Why Texas wants its gold back from the Federal ReserveSubmitted by meekandmild on Tue, 03/26/2013 - 16:13
Texas wants its gold back — all $1 billion of it. That's what Gov. Rick Perry told Glenn Beck on his radio show last week, according to the Texas Tribune.
The Federal Reserve holds the gold bars, which are owned by the University of Texas Investment Management Company. Perry wants to bring them all back to Texas to store the gold in what would be called the Texas Bullion Depository.
In some episode of hyperinflation and U.S. government collapse, as the nation falls into a Hobbesian state of nature, paper dollars will be no good, but gold would likely be the medium of exchange for buying food and guns and whatever else is needed for Texas to prosper amid the post-apocalyptic hellscape.
Another reason — other than the one put forth by Capriglione — that a state might want to keep $1 billion of gold handy is if it were planning to secede. Texas has already tried to break away from the Union twice — in 1836 and 1865 — and more than 100,000 Texans signed an online petition earlier this year asking the White House to allow the state to secede.