Following news that Texas has decided to repatriate gold holdings – supposedly worth $1 billion – it keeps in an underground vault at the HSBC bank in Manhattan to inside its borders to create a state-run gold depository, critics of the Republican state government are accusing state politicians of playing to the gallery by "blowing the secessionist dog whistle" ahead of the unpopular Jade Helm 15 military exercises, which run from July 15 to September 15 in Texas and several other U.S. states.
The Associated Press reports that Edwin Truman, a senior fellow at the Peterson Institute for International Economics, wondered why Texas would want to incur the high expenses of moving the gold if it wasn't "anticipating withdrawing from the union."
"Just moving it would be pretty expensive and, unless Texas is anticipating withdrawing from the union, which I suspect is some peoples' want, I don't see what advantage it is... What are you getting for what you're paying for?"Texas politicians who support the decision to move the gold to Texas have tried to downplay allegations that they are anticipating the possibility that developments could lead to a secession bid. They have also denied accusations that they are simply playing to the right wing crowd by engaging cynically in dog-whistle politics ahead of the unpopular Jade Helm 15 exercises.
Regardless of how one views it, the move is a reflection of the anti-federal government feelings in the state. It has obvious political significance in Texas, a hotbed of secessionist sentiments. Needless to say, a state-run depository is the essential first step in anticipation of declaration of state independence, establishment of a currency system, and economic independence from Washington.
Chatter that the move is preparatory to a secession bid began after Republican Governor Gregory Abbot signed House Bill 483 into law in June and issued a statement declaring that Texas Bullion Depository was set to become the "first state-level facility of its kind in the nation," an alternative to Fort Knox.
"Today I signed HB 483 to provide a secure facility for the State of Texas... to store gold bullion and other precious metals. 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 depository, according to the bill first introduced by Rep. Giovanni Capriglione (R-Tarrant County) in 2013, is envisioned to protect state-owned gold from being "confiscated" by the federal government in the event – as Texan conspiracy theorists fear – that Obama goes rogue and declares martial law, leading to an African-style dictatorship.
It will also allow international private investors to store gold bullion, open accounts, and write checks against their precious metal holdings at the depository.
The move enjoys massive support among advocates of return to the gold standard – scrapped by Richard Nixon in 1971 – who believe that the feds have mismanaged the dollar and live in perpetual fear of the security of their currency holdings.
Gold as a hedge against the highly anticipated NWO/Illuminati-engineered global financial collapse and the inevitable collapse of global civilization is immensely popular among rightwing preppers and their allies.
Conspiracy theory rumors being circulated by the fringe right wing that the federal government is planning to use the Jade Helm exercises – one of the largest military training exercises in U.S. history – to impose martial law and confiscate guns in the conservative heartland of the country. It is also linked in popular imagination – prone to run wild with fears -- that the feds may "confiscate" Texas' gold holdings in the event of the much-anticipated move by President Barack Obama to enthrone himself as dictator for an unlimited third term.
According to conspiracy theories making the rounds in Texas and other conservative states, Obama has hatched an evil plot to establish martial law and cancel the 2016 presidential elections as part of his sinister third-term plan.
Evidence that the some state politicians share fringe right wing apprehensions about the scheduled Jade Helm 15 exercises or are simply playing to the gallery for political gains came when Texas Gov. Greg Abbot instructed the Texas Guard to monitor the Jae Helm exercises.
Apart from the complexity of the logistic challenges involved in moving the depository, there are also concerns about the cost.
When Capriglione first proposed the bill in 2013, it failed to gain sufficient traction due to concern about the estimated cost of about $23 million, according to the Associated Press.
But when Capriglione rewrote the bill so that private firms can manage the depository and charge fees to cover the cost, with no cost to the state of Texas, it sailed through the Legislature quickly.