Somebody say Podcast?

Well, I am no Turd, and my market views should be carefully examined and questioned, possibly ridiculed, and not traded. But since friday's are just not the same without a podcast...

I sort of tried to arrange an interview with Bo Polny, but couldn't find his name in the phone book.

Click to listen

Seedbank...

http://s1.vocaroo.com/media/download_temp/Vocaroo_s1VG1wd9O3iv.mp3

54 Comments

MrOnline's picture

YEAA A PODCAST!!!!

First!!!!

Mr. Fix's picture

2nd, excellent idea Dr. Jerome!!!

And to think I wasn't expecting very much when I opened the computer. This is like finding gold coins hidden under the couch cushion. What an unexpected delight! I'll be listening closely,  

I'll be back.  smiley

Okay, I listened.  Great job! Occasionally, I put YouTube videos up, but I can never get them the flow quite that well.

I'm happy to hear you got out of the miners, they are going away with the rest of the system. I've been considering putting a big stack on a credit card since 2009, and I'm kind of glad I didn't, at least what I own I really own.

Stocking on food is a must, if the shelves are empty, your stack isn't going to be of any value at all. Contrary to popular belief, this drought is being totally fabricated, by aerosolizing the atmosphere off the west coast with nano aluminum, which is a desiccant, it's mopping up all the moisture. The eastern half of the country is getting all of the Western halfs rain. That's only slightly off-topic, but you brought it up. Here in New York, things are nearly normal, but I've been keeping an eye on my well, and the water is down about 100 feet. It used to be 10 to 20 feet. Fortunately, the hole is 450 feet deep, so I still got some on reserve. I agree, you will need to keep a close eye on that. Water will be the new gold.

Still looking at charts? Ouch! That's got to hurt! Get your preparations in order, those charts are not coming back, we are approaching the end of the endgame. The psychopaths in charge are going for maximum damage, and in case you haven't noticed, they don't care about the system, they are destroying it intentionally so they can build a new one. There will be a lot of casualties, these people don't like to share, and from their perspective, there are just too many of us.

If you can maintain a water supply, then you made the right move. For anyone else thinking about backing up the truck, I suggest you've got a month, I'm one of those people saying you got until the end of September, but I wouldn't cut it that close. Jade Helm is not going away, they have far too much invested in it. They know the system is coming unglued, and they are pre-positioning there response. It won't be very friendly.

A years supply of food for everyone in your household is an excellent idea, that's what I've got. The heirloom seeds are also great idea, I've got a couple of years worth, and I have been practicing gardening for a couple years, and I must say, I'm actually getting reasonably good at it. I'm  confident I can sustain myself. Defending it, also needs to be a consideration. The price of ammo will go up long before the price of gold and silver. Just a heads up.

Sorry about getting so doomy gloomy on your inaugural podcast, but as a fellow prepper, I figured you'd understand.

Overall, we're not preparing for unicorns and butterflies. wink

pforth's picture

Well done...

It's a hard thing to do, making a broadcast on a day like today!

lakedweller2's picture

DrJ

Excellent.

Barfly's picture

Nicely done

I especially liked the part about the rain barrels.

Dr Jerome's picture

Mr Fix

What's it like to find gold coins under your couch cushions? May I come over to your house?  wink

mel's picture

COT Report Exceptionally Bullish!!

Excellent podcast Dr Jerome! Really enjoyed it!

I'd like to submit the following for members to check out...

From Adam Hamilton's Zeal Research Report July 17,2015....

"The CFTC releases its CoT reports late every Friday afternoon, current to the preceding Tuesday close. So this data is the latest available when this essay was published. And it shows astoundingly bullish conditions in both gold and silver, with American speculators legally on the hook to soon buy truly vast amounts of both precious metals to close their extreme positions! A record short-covering frenzy is imminent.

And amazingly, the situation is even more extreme in silver futures. Speculators also just ramped their leveraged downside silver bets to their highest levels since at least 1999, and almost certainly ever. And unlike gold which barely edged out record shorting, today's silver-futures shorting is far higher than the last record. So silver too is on the verge of a massive-if-not-record short-covering frenzy running parallel with gold's."

http://www.321gold.com/editorials/hamilton/hamilton071715.html

Like Adam, I feel a bottom is in sight (might not be until August) but as some have mused, when the market does turn it'll be swift and breathtaking. Just be patient, and like Turd, take some time off...shut off the computer and spend more time with loved ones. Good luck and good health to all..

Mr. Fix's picture

Sure, you can come over to my house,

But I just bought a brand-new couch, so looking under the cushions is a waste of time. devil

I did get the optional pullout bed, you'll be nice and comfy. wink

lund175's picture

top 10

Now to listen.

Thank you for your time!

Marchas45's picture

Awesome Dr.J

Loved it, your a man after my own heart, Keep Stacking my friend and that's everything, just like your doing and you'll do ok and yes PM's are secondary, to me anyway.wink

Maybe a Recliner Report in the morning. Keep Stacking

P.S. I sold my miners last week just gave up, Hell I'm just not used to it, paper that is.laugh

cowlez's picture

amateur hour...

dr. j---it sounds like you are at a county park---next time, let's podcast from the county fair---or the monster-truck rally---btw, if it ain't no rain or water reserve, it ain't no crops from stored seeds---if the SHTF, the best stock is bulk ammo---if it's me and mine or him and his, only one way to go...

OT---i think platinum is WAY undervalued at this level---i'm a buyer...

also,  just an FYI...GREAT family, great stuff...

http://www.sgammo.com/

Billy C

Dr Jerome's picture

cowlez

I read somewhere that nobody in Bosnia during the war missed a meal if they had bullets to trade.

I've been thinking about stacking some more brass & lead for bartering purposes.

AIJ's picture

Ammo baby

Can't go wrong. It

AIJ's picture

Ammo baby

Can't go wrong. It

SaratogaPrepper's picture

Thank you Doc!

A most excellent podcast.

Barfly's picture

I read somewhere

That one should never trade bullets, as they might be fired back at you. Bic lighters are apparently good. Alcohol as well, if you have the capacity to make it. Don't want to enrage the drunks when you run dry.

ReachWest's picture

1,000,000 Silver Maples - Take that JPM!

(Title uttered in my best Dr Evil accent)

Thanks for the podcast Dr J. !! 

Missed the news that the big T was on vacation - but I'm happy to see that you are filling in.

And now - tongue in cheek ..

I think the PM price is going to zero. Zero! Zero, zilch, nada! I'm going to buy everything I can when the price gets to just above zero. (Like the story of the fellow that survives the elevator crash by jumping upward just before the elevator car hits the bottom.) I have $1000 of fiat set aside and when the price of Ag gets to $0.001 I'll be able to purchase 1,000,000 ozs of freshly minted Silver - sweet! This is an amazing strategy that is sure to win. (Ask Harry Dent or Janet Yellen).

The only problem with this plan is where I will store all the metal. (I'm thinking Eagles will be hard to acquire, so I'm going to take Maples.)

Stackable's picture

RE: COT Report Exceptionally Bullish!!

Looks like Adam Hamilton is using last week's COT data.  The gold COT is even more extreme this week, but some of the spec silver shorts got covered.

matt_'s picture

Thanks Dr J

You did an excellent job. Nice to hear from someone else going through the same thing after a day like today.

bim jeam's picture

Dr. J

Thank you for the podcast, most excellent on such short notice.
Truly appreciate you sharing your knowledge here day to day.
Best regards,

-b

waxybilldupp's picture

Doctor J ...

When you get to the point of getting serious about security at your Bug Out Location, please try and avoid the errors this poor fellow made:

If you have ever used an electric fence or know someone who has one you should read this. The language used is a bit salty, but 'he tells it like it is' without cursing.

We have the standard 6 ft. fence in the backyard, and a few months ago, I heard about burglaries increasing dramatically in the entire city. To make sure this never happened to me, I got an electric fence and ran a single wire along the top of the fence.

Actually, I got the biggest cattle charger Tractor Supply had, made for 26 miles of fence. I then used an 8 ft. long ground rod, and drove it 7.5 feet into the ground. The ground rod is the key, with the more you have in the ground, the better the fence works.

One day I'm mowing the back yard with my cheapo Wal-Mart 6 hp. big wheel push mower. I see that the hot wire for the electric fence is broken and laying out in the yard. I knew for a fact that I unplugged the charger. I pushed the mower around the wire and reached down to grab it, to throw it out of the way.

It seems as though I hadn't remembered to unplug it after all.

Now I'm standing there, I've got the running lawnmower in my right hand and the 1.7 giga-volt fence wire in the other hand. Keep in mind the charger is about the size of a marine battery and has a picture of an upside down cow on fire on the cover.

Time stood still.

The first thing I notice is my pecker trying to climb up the front side  of my body. My ears curled downwards and I could feel the lawnmower ignition firing in the backside of my brain. Every time that Briggs & Stratton rolled over, I could feel the spark in my head. I was literally at one with the engine.

It seems as though the fence charger and the piece of crap lawnmower were fighting over who would control my electrical impulses.

Science says you cannot crap, pee, and vomit at the same time. I beg to differ. Not only did I do all three at once, but my bowels emptied 3 different times in less than half of a second. It was a Matrix kind of bowel movement, where time is creeping along and you're all leaned back and BAM BAM BAM you just crap your pants 3 times. It seemed like there were minutes in between but in reality it was so close together, it was like exhaust pulses from a big block Chevy turning 8 grand.

At this point I'm about 30 minutes (probably really only 2 seconds) into holding onto the fence wire. My hand is wrapped around the wire palm down so I can't let go. I grew up on a farm so I know all about electric fences ... but Dad always had those piece of crap chargers made by International or whoever, that were like 9 volts and just kinda tickled.

This one I could not let go of. The 8 foot long ground rod is now accepting signals from me through the permadamp Arkansas river bottom soil. At this point I'm thinking I'm going to have to just man up and take it, until the lawnmower runs out of gas.

'Damn!,' I think, as I remember I just filled the tank!

Now the lawnmower is starting to run rough. It has settled into a loping run pattern as if it had some kind of big lawnmower race cam in it. Covered in poop, pee, and with my vomit on my chest, I think 'Oh  God please die .... Pleeeeaze die'. But nooooo, it settles into the rough lumpy cam idle nicely and remains there, like a big bore roller cam EFI motor waiting for the go command from its owner's right foot.

So here I am in the middle of July, 104 degrees, 80% humidity, standing in my own backyard, begging God to kill me. God did not take me that day.... he left me there covered in my own fluids to writhe in the misery my own stupidity had created.

I honestly don't know how I got loose from the wire .... I woke up laying on the ground hours later. The lawnmower was beside me, out of gas. It was later on in the day and I was sunburned.     

There were two large dead grass spots where I had been standing, and then another long skinny dead spot where the wire had laid while I was on the ground still holding on to it. I assume I finally had a seizure and in the resulting thrashing had somehow let go of the wire.

Upon waking from my electrically induced sleep I realized a few things:

1 - Three of the fillings in my teeth have melted.

2 - I now have cramps in the bottoms of my feet and my right butt cheek (not the left, just the right).

3 - Poop, pee, and vomit when all mixed together, do not smell as bad as you might think.

4 - My left eye will not open.

5 - My right eye will not close.

6 - The lawnmower runs like a sumbitch now. Seriously! I think our little session cleared out some carbon fouling or something, because it was better than new after that.

7 - My testicles are still smaller than average yet they are almost a foot long.

8 - I can turn on the TV in the game room by farting while thinking of the number 4 (still don't understand this???).

That day changed my life. I now have a newfound respect for things. I appreciate the little things more, and now I always triple check to make sure the fence is unplugged before I mow. The good news, is that if a burglar does try to come over the fence,   I can clearly visualize what my security system will do to him, and THAT gives me a warm and fuzzy feeling all over, which also reminds me to triple check before I mow.

Just be careful with that perimeter fence, Dr. J

wax off

McFly's picture

Palladium

Looks like APMEX is almost out of 1 oz palladium bars, and the premiums are $33/oz! I used to see premiums as low as just under $10 per oz above spot. Lots of 10 oz bars available, but I've never seen supplies of the 1 oz stuff so low.

http://www.apmex.com/category/41250/1-oz-palladium-bars-rounds

lakedweller2's picture

@waxy

Geez....seriously... What a story!

McFly's picture

@waxy

That was a great story! Sorry it happened, but glad I read it!

Maestro's picture

A little positivity

Wednesday, 15 July 2015
Texas Launches Gold-backed Bank, Challenging Federal Reserve
Written by  Alex Newman

    
font size     Print Email
 
The State of Texas is setting up a gold-backed bank that will allow depositors to bypass the controversial Federal Reserve System and its fiat currency in banking and commerce, according to the state representative who authored the recently enacted law. Under the measure, passed overwhelmingly by lawmakers and signed in mid-June by Republican Governor Greg Abbott, Lone Star State officials will establish and operate the Texas Bullion Depository for anyone who would like to deposit and trade in precious metals. The implications are as big as Texas.

While some analysts have said the move may be another sign heralding Texas’ eventual secession from the union, or preparation for financial Armageddon, its advocates say the depository simply makes financial sense. Among other benefits, the institution will provide more options to consumers weary of the increasingly troubled traditional banking and monetary system, which is viewed by the public with growing suspicion. And experts say the effect of making it easier to use sound money in commerce could be far-reaching.  

Among other immediate effects, the law creating the first state-level gold-backed bank in the nation, House Bill 483, will involve repatriating about $1 billion of Texas gold from New York. Conflicting news reports and official statements say the state’s precious metals stockpile is being held either by HSBC in New York, or by the powerful New York Federal Reserve Bank, a privately owned outfit cloaked in secrecy with immense power over the U.S. economy. First, though, officials will need to select a home for the Texas depository.   

 
“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,” said a statement issued by Governor Abbott, a popular conservative governor, after the ceremonial signing. “With the passage of this bill, the Texas Bullion Depository will become the first state-level facility of its kind in the nation, increasing the security and stability of our gold reserves and keeping taxpayer funds from leaving Texas to pay for fees to store gold in facilities outside our state.” The law protects the assets from seizure by the feds or other forces, too.

There will be many other benefits as well, according to supporters. While other states have in recent years passed legislation declaring gold and silver to be legal tender, analysts say Texas’ new depository could help supercharge the growing movement for an honest and sensible monetary system founded on real money rather than debt-based paper notes conjured into existence by a private banking cartel. Indeed, one of the chief aims of gold-and-silver-as-currency proponents is to restore sound money — and the Texas law could help pave the way.  

Tenth Amendment Center chief Michael Boldin, whose organization promotes states’ rights to rein in the feds under the 10th Amendment to the U.S. Constitution, called the law “an important first step towards gold and silver as commonly-used legal tender in the state.” He said the move has the potential to open the market to sound money, even in day-to-day transactions. “By making gold and silver available for regular, daily transactions by the general public, the new law has the potential for wide-reaching effect,” Boldin added.

The Tenth Amendment Center also highlighted the constitutional implications. Noting that Article I, Section 10, of the U.S. Constitution prohibits state governments from making anything other than gold and silver a tender in payment of debts, Boldin said the bill takes Texas a step toward fulfilling that long-ignored constitutional obligation. “Such a tactic would undermine the monopoly the Federal Reserve system by introducing competition into the monetary system,” he said.

Other experts also highlighted those effects. “Over time, as residents of the state use both Federal Reserve notes and silver and gold coins, the fact that the coins hold their value more than Federal Reserve notes do will lead to a ‘reverse Gresham’s Law’ effect, where good money (gold and silver coins) will drive out bad money (Federal Reserve notes),” explained constitutional-tender expert William Greene in a paper for the market-oriented Ludwig von Mises Institute.

“As this happens, a cascade of events can begin to occur, including the flow of real wealth toward the state’s treasury, an influx of banking business from outside of the state — as people in other states carry out their desire to bank with sound money — and an eventual outcry against the use of Federal Reserve notes for any transactions,” added Greene, who also testified in favor of the law in his capacity as a private citizen.

The new law can also help protect depositors from other downsides of the present monetary regime — the risks inherent in fractional-reserve banking, for example — while still providing many of the conveniences associated with a bank account. Indeed, the depository will engage in many of the functions associated with traditional banking: The ability to store wealth for safe-keeping, the ability to write checks against deposits to transfer funds, and so on.

But in other respects, the institution will function very differently from a traditional bank. For instance, depository accounts will not pay interest, according to the law, nor will the deposits be loaned out to borrowers under the prevailing fractional-reserve banking regime. In an interview on the popular TruNews radio program, the state lawmaker behind the law celebrated the way in which the institution will operate as a major benefit for potential clients.  

“This is different than your traditional bank — a traditional bank lends money,” said Texas Representative Giovanni Capriglione, who authored and sponsored the legislation. “Especially if you're in Greece right now, you know that if you go to the bank, and everybody went to the bank to try to get their deposits out, there's not enough paper money to cover it. That causes a whole bunch of concerns. What this depository does is, it doesn't allow that — if there are 5,000 bars of gold in there, there will be 5,000 gold bars there, and you'll be able to access your deposits directly upon demand.”  

Depositors will also be able to write checks against their gold deposits to pay others, continued Rep. Capriglione, calling the measure a “big deal.” “You can write checks to individuals who have gold depository accounts, and you’ll also be able to write checks to individuals and corporations who don’t have gold depository accounts,” he explained. “We set up a system of depository agents so you can have any corporation, any group, basically start a depository agent, and they can send and receive through this depository system, outside of the Federal Reserve System.” Public entities will also be able to participate.

It will not be just Texas citizens, governments, agencies, and businesses taking advantage of the new options, either. “We are not talking Fort Knox,” Capriglione told the Star-Telegram newspaper. “But when I first announced this, I got so many emails and phone calls from people literally all over the world who said they want to store their gold … in a Texas depository. People have this image of Texas as big and powerful … so for a lot of people, this is exactly where they would want to go with their gold.”

Some conservative and liberty-minded activists expressed concerns about the law because it creates yet another state agency. However, writing in the market-oriented Ludwig von Mises Institute, economist Ryan McMaken argued that the benefits outweigh the downsides in this case. “While the Texas depository is a government-owned enterprise, it nevertheless is an improvement since it is a case of decentralization (and arguably nullification) which provides alternatives to the federally controlled monetary and banking systems,” he said. “As Hayek and other Austrians noted for decades, a decentralization of the monetary system is a key first step in moving toward more sound money.”

The depository will be run by an administrator appointed by the Texas Comptroller, whose office will oversee the institution. The chief of the Texas depository will have to be approved by various state executive and legislative officials. Any profits made will be handed to the general revenue fund, potentially benefiting taxpayers beyond the savings associated with repatriating the state’s gold. The full text of the law is available here.  

A similar bill was introduced in 2013 but did not gain traction. This year, though, lawmakers approved it by a landslide margin, with 140 to 4 in the Texas House and 27 to 4 in the state Senate. Now, energized activists in other states are hoping to see similar measures across the country — with the ultimate goal of eventually restoring sound money and an honest economy free from the clutches of the Federal Reserve.  

Alex Newman is a correspondent for The New American, covering economics, education, politics, and more. Follow him on Twitter @ALEXNEWMAN_JOU. He can be reached at anewman@thenewamerican.com.

Related articles:

University of Texas Takes Possession of $1 Billion in Gold

Maestro's picture

A little positivity

Wednesday, 15 July 2015
Texas Launches Gold-backed Bank, Challenging Federal Reserve
Written by  Alex Newman

    
font size     Print Email
 
The State of Texas is setting up a gold-backed bank that will allow depositors to bypass the controversial Federal Reserve System and its fiat currency in banking and commerce, according to the state representative who authored the recently enacted law. Under the measure, passed overwhelmingly by lawmakers and signed in mid-June by Republican Governor Greg Abbott, Lone Star State officials will establish and operate the Texas Bullion Depository for anyone who would like to deposit and trade in precious metals. The implications are as big as Texas.

While some analysts have said the move may be another sign heralding Texas’ eventual secession from the union, or preparation for financial Armageddon, its advocates say the depository simply makes financial sense. Among other benefits, the institution will provide more options to consumers weary of the increasingly troubled traditional banking and monetary system, which is viewed by the public with growing suspicion. And experts say the effect of making it easier to use sound money in commerce could be far-reaching.  

Among other immediate effects, the law creating the first state-level gold-backed bank in the nation, House Bill 483, will involve repatriating about $1 billion of Texas gold from New York. Conflicting news reports and official statements say the state’s precious metals stockpile is being held either by HSBC in New York, or by the powerful New York Federal Reserve Bank, a privately owned outfit cloaked in secrecy with immense power over the U.S. economy. First, though, officials will need to select a home for the Texas depository.   

 
“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,” said a statement issued by Governor Abbott, a popular conservative governor, after the ceremonial signing. “With the passage of this bill, the Texas Bullion Depository will become the first state-level facility of its kind in the nation, increasing the security and stability of our gold reserves and keeping taxpayer funds from leaving Texas to pay for fees to store gold in facilities outside our state.” The law protects the assets from seizure by the feds or other forces, too.

There will be many other benefits as well, according to supporters. While other states have in recent years passed legislation declaring gold and silver to be legal tender, analysts say Texas’ new depository could help supercharge the growing movement for an honest and sensible monetary system founded on real money rather than debt-based paper notes conjured into existence by a private banking cartel. Indeed, one of the chief aims of gold-and-silver-as-currency proponents is to restore sound money — and the Texas law could help pave the way.  

Tenth Amendment Center chief Michael Boldin, whose organization promotes states’ rights to rein in the feds under the 10th Amendment to the U.S. Constitution, called the law “an important first step towards gold and silver as commonly-used legal tender in the state.” He said the move has the potential to open the market to sound money, even in day-to-day transactions. “By making gold and silver available for regular, daily transactions by the general public, the new law has the potential for wide-reaching effect,” Boldin added.

The Tenth Amendment Center also highlighted the constitutional implications. Noting that Article I, Section 10, of the U.S. Constitution prohibits state governments from making anything other than gold and silver a tender in payment of debts, Boldin said the bill takes Texas a step toward fulfilling that long-ignored constitutional obligation. “Such a tactic would undermine the monopoly the Federal Reserve system by introducing competition into the monetary system,” he said.

Other experts also highlighted those effects. “Over time, as residents of the state use both Federal Reserve notes and silver and gold coins, the fact that the coins hold their value more than Federal Reserve notes do will lead to a ‘reverse Gresham’s Law’ effect, where good money (gold and silver coins) will drive out bad money (Federal Reserve notes),” explained constitutional-tender expert William Greene in a paper for the market-oriented Ludwig von Mises Institute.

“As this happens, a cascade of events can begin to occur, including the flow of real wealth toward the state’s treasury, an influx of banking business from outside of the state — as people in other states carry out their desire to bank with sound money — and an eventual outcry against the use of Federal Reserve notes for any transactions,” added Greene, who also testified in favor of the law in his capacity as a private citizen.

The new law can also help protect depositors from other downsides of the present monetary regime — the risks inherent in fractional-reserve banking, for example — while still providing many of the conveniences associated with a bank account. Indeed, the depository will engage in many of the functions associated with traditional banking: The ability to store wealth for safe-keeping, the ability to write checks against deposits to transfer funds, and so on.

But in other respects, the institution will function very differently from a traditional bank. For instance, depository accounts will not pay interest, according to the law, nor will the deposits be loaned out to borrowers under the prevailing fractional-reserve banking regime. In an interview on the popular TruNews radio program, the state lawmaker behind the law celebrated the way in which the institution will operate as a major benefit for potential clients.  

“This is different than your traditional bank — a traditional bank lends money,” said Texas Representative Giovanni Capriglione, who authored and sponsored the legislation. “Especially if you're in Greece right now, you know that if you go to the bank, and everybody went to the bank to try to get their deposits out, there's not enough paper money to cover it. That causes a whole bunch of concerns. What this depository does is, it doesn't allow that — if there are 5,000 bars of gold in there, there will be 5,000 gold bars there, and you'll be able to access your deposits directly upon demand.”  

Depositors will also be able to write checks against their gold deposits to pay others, continued Rep. Capriglione, calling the measure a “big deal.” “You can write checks to individuals who have gold depository accounts, and you’ll also be able to write checks to individuals and corporations who don’t have gold depository accounts,” he explained. “We set up a system of depository agents so you can have any corporation, any group, basically start a depository agent, and they can send and receive through this depository system, outside of the Federal Reserve System.” Public entities will also be able to participate.

It will not be just Texas citizens, governments, agencies, and businesses taking advantage of the new options, either. “We are not talking Fort Knox,” Capriglione told the Star-Telegram newspaper. “But when I first announced this, I got so many emails and phone calls from people literally all over the world who said they want to store their gold … in a Texas depository. People have this image of Texas as big and powerful … so for a lot of people, this is exactly where they would want to go with their gold.”

Some conservative and liberty-minded activists expressed concerns about the law because it creates yet another state agency. However, writing in the market-oriented Ludwig von Mises Institute, economist Ryan McMaken argued that the benefits outweigh the downsides in this case. “While the Texas depository is a government-owned enterprise, it nevertheless is an improvement since it is a case of decentralization (and arguably nullification) which provides alternatives to the federally controlled monetary and banking systems,” he said. “As Hayek and other Austrians noted for decades, a decentralization of the monetary system is a key first step in moving toward more sound money.”

The depository will be run by an administrator appointed by the Texas Comptroller, whose office will oversee the institution. The chief of the Texas depository will have to be approved by various state executive and legislative officials. Any profits made will be handed to the general revenue fund, potentially benefiting taxpayers beyond the savings associated with repatriating the state’s gold. The full text of the law is available here.  

A similar bill was introduced in 2013 but did not gain traction. This year, though, lawmakers approved it by a landslide margin, with 140 to 4 in the Texas House and 27 to 4 in the state Senate. Now, energized activists in other states are hoping to see similar measures across the country — with the ultimate goal of eventually restoring sound money and an honest economy free from the clutches of the Federal Reserve.  

Alex Newman is a correspondent for The New American, covering economics, education, politics, and more. Follow him on Twitter @ALEXNEWMAN_JOU. He can be reached at anewman@thenewamerican.com.

Related articles:

University of Texas Takes Possession of $1 Billion in Gold

blue pill dreaming's picture

Econocasts

Blythesshrink's picture

Gold OI on the comex is up

Gold OI on the comex is up around 13k contracts since Tuesday's COT report which implies a lot of additional spec shorting has been added (as does price!).  Whether these specs are for real or just working for the FED (cough cough Blythe Masters), I have no idea. Unless there's a big squeeze Monday/Tuesday next week's COT report should be really extreme.

SS121's picture

...i guess they're all broke, because of the recession. lol

4:55  "the ice cream truck is outside, i can hear him.  But no kids are running out, ...i guess they're all broke, because of the recession"

Excellent podcast Dr. J with many great points.  But your ice cream truck quote, with the ice cream truck's music playing in the background.  That's a classic.

Old Howard's picture

@Dr. Jerome

Great podcast Dr.Jerome! Turd will be proud....

Syndicate contentComments for "Somebody say Podcast?"