Gov. Abbot demands that the U.S. gov't returns Texas' gold bullion


vrDrew

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All the gold that has ever been mined in the history of the world, about 170,000 metric tons, is worth about $8.1 trillion at today's prices. $8 trillion is less than half the annual GDP of the United States; and about 10% of total global GDC of $78 trillion.

Gold is an inherently flawed unit of financial reserve. There simply is not now, and never will be enough of it to reflect even the tiniest fraction of the value of goods and services produced.

Annual gold production is now approx. 2,500 metric tons per year. Worth roughly $95 billion. Or about the same as Apple's sales every six months. Geologists believe that most of the large deposits have been found - meaning we've probably past "peak gold" several years ago.

Its estimated that there is enough gold to provide every person on earth with four gold rings (about the size of a wedding band.)

Returning to any sort of gold backed currency would instantly result in the most massive destruction of wealth this country had ever seen. Dwarfing the costs of WWII; the Civll War; and all the bailouts and Federal spending programs going back to the founding of the Republic.
 

jkcerda

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Jun 10, 2013
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Criminal Mexi Midget
All the gold that has ever been mined in the history of the world, about 170,000 metric tons, is worth about $8.1 trillion at today's prices. $8 trillion is less than half the annual GDP of the United States; and about 10% of total global GDC of $78 trillion.

Gold is an inherently flawed unit of financial reserve. There simply is not now, and never will be enough of it to reflect even the tiniest fraction of the value of goods and services produced.

Annual gold production is now approx. 2,500 metric tons per year. Worth roughly $95 billion. Or about the same as Apple's sales every six months. Geologists believe that most of the large deposits have been found - meaning we've probably past "peak gold" several years ago.

Its estimated that there is enough gold to provide every person on earth with four gold rings (about the size of a wedding band.)

Returning to any sort of gold backed currency would instantly result in the most massive destruction of wealth this country had ever seen. Dwarfing the costs of WWII; the Civll War; and all the bailouts and Federal spending programs going back to the founding of the Republic.
THAT is one thing that pissed me off about Ron Paul.
 

APlotdevice

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I'll just let the fools secede. We'll see how well they do the next time they're faced with a natural disaster and don't have the federal government to back them up.
 

bradl

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Jun 16, 2008
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I'll just let the fools secede. We'll see how well they do the next time they're faced with a natural disaster and don't have the federal government to back them up.
Natural Disaster? Wasn't it Texas that wanted to join the United States after the Alamo and the battle of San Jacinto? Besides, if they want to secede, Mexico, at least according to some of the crazies down there, is already taking over the land again, so if they get overpowered, they have to deal with it without Ft. Hood, Randolph AFB, any of the NASes, NOLFs, or any other bases that are of the United States.

Abbott may find him in a cold, dark, isolated place, just like he did when he cried for help from the floods, while sending his branch of the National Guard to 'keep watch' over Jade Helm.

BL.
 

giantfan1224

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Mar 9, 2012
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I'll just let the fools secede. We'll see how well they do the next time they're faced with a natural disaster and don't have the federal government to back them up.
Why do the States need the Federal Government to bail them out of anything? Where does the Fed get its power if not from the States? And as a sovereign nation, during a time of crisis like a natural disaster, they could always solicit the help of other nations, just like you see now. I wouldn't doubt for one second that Texas could do just fine on its own.
 
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APlotdevice

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Why do the States need the Federal Government to bail them out of anything? Where does the Fed get its power if not from the States? And as a sovereign nation, during a time of crisis like a natural disaster, they could always solicit the help of other nations, just like you see now. I wouldn't doubt for one second that Texas could do just fine on its own.
You mean all the nations that are allied with the United States?
 

Renzatic

Suspended
Why do the States need the Federal Government to bail them out of anything?
They don't need it, they just ask for it because it's convenient, and takes a good deal of the financial burden off their state. It's one of those nice things about being part of the union and all that.

You mean all the nations that are allied with the United States?
They could always ask Mexico for help.
 

vrDrew

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Leaving aside issues of secession and banking reserves, this is an idea of such mind-numbing stupidity and political grandstanding as to defy belief.

Lets start with the obvious: This gold isn't the property of the State of Texas. It is a part of the University of Texas' investment portfolio. Why do the trustees choose to keep it in New York? Answer: Because providing secure storage for a pile of gold is extremely expensive. It much cheaper to keep it bank vaults, rather than have to pay Texas State Troopers to stand guard for it around the clock.
 

giantfan1224

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Mar 9, 2012
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They don't need it, they just ask for it because it's convenient, and takes a good deal of the financial burden off their state. It's one of those nice things about being part of the union and all that.
Ah yes but when inconvenience outweighs convenience...

Not saying Texas should try to secede but I fail to see why it would work so impossibly.
 

giantfan1224

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Mar 9, 2012
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Leaving aside issues of secession and banking reserves, this is an idea of such mind-numbing stupidity and political grandstanding as to defy belief.

Lets start with the obvious: This gold isn't the property of the State of Texas. It is a part of the University of Texas' investment portfolio. Why do the trustees choose to keep it in New York? Answer: Because providing secure storage for a pile of gold is extremely expensive. It much cheaper to keep it bank vaults, rather than have to pay Texas State Troopers to stand guard for it around the clock.
They don't have bank vaults in Texas?
 
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Renzatic

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So the Federal Government, no matter its size, intrusion and infringement of States' rights is always the best option?
No, it's that the argument itself is all kinds of pointless, and doesn't serve any purpose other than to show their idiot voter base how much of a cool rebel they are being on the right leaning side of the political spectrum. Damn the federal government for forcing the proud state of Texas to adhere to social standards, and allow those crazy gays to get married and slutty women to get abortions while that same evil government conducts military drills in their backyard entirely by their permission. We're gonna take our ball and go home!

...but not really. DID YOU SEE THAT, GUYS! VOTE FOR ME!

Tell me one thing. Has Texas suffered at all after being included in the union, or have they profited like all the other 49 states over the last 100-something odd years?
 
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vrDrew

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They don't have bank vaults in Texas?
Storing gold is a highly specialized business. And specialty storage vaults provide many valuable services.

For instance, if the University decided to increase or decrease its levels of gold, it would have to physically move the metal from one place to another. Which is very expensive: you have to make all sort of security arrangements. Buy special insurance. Hire guards. And the history of the world is filled with stories of gold that got lost, one way or another, en route to its destination.

But when your gold is kept in a specialty vault, along with the gold of thousands of other investors, the vault operator doesn't even have to move the gold at all. They simply make an entry in their accounting system.

Storage vaults also provide an efficient market for buying and selling gold. Their other depositors are ready made customers or vendors of gold to meet your requirements.

But if the gold was in a vaults in Austin or Dallas - then an investor from Abu Dhabi or Zurich would have to physically fly there to examine the merchandise before completing a transaction.
 
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bradl

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No, it's that the argument itself is all kinds of pointless, and doesn't serve any purpose other than to show their idiot voter base how much of a cool rebel they are being on the right leaning side of the political spectrum. Damn the federal government for forcing the proud state of Texas to adhere to social standards, and allow those crazy gays to get married and slutty women to get abortions while that same evil government conducts military drills in their backyard entirely by their permission. We're gonna take our ball and go home!

...but not really. DID YOU SEE THAT, GUYS! VOTE FOR ME!

Tell me one thing. Has Texas suffered at all after being included in the union, or have they profited like all the other 49 states over the last 100-something odd years?
I don't know.. after all, they could play the victim as far as the whole confederate flag goes.. and that's with the reminder that they were a slave state during the Civil War..

BL.