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Texas prepares for dollar collapse
// Personal Liberty Digest™
As foreign markets increasingly view the debt-ridden U.S. fiat currency system with skepticism, the nation is in real danger of running out of buyers for its debt. Some Texas lawmakers say that's why it's time for states to hedge their finances against U.S. economic collapse.
Foreign markets have currently already cut buying of U.S. debt by about $150 billion.
"If we don't have foreign buyers of our debt, that leaves the American public and the Federal Reserve, and that is a certain recipe for financial disaster," said Kevin Freeman, founder and chairman of the National Security Investment Consultant Institute.
While the U.S. is losing buyers for its mountains of debt, the Chinese are pushing to replace the dollar with the yuan as the world's default currency.
"When that happens the dollar will lose its status as the primary reserve currency, and if that happens or when that happens, it's going to be very hard for the U.S. to pay its bills," Freeman explained.
Total economic collapse is a very real possibility.
That's why Texas lawmakers have spent months working to create a legal, gold-backed currency that could insulate the state from a total meltdown of the national fiat system.
Texas, according to financial experts, is the only state in the U.S. that owns a stockpile of physical gold rather than investments in gold futures and mining operations. But the state's 5,600 bars of gold bullion are currently locked far away in the vault of a New York City bank.
For some Texans, like Republican state Rep. Giovanni Capriglione, that's a problem in an era when the federal government is becoming increasingly powerful and national economic uncertainty is nearly constant.
That's why Capriglione authored legislation to construct a new Texas Bullion Depository and repatriate the bullion to the state.
Texas Republican Gov. Greg Abbott signed the legislation into law earlier this summer and the state is currently taking the steps to set up its economic alternative, which could make it the financial hub of the nation in the event of a collapse.
In the meantime, Capriglione says he believes Texas' physical gold holdings will make the state a "commodities hub for the continent."
"I think we're just perfectly situated," he said.
The post Texas prepares for dollar collapse appeared first on Personal Liberty®.
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