Texas Considers Legalizing Gold and Silver as Currency
Oh, Texas, the land of cowboys, oil wells, and now, precious metals!
And why would they do that, you ask? Well, to stick it to the man, of course! This bill could be the first step in undermining the Federal Reserve's monopoly on money.
Under this legislation, Texans could use "specie issued by the United States" as legal tender for all public and private debts contracted in the state. And don't worry, they've defined specie for us; it's "a precious metal stamped into coins of uniform shape, size, design, content, and purity, suitable for or customarily used as currency, as a medium of exchange, or as the medium for purchase, sale, storage, transfer, or delivery of precious metals in retail or wholesale transactions." Ah, yes, because we all use our precious metals for retail transactions on the daily.
If passed, Texas would be the fourth state to recognize gold and silver as legal tender, following in the footsteps of Utah, Wyoming, and Oklahoma. And let me tell you, Utah is living the high life now that they've reestablished constitutional money. They even have the United Precious Metals Association (UMPA) where you can open an account denominated in U.S.-minted gold and silver dollars! Who needs a 401k when you can invest in literal coins?
Bullion Funded Debit Cards
But Texas isn't satisfied with just having a bullion depository, oh no. They want to take it a step further and use a bullion-funded debit card that seamlessly converts gold and silver to fiat currency in the background. Because who wants to wait for their investment to mature when you can just buy a latte with gold coins?
And let's not forget, by allowing courts to designate additional specie to be used as legal tender, Texas can finally be free from the potential supply constraints imposed by only using United States-minted gold and silver coins. Because if there's one thing Texans hate more than anything, it's supply constraints!
So, there you have it, folks. If this bill passes, Texas will be able to define what specie is considered constitutional tender and stick it to the man by undermining the Federal Reserve's monopoly on money. Who needs stability when you can have shiny coins?