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[–] PanRagon 0 points 24 points (+24|-0) ago 

Of course Texas would be the first to do this. Not saying it's a bad idea, but that's such a Texas thing to do.

Hope other states follow the trend.

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[–] Targut 0 points 1 points (+1|-0) ago 

New Jersey wouldn't shock me either, but they're a tad more subtle in this regards than Texas.

[–] [deleted] 0 points 0 points (+0|-0) ago 

[Deleted]

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[–] PanRagon 0 points 0 points (+0|-0) ago 

No, but it helps feed into their fantasy of Texas being an independant country.

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[–] nnntttnnn 0 points 19 points (+19|-0) ago 

Good for them. Anyone should be suspicious that their "stored" gold even exists after that fiasco with the German gold repatriation.

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[–] Super-Script [S] 0 points 4 points (+4|-0) ago 

Tungsten bars. Tungsten bars everywhere.

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[–] invaderzim 0 points 10 points (+10|-0) ago 

I don't know too much about how it all works but the Federal Reserve is just a private company anyways isn't it? Like "Federal" Express is just another delivery service.

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[–] whatthehelldamnguy 0 points 2 points (+2|-0) ago 

Private, yet there are laws that literally make it illegal to know who owns it.

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[–] Invader_Ark 0 points 2 points (+2|-0) ago 

But the Tallest said I could take this mission!!

[–] [deleted] 0 points 2 points (+2|-0) ago 

[Deleted]

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[–] invaderzim 0 points 2 points (+2|-0) ago 

Why are we doomed?

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[–] rationalinquisition 0 points 0 points (+0|-0) ago 

No, the Federal Reserve is a government entity that was established in response to the great depression. The federal reserve does many things, but simply put, they are a massive bank created and backed by the government to steer the economy. Chairmen and board members of the FED are government appointed positions.

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[–] HealthySteven 0 points 12 points (+12|-0) ago 

It's actually not a government entity. Technically it is privately owned

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[–] Super-Script [S] 0 points 10 points (+10|-0) ago  (edited ago)

It's private. There are tangential court verdicts stating it. The Federal Reserve is more like a contractor for the U.S. government than an actual agency. A very powerful contractor.

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[–] Mosin91 0 points 3 points (+3|-0) ago 

It existed prior to the Depression

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[–] whatthehelldamnguy 0 points 2 points (+2|-0) ago 

Incorrect. The people that own the fed are kept anonymous by law. The people that run it are appointed. It is a private company with private profits.

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[–] luddite 0 points 6 points (+6|-0) ago 

... and wants its gold back from New York State. The Lone Star state will repatriate its $1 billion in gold bullion.

Will they be getting that back before or after the Germans get their gold?

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[–] Kabuthunk 0 points 5 points (+5|-0) ago 

Probably the smartest thing Texas has ever done.

Seriously, with the fractional reserve, how does ANYONE even have confidence in the USD any more?

18 trillion in debt!!! Like... I swear, most of the rest of society isn't seeing the painfully blinding signs here.

And don't even get me started on the stock market. Holy fuck, high frequency trading. Just... ugh.

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[–] Sariel 0 points 0 points (+0|-0) ago 

Most of the debt (around 80%?) is to US citizens, so in a case of fiscal emergency well...it wouldn't be that hard to get by that problem. And which country would dare demand their debt payments from the mighty USA?

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[–] fluffingtonthefifth 0 points 0 points (+0|-0) ago 

with the fractional reserve, how does ANYONE even have confidence in the USD any more?

Care to explain?

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[–] h3lblad3 0 points 2 points (+2|-0) ago 

Fractional reserve is where the bank doesn't keep enough cash on hand to cover all of its accounts. Essentially, it works by the banks using that money as loans. This is how they can provide interest. The catch is that if there's ever a run on the banks the banks get to tell people to shove off because, as it happens, they actually don't have the money.

People who don't believe in fractional reserve expect the bank to have the money on its person at all times so that everyone can get their money out at any time. Essentially, they don't want your money to belong to the bank while it's in there.

I wonder, though, what the effects on bank fees and interest would be if they weren't allowed to keep only a fractional reserve.

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[–] asdasd 0 points 0 points (+0|-0) ago 

I have a video series I strongly suggest you watch: https://www.youtube.com/watch?v=DyV0OfU3-FU

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[–] Kabuthunk 0 points 0 points (+0|-0) ago 

The USD is basically severed from the gold standard.

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[–] jonivy 0 points 0 points (+0|-0) ago 

This thread is either full of a lot of sarcasm, or voat is a strange place full of people who never made it to a basic economics course (maybe they all went to school in Texas).

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[–] Old_n_Grumpy 0 points 1 points (+1|-0) ago 

"I reject your reality and substitute my own".

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[–] revofire 0 points 0 points (+0|-0) ago 

This makes me happy. 10th Amendment at work again. It helps protect states from Federal overreach and corruption by protecting the currency.

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[–] Selendis 0 points 0 points (+0|-0) ago 

But... Why? I thought that US money wasn't gold backed anymore, in the traditional sense.

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[–] ScottRockview 0 points 4 points (+4|-0) ago 

Backup plan. When the US economy tanks, Texas can secede and then using the State Gold reserve, issue their own currency that is backed by something of value so life in Texas can go on as normal. Also, they make a lot of their money from oil. If we stop needed oil (because of companies like Tesla) they will have a big a commodity that is worthless. If they are using oil money and hold onto a commodity that will be worth something, they can survive a financial crisis in the US.

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[–] pandam 0 points 2 points (+2|-0) ago 

Even if we stop using oil for fuel, there will still be a need in the rubber and plastics industries. But yeah, that would cause the price of oil to stay extremely low. And your point remains. (Almost). Not a worthless commodity, but almost.

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[–] Old_n_Grumpy 0 points 1 points (+1|-0) ago 

Texas became a state by treaty. It has a right to secede per the treaty. In addition to the gold reserve being set up and our large amount of available oil and gas, we also have our own power grid, Oh yeah. There is no Federally owned lands in Texas. Some managed but not owned. Caveat - not sure about military installations like Ft. Hood.

God forbid the US tanks but I do take comfort living in Texas. Bible, guns and Lone Star beer!!