Published on July 19th, 2015 | by bitcoin0
The Texas Bullion Depository Challenges the Federal Reserve System
Greg Abbott signed into law HB 483, paving the way for Texas to repatriate $1 billion in gold from an underground vault in Manhattan operated by HSBC bank, bringing it home to be stored in a yet-to-be-built Texas Bullion Depository, reports HNGN, which also speculated whether this is the first step in Texas’ plan to secede.
The gold is owned by the University of Texas’ endowment fund.
“Today I signed HB 483 to provide a secure facility for the State of Texas, state agencies and Texas citizens to store gold bullion and other precious metals,” Abbott said in an official statement in June.
“The really interesting part about this depository, which hasn’t been getting a lot of press,” said Capriglione as reported by Texas Observer, 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.
”The Texas Bullion Depository – basically a private currency backed by gold just like old-time currencies – is, according to the show host, “the biggest threat in 102 years to the Federal Reserve System.
” Capriglione agrees that it could very well make the Federal Reserve System unnecessary.
Instead, it seems likely that Capriglione refers to the possibility of using bitcoin to purchase gold held in the Texas Bullion Depository, and to sell the gold back for bitcoin.