Somebody needs to go check the water down in Texas: Governor Rick Perry (R) wants to begin hoarding gold. Perry has teamed up with state Rep. Giovanni Capriglione (R) to create a sort of "Fort Knox" of sorts in the Lone Star State. The move has many speculating if the state is seriously considering secession.
The legislation being put forth by Capriglione would create the Texas Bullion Depository. Capriglione told the Texas Tribune, "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." The lawmaker believes that creating their own depository will make the state a more attractive and safer place for potential business owners and investors.
The depository would be a secure state-based bank that would hold the gold bars owned by the University of Texas Investment Management Co. Currently, the $1 billion dollars in gold bars are held by the Federal Reserve of New York. Capriglione said that the state could save money on protecting the gold by farming out administrative and security duties to private firms. Yes, that’s a genius idea and doesn’t sound at all like an Oceans 14 movie plot.
The bill may actually have some legitimate legislative support in and out of State Congress. Former Rep. Ron Paul has long backed a gold standard: "If you think gold is a hedge, or a protection, you always want it as close to the individual and the entity as possible."
Perry told conservative radio host Glenn Beck, that he believes Texans are much better equipped to physically defend their own gold. Perry and other legislators, cite the enumerated powers of the tenth amendment as legal justification for taking back the gold.
Over 100,000 Texans signed a White House petition asking the Obama administration to allow the state to secede from the Union. The White House rejected the petition citing a 1869 Supreme Court decision. Having access to their own gold may pave the way for Texas to create their own currency and possibly move forward with secession.
It looks like Texas might just have a new state motto on their hands. Texas; come for the gold, stay for the guns.