with federal regulations on currency.

    Here are more details from the TenthAmedmentCenter:

    Two bills filed in the Texas House would create 100% backed gold and silver-backed transactional currencies that would serve as legal tender in the state. This would create a foundation for the people to undermine the Federal Reserve’s monopoly on money.

    Rep. Mark Dorazio filed House Bill 1049 (HB1049) and House Bill 1056 (HB1056). The language in both bills is nearly identical but they add the provisions to different sections of the Texas code.

    Under the proposed law, the Texas Comptroller would issue gold and silver specie (coins) through the Texas Bullion Depository and also establish gold and silver transactional currency defined as “the representation of gold and silver specie and bullion held in the pooled depository account.”

    The Depository would be required to hold enough gold and silver to back 100 percent of the issued currency.

    Holders of gold and silver specie and currency would be able to use them as “legal tender in payment of debt” in the state of Texas. The gold and silver-backed currency would be electronically transferable to another person.

    Gold and silver-backed currency would be redeemable in specie or at the spot price of gold in U.S. dollars minus applicable fees.

    In practice, the passage of HB1049 or HB1056 would allow any person to conduct business transactions using gold or silver.

    IMPACT
    The passage of this legislation would create a sound money alternative to U.S. dollars in both physical and electronic form.

    Using gold and silver-backed transactional currency, any person or entity would be able to do business using a debit card that seamlessly converts gold and silver to fiat currency in the background. Private individuals and businesses would be able to purchase goods and services using assets held in the Texas Gold Depository in the same way they use dollars held in a bank today.

    Gold and silver-backed transactional currency would give people a way to shield themselves from the rapid loss of purchasing power inherent in the fiat dollar.

    Over time, making gold and silver available for regular, daily transactions by the general public could have a wide-ranging impact. Professor William Greene is an expert on constitutional tender and said in a paper for the Mises Institute that if people in multiple states actually start using gold and silver instead of Federal Reserve notes, it would effectively nullify the Federal Reserve and end the federal government’s monopoly on money.

    You can see the two bills here and here.

    MORE HERE:

    Have You Heard About “Operation Sandman”? It’s Set To ‘Crush The US Dollar’

    Have You Heard About "Operation Sandman"? It's Set To 'Crush The US Dollar'

    Have you heard about Operation Sandman?

    If you haven't, you'd better get up to speed quickly.

    Because it's going to rock your life and standard of living you've become used to here in America.

    And it's already in process.

    Allow me to explain...

    Operation Sandman is the organized, controlled destruction of the U.S. Dollar.

    In a picture:

    An intentional crash of the Dollar:

    It's gained a lot of attention recently in the past 1-2 weeks:

    A short summary here in Part 1:

    And Part 2:

    Now for the big question....

    Why would they do this?

    Answer here:

    Next question, for those of you saying:

    I don't really care about the U.S. Dollar, why should I care?

    It's not going to affect me.

    I don't care about economics, that stuff is boring to me.

    You will care deeply very soon.

    Here's why:

    And here's my friend Bo Polny talking about it too!

    Ok, so now the biggest question: what can we do about it?

    How do we prepare?

    As always, I never leave you with just the problem, I give you the solution.

    Let's go back to Bo Polny for a minute.

    I had Bo back on my show last week for a HOT interview!

    Our timing couldn't have been more perfect.  In the morning yesterday, Bitcoin was at about $28,000.

    By yesterday afternoon when I sat down to interview Bo, Bitcoin was suddenly spiking to $30,000.

    About 10 minutes after we ended our interview it broke over $30,000 and it currently sits at about $30,400 as I type this.

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    A MASSIVE failure of the U.S. Dollar....

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    We break it all down in this interview and I have to say this is the most "urgent" I have ever seen Bo.

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    So please don't wait to watch this.

    I'm not a financial advisor, but I can tell you what I'm doing....I'm continuing to add as much GOLD and CRYPTO as I can.

    I'm trying to get out of USD and into real assets.

    We go into detail on both gold and crypto in this interview and there are three big moves coming you need to be aware of.

    All violent spikes and dumps and you don't want to be caught on the wrong side.

    We get into ALL the details, and a big shout out to my XRP Army friends, yes we also talk XRP baby!

    I have the YouTube link here:

    And Rumble version here:

    And as promised in the video, I have all the links for you right here.

    👉 Download Bo's slides for free: https://qrco.de/bdrkYR

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    There is so much in here....

    Oh and have you heard about the "Aladdin" program from Blackrock?

    We talk about that too.

    So much more in here, I am really excited to hear what you all think.

    Oh, and we most definitely talked Gold and Silver too!

    Spoiler alert, Bo says Gold is going higher....MUCH higher.

    It's at $2,000 right now but Bo has targets that are a lot higher than that.

    Do you have Gold?

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    A Faith-Driven, Conservative Precious Metals Company You Can Use With Your IRA!

    For the last year, central banks across the globe have (secretly and quietly) been buying up as much gold (and often silver) as they can acquire without raising alarm bells.

    Now, we see why...

    Gold.

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    On.

    Fire!

    Best advice you can learn in life? 👉 Never listen to what the experts are TELLING you, listen to what they are actually doing!

    The recent bank runs and ongoing collapse of the U.S. banking system was anticipated by the "elites" and the central bankers who run things behind the scenes. They saw it coming and knew the best way to protect their assets was through physical precious metals.

    If you've been waiting for me to bring you a solution about what YOU can do to protect yourself and you're family, I'm happy to introduce you to something I absolutely love!

    Precious metals.

    I just talked about precious metals this week with Bo Polny and now I'm bringing you a solution that you can utilize right away if you're so inclined...

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    Load More

    Central bankers aren't slowing down. In fact, nations like China and even U.S. states like Tennessee are quickly but quietly buying up gold to back their own treasuries. When the writing on the wall is this clear, it's understandable why these governments are moving quickly to get ahead of any potential economic catastrophes in store.

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    Don't wait too long, we might have more bank failures right around the corner.

    You know what has NEVER "failed"?

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    There's a reason they call it "God's money".

    Watch this for more:

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    This is a Guest Post from our friends over at WLTReport.

    View the original article here.


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