This bill calls for creation of a 10-member commission that would determine the “need, means and schedule for establishing a metallic-based monetary unit.” Essentially, he wants to spend $20,000 on a study that could call for the state to return to a gold standard.
The gold standard is a system under which a country ties the value of its currency to gold, setting a fixed price at which gold can be bought or sold by the government.
Many of the bills would make it possible for residents to exchange the physical coins for goods and services, so you could use coins to buy anything from groceries to a car as long as the store chooses to accept them.
However, most people aren’t going to walk around with such valuable coins in their pockets. Plus, calculating the value of the coins — especially if they come from different parts of the globe and are of different sizes and shapes — will get tricky.
It’s more likely that the states will create electronic depositories and accounts for the coins to make transactions easier, when and if the initial bills are passed, he said.
Utah Gold & Silver Depository is already developing a system where customers could use debit cards linked to their gold holdings. When customers swipe their debit cards to make transactions, physical gold and silver coins would be transferred between accounts in privately-owned depositories (or vaults) based on the market value of the metals.
Meanwhile down in Texas…
As far as anyone knows, only the University of Texas endowment fund has taken measures to purchase gold. Even then, the ‘educators’ have parked this bullion in a vault up in NYC. And who is not aware of the fact that ‘educators’ are among the most stupid among us?
While Texas is far from being like, and trying hard to separate herself (specifically) from California, there are still way too many areas in which she finds herself spookily akin to the “Loony State”.
Why Texas, of all States, is not preparing itself for the coming collapse of the U.S. (and International) financial system, is anyone’s guess. Could it be that Governor Good Hair is all talk and no action? All horse and no Cowboy?