ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Jun 19 19:31

So… What Will the Fed Do Next?

Jun 19 19:30

Retirement Is Dead in This Economy

Jun 19 18:05

Yet Another Debt Crisis Is Brewing

Jun 19 16:47

TECHBUBBLE TWO

Jun 19 16:29

Starbucks Closing 150 Stores

Jun 19 14:36

Elon Musk: Free Cash Handouts “Will Be Necessary” If Robots Take Jobs

By Aaron Kesel

Elon Musk claims that universal basic income (UBI) — essentially, free cash handouts — “will be necessary over time if (AI) artificial intelligence takes over most human jobs.”...

Jun 19 11:21

Why America’s Trade War With China Will Be Absolutely Crippling For The U.S. Economy: Mike Snyder, THE ECONOMIC COLLAPSE

Most Americans didn’t even notice, but Donald Trump fired a shot that was very clearly heard all the way over in China on Friday when he slapped a tariff of 25 percent on 50 billion dollars worth of Chinese products…

China accused the United States of firing the first shot on Friday when the White House said that it would impose tariffs of 25% on $50 billion worth of Chinese goods.

The announcement confirms a threat first made by President Donald Trump in March and follows months of trade talks between the two sides. A truce was announced in May, but it proved short-lived.

“The United States has kept changing its mind and now launched a trade war,” China’s Commerce Ministry said in a statement.

The Chinese retaliated almost immediately by slapping a 25 percent tariff on 50 billion dollars worth of our goods…

Webmaster's Commentary: 

This simply cannot end well, for either economy...

Jun 19 11:16

Canada: Prepare for a bloody trade war!

In late May 2018, the U.S announced its decision (previously telegraphed and widely expected) to forge ahead with tariffs on steel (25 percent) and aluminum (10 percent) imported from Canada (and other countries too!). The mere fact that these tough, yet highly anticipated, tariffs were looming, sent the Canadian economy in a tizzy:

The S&P/TSX Composite Index dipped by 43.87 points, losing 0.27% intra-day
The stock price of Canada’s lone publicly-traded steel company, Stelco Holdings Inc., saw a 3.1% decline
The Loonie dipped by 0.7%; and
The yields on 10-year government of Canada bonds lost 4-basis points, dropping to 2.23%
If just the mere announcing of tariffs can have this type of impact, imagine what kind of ripple-effect the actual imposition and counter-imposition of more duties will have globally!

Jun 19 10:52

Russia And India Ditch Dollar In Military Deals

With the US increasingly willing to use the dollar, and SWIFT, as a strategic weapon against the country's sovereign enemies (as Iran learned every 5 or so years), Russia and India are preparing to bypass US sanctions on Moscow by using the rupee and the ruble in bilateral trade involving military deals, the Economic Times reported.

Some $2 billion in weapons deals between India and Russia have been hit as a result of the recent US sanctions, as payments get stuck. The countries are seeking to bypass such monetary bottlenecks this by switching to settlements in domestic currencies and ditching the greenback.

Senior officials told ET that after several rounds of consultations, it has become clear that a rupee-rouble transfer, pegged to the exchange rate of an international currency, is the solution. A top official said that a foreign currency, such as the Singapore dollar, could be used as the benchmark.

Webmaster's Commentary: 

So what is the US government going to do, invade every country ditching the US dollar?!?

That... is going to be one heck of a lot of invasions, given the tempo at which the US dollar is being abandoned.

Jun 19 10:49

Pat Buchanan: "Where Many Americans See Illegal Intruders, Democrats See Future Voters"

“It is cruel. It is immoral. And it breaks my heart,” says former first lady Laura Bush of the Trump administration policy of “zero tolerance,” under which the children of illegal migrants are being detained apart from their parents.

“Disgraceful,” adds Dr. Franklin Graham.

“We need to be … a country that governs with a heart,” says first lady Melania Trump.

“No one likes this policy,” says White House aide Kellyanne Conway, even “the president wants this to end.”

And so it shall - given the universal denunciations and photos of sobbing children being pulled from parents. Yet striking down the policy will leave America’s immigration crisis still unresolved.

Consider. Since 2016, some 110,000 children have entered the U.S. illegally and been released, along with 200,000 Central American families caught sneaking across the border.

Reflecting its frustration, the White House press office declared:

Webmaster's Commentary: 

Where many in this country see undocumented, illegal aliens, flooding the country, and for whom it has no work, and presses an horrendous financial burden on the rest of us, Democrats see..... voters; voters to be wooed to come, given all kinds of freebies, and maintained by the rest of society, no matter how great the financial burden is, which is now put upon working Americans.

Jun 19 10:45

Here Are The Six Ways China Could Retaliate In Trade War With The U.S.

There are 6 possible things that China can do at this time, in order of escalating severity:

1. China could de-escalate tensions by presenting a list of actions it will follow to reduce its significant trade deficits in services with the US.

2. China will likely launch an economic subsidy for its economy in the form of further easing in financial conditions to offset any potential trade-drag.

3. China could unleash differential treatment of local enterprises: as some have suggested, Beijing could simply opt not apply its "market access liberalization" policy recently announced.

4. China could also choose a diplomatic retaliation, and order Kim Jong Un to scuttle the recent agreement North Korea signed with the US, humiliating Trump by showing that it was Beijing all along who made the US-N. Korea summit possible and successful.

Webmaster's Commentary: 

What really concerns me here, is how trade wars can morph into currency wars, then into actual shooting wars.

Jun 19 10:40

As summer travel begins, TSA says come early and be prepared

Come early, have your bag packed properly and expect that you might need to unpack some items at the security checkpoint, more so than last summer.

That's the advice of Bart Johnson, who leads security for the Transportation Security Administration at airports across upstate, including at Albany International Airport.

Johnson said Monday during a press conference at Albany International that with the summer travel season arriving, air passenger traffic at the airport increases 10 percent, from 4,500 people a day to 5,000 people a day — all of whom must make their way through the TSA checkpoint.

That means the potential for longer lines and longer waits, although Johnson said Monday that TSA officers have been going through training for the summer season and the Albany checkpoints are fully staffed in preparation.

"Most summer days will seem like holiday time with the increase in passengers expected throughout the summer," Johnson said.

Webmaster's Commentary: 

My late father was an aircraft instrument mechanic, and I used to love to fly; these days, and living on an island, one cannot get to the mainland except by air or sea, that means Mike and I need to be at Honolulu International at least 3 hours early, to put up with the brutes of the TSA, consistently inappropriately touching, groping, and rumaging through the baggage of innocent people who have no evil intent whatsoever.

Remember, these are the folks who were rejected by McDonald's, and generally could not find a job elsewhere; just keep language as short and direct as possible, and try not to glare too hard when your civil and human rights are consistently violated by these...alleged humans.

Jun 19 10:37

Is Draghi Really Ending QE?

Jun 19 10:12

Who the Heck Bought $1.2 trillion in New US Treasuries over the past 12 Months?

Russia, Japan, and the Fed dumped. So who bought?

Jun 19 09:17

Paul Tudor Jones: "The Next Recession Will Be Frightening"

With outgoing Goldman CEO Lloyd Blankfein clearly in a whimsical mood these days and happy to moonlight as a talk show host, in today's "Talks at Goldman Sachs", the hirsute CEO of the world's biggest incubator of central bankers interviewed hedge fund investing legend Paul Tudor Jones.

After a brief conversation about the early days of Jones' career, the conversation turned toward distortions in modern capital markets - of which there are plenty as Blankfein's own top trader warned over the weekend - which Jones said will likely trigger the next recession and attendant market crash, a far more pessimistic assessment than his CNBC interview last week when he told Andrew Ross Sorkin to expect a melt-up spike in stocks before the end of the year.

Jun 19 09:17

Fiat Currency Always Ends In Collapse

Throughout history, many commodities have been used as currency. Cows, beads, and seashells have all been used in trade. Paper currency is simply more convenient when buying a pack of gum at Walgreens, but it isn’t money. The US government has designated the dollar as currency, while at the same time arbitrarily attributing some type of value to that dollar. Your dollar could be worth X today and Y next month. The US dollar has lost 90 percent of its value since 1950. But it’s still the same dollar.

The Federal Reserve, like most global central banks, continues to print fiat currency at unprecedented speed. As these dollars flood the economy, the value declines. Fiat money has been around for hundreds of years, and many of them have vanished due to hyperinflation.

Jun 19 09:14

U.S. HEALTHCARE RANKED WORST IN THE DEVELOPED WORLD. AND YET, WE SPEND FAR MORE ON HEALTHCARE THAN ANYONE IN THE ENTIRE WORLD

Of the eleven developed nations evaluated by the Commonwealth Fund, the United States comes in dead last on healthcare.

Every three years, the Commonwealth Fund releases a report ranking the healthcare systems of 11 of the world’s developed nation. And every three years, it seems, the United States comes in dead last.

Last released in 2017, the report showed for the sixth time that the U.S. healthcare system is in dire need of a makeover, citing the inequity of access as the most glaring problem.

Via Newsweek:

The Commonwealth Fund focused on care process, access, administrative efficiency, equity and health care outcomes, studying 72 indicators within those fields. The 11 countries analyzed were Australia, Canada, France, Germany, the Netherlands, New Zealand, Norway, Sweden, Switzerland, the United Kingdom and the United States.

Webmaster's Commentary: 

So, let me get my head around this; the US pays the most for its healthcare, yet has the worst outcome, of the countries studied.

What's wrong with this picture?!?

EVERYTHING!!

Jun 19 09:06

The Pension Train Has No Seat Belts

In describing various economic train wrecks these last few weeks, I may have given the wrong impression about trains. I love riding the train on the East Coast or in Europe. They’re usually a safe and efficient way to travel. And I can sit and read and work, plus not deal with airport security. But in this series, I’m concerned about economic train wrecks, of which I foresee many coming before The Big One which I call The Great Reset, where all the debt, all over the world, will have to be “rationalized.” That probably won’t happen until the middle or end of the next decade. We have some time to plan, which is good because it’s all but inevitable now, without massive political will. And I don’t see that anywhere.

Jun 19 08:51

Why I'm Worried About The Next Recession

It’s not all about losing money on investments and the prospect of a lower standard of living, although that is concerning too. The next recession will be much different than 2008, 2001 or any other recession in recent history.

Jun 19 07:28

Pleasing Investors at the Expense of the People, Argentina Sells out to the IMF

Days before Christmas of 2001, a 54-year-old Argentine woman named Norma Cecilia Albino shoved her way past the throngs of demonstrators protesting the government’s new banking restrictions, walked into a bank branch in a northern Buenos Aires neighborhood, strolled to the counter, and asked to withdraw a few pesos from her account.

When the cashier explained to Albino that she’d already reached her limit and would not be able to withdraw more until the following month, Albino calmly rumbled through her purse for a bottle of alcohol, doused herself with it, and then, to the horror of a nation, set herself ablaze inside the bank lobby.

Jun 19 07:10

Onward to Stock Market Nirvana... Or Not

Jun 19 07:10

Dow falls 350 points as trade war fears escalate

Trade war fears drove the Dow down 350 points in early trading on Tuesday. That put it in negative territory for the year and on track for its sixth straight decline.

President Donald Trump threatened Monday evening to impose tariffs on an additional $200 billion worth of Chinese goods if Beijing follows throw with its promise to retaliate against a previous round of US tariffs.

Jun 19 03:52

Tech Bulls Concerned If Selling Starts Here

Jun 18 20:15

Next Mortgage Default Tsunami Isn’t Going to Drown Big Banks but “Shadow Banks”

As banks pull back from mortgage lending amid inflated prices and rising rates, “shadow banks” become very aggressive.

Jun 18 12:45

BANK PROTEST AT THE ROYAL COMMISSION IN BRISBANE 26TH OF JUNE

but it is the hardworking Bank staff that go to Jail.

Help us fight Bank Rip-offs.

ASIC, FOS, APRA, RBA and Politicians are CORRUPT.

We want an extended Royal Commission.

We want real compensation!

Jun 18 10:51

Value investor: Risk happens fast

Jun 18 10:02

Shake Shack Eliminating All Min Wage Jobs

Jun 18 09:51

It's About Time To Sell Stocks

Jun 18 08:57

Never too late to ‘Audit the rail’

The state of Honolulu’s rail project has become so problematic that even a board member for Honolulu Area Rapid Transportation (HART) is asking to press the pause button.

But that’s not all.

The Grassroot Institute recently obtained a letter (see full letter here) written by HART board member John Henry Felix to HART Chairman Damien Kim in which he also urged the board to call for a forensic audit.

This is something we have been saying for more than a year.

It’s an open secret that HART is plagued by cost overruns, that there are major questions about where the money has gone, and that there’s reason to question whether the rail will ever be self-sufficient.

The public has long since lost faith in the rail. Greater transparency could help restore confidence in the project, but we have yet to see an audit that has not compromised in some way.

Jun 18 08:38

Audi CEO Arrested As Diesel-Emissions Scandal Spreads

Munich prosecutors have arrested Audi CEO Rupert Stadler, also a member of parent company Volkswagen's board, on concerns he might try to suppress evidence, in what is the highest-profile arrest of a Volkswagen executive since the diesel emissions scandal exploded into public view nearly three years ago.

The arrest comes a month after Audi admitted that another 60,000 A6 and A7 models with diesel engines could have "software emissions issues," and more than two months after Volkswagen CEO Matthias Mueller stepped down and was replaced by Herbert Diess, formerly the CEO of the company's core VW unit, according to the BBC.

Jun 18 08:34

Gold Bullion Depository In Texas Officially Opened For Business This Week

The Texas Bullion Depository officially opened for business this week. The creation of the facility represents a power-shift away from the federal government, and sets the foundation to undermine the Federal Reserve’s monopoly on money.

Jun 18 08:28

US Wise Example: Le Pen Invites French Gov't to Slap Duties on Germany's Exports

Addressing French radio Europe 1’s audience, France’s National Front party (FN) leader Marine Le Pen has suggested that France introduce taxes on German-manufactured goods, thereby referring to Donald Trump’s recently announced economic measures vis-à-vis China.

According to the French politician, the US economic policies should set an example for France, whose external trade deficit with Germany is estimated at over 17 billion euros.

Jun 18 08:27

EU Extends Sanctions Against Crimea Another 12 Months

The EU sanctions were introduced in 2014 amid a sharp deterioration in relations between Moscow and the West after Crimea rejoined Russia as a result of a referendum which had not been recognized by the EU member states.

The European Union has prolonged its territorial sanctions on Crimea and Sevastpol by one year, until June 23, 2019, the EU Council said in a statement on Monday.

Jun 18 08:27

FLASHBACK - How Bush's grandfather helped Hitler's rise to power

George Bush's grandfather, the late US senator Prescott Bush, was a director and shareholder of companies that profited from their involvement with the financial backers of Nazi Germany.
The Guardian has obtained confirmation from newly discovered files in the US National Archives that a firm of which Prescott Bush was a director was involved with the financial architects of Nazism.

His business dealings, which continued until his company's assets were seized in 1942 under the Trading with the Enemy Act, has led more than 60 years later to a civil action for damages being brought in Germany against the Bush family by two former slave labourers at Auschwitz and to a hum of pre-election controversy.

The evidence has also prompted one former US Nazi war crimes prosecutor to argue that the late senator's action should have been grounds for prosecution for giving aid and comfort to the enemy.

Jun 18 08:26

Jeff Bezos shares motivational quote he has posted on his fridge while hundreds of his staff at Washington Post sign petition slamming him as boss

Amazon CEO Jeff Bezos has revealed his daily source of inspiration - a quote stuck onto the front of his fridge.

The self-made billionaire is well-known for instilling inspiration in his employees but many of them working for Amazon and the Washington Post have been vocal in their unhappiness recently at their working condition.

Nonetheless, Bezos tweeted a photo of a printed out poem, captioning it, 'Love this quote. It's been on my fridge for years, and I see it every time I open the door. #Emerson.'

Jun 18 08:23

Market Crashes: The Tulip and Bulb Craze (1630s)

When: 1634-1637

Where: Holland

How Much: This number is difficult to calculate, but, we can tell you that at the peak of the market, a person could trade a single tulip for an entire estate, and, at the bottom, one tulip was the price of a common onion. (Related: How To Avoid Emotional Investing)

Jun 18 08:18

Scam Again? Research Finds Bitcoin's Value May Have Been Artificially Inflated

Rumors of a close Tether/Bitcoin relationship first flagged months ago in the nascent cryptocurrency market seem to have now been justified. Last year’s tremendous spike in bitcoin’s value might have been purposefully engineered, suggests a newly released paper by academics from the University of Texas.

Webmaster's Commentary: 

Jun 18 07:57

Amazon Military Program Invades Poland to Poach Best Troops

The ecommerce giant has made its way to Poland with a new recruitment campaign aimed at former military personnel and officers to staff their Polish warehouses.

Boasting "exciting post-military careers" with "limitless possibilities," Amazon's Military Leaders Program 2018 is seeking recruits for positions including "front-line manager," "strategic operations manager," "senior operations manager," and more.

"We're looking for veterans who pushed themselves and succeeded in the most challenging, demanding, elite assignments and training during their time in uniform to similarly challenge themselves at Amazon," the company's pitch notes.

Jun 18 07:56

Trudeau Imposes Retaliatory Trade Tariffs Against the U.S.

It is in the long term interest of Canada to unravel the intertwined economy between the two countries says Dimitri Lascaris

Jun 18 06:49

Russia holds less US debt than Bermuda after dumping half its holdings

Moscow will continue dumping US debt, according to analysts who spoke to RT. Latest US Treasury Department data shows Russia cut its holdings by half in April.

That month, Russia sold $47.4 billion out of the $96.1 billion held in March. The latest statistics released by the US Treasury on Friday showed that, Russia had only $48.7 billion investment in American debt, dropping from 16th to the 22nd place of major foreign holders of US T-bills. Russia now holds less US debt than the small island nation of Bermuda.

Jun 17 20:41

Bitcoin could break the internet, warns the BIS

The Bank for International Settlements just told the cryptocurrency world it's not ready for prime time - and as far as mainstream financial services go, may never be.
The BIS, an 88-year-old institution in Basel, Switzerland, that serves as a central bank for other central banks, said cryptocurrencies are too unstable, consume too much electricity, and are subject to too much manipulation and fraud to ever serve as bona fide mediums of exchange in the global economy. It cited the decentralised nature of cryptocurrencies - Bitcoin and its imitators are created, transacted, and accounted for on a distributed network of computers - as a fundamental flaw rather than a key strength

Jun 17 20:26

Russia dumps half of its US Treasury bonds

In just one month, Russia proceeded to sell $47.4 billion out of the $96.1 billion the country had in US treasury bonds in March. The latest statistics released by the US Treasury Department on Friday showed that, in April, Russia had only $48.7bn in American assets, occupying 22nd place on the list of “major foreign holders of Treasury securities.”

China, which holds the most US Treasury bonds, also sold off some seven billion-worth of its American assets, from March to April, and now has $1.18 trillion invested in securities. Japan, which is positioned second on the list, in the same timeframe sold off some $12 billion, leaving just over a trillion dollars in US coffers. Ireland, which had $300.4 billion in April also managed to ditch over $17 billion in US assets.

Jun 17 16:47

The Volcano Of Debt – Craig Hemke

Jun 17 16:31

Greg Weldon: Emerging Market RED Alert!!!

Jun 17 16:25

Global Wealth Inequality - What you never knew you never knew

This is staggering.
This is their website:-therules.org

Jun 17 16:15

The Fed Tightening Into A Recession

Jun 16 12:24

MILLIONAIRES NOW CONTROL HALF OF THE WORLD’S PERSONAL WEALTH

The rich are getting a lot richer and doing so a lot faster.

Jun 16 12:16

The "Hitler Of South Africa" Tells White People, He Won't Kill Them...Yet!

Earlier this week while most of the world was transfixed on the World Cup, the Trump/Kim handshake, or a multitude of other sundry events, Julius Malema, aka the Hitler of South Africa, was busy telling white people in his country that he’s not going wage genocide against them. Yet.

In an interview with TRT World News published this week, Malema said, “We have not called for the killing of white people. At least for now. I can’t guarantee the future.”

When the reporter mentioned that some people might view these remarks as a call to genocide, Malema responded, “Crybabies. Crybabies,” but later warned white South Africans that “the masses are on board” for “an un-led revolution and anarchy”.

Webmaster's Commentary: 

If I were a Caucasian person living in South Africa right now, I would be selling everything I could, and getting on a plane to somewhere else; the Zimbabwification of South Africa is coming, and it is coming quickly.

Jun 16 11:55

"The Global Bond Curve Just Inverted": Why JPM Thinks A Market Crash May Be Imminent

At the beginning of April, JPMorgan's Nikolaos Panigirtzoglou pointed out something unexpected: in a time when everyone was stressing out over the upcoming inversion in the Treasury yield curve, the JPM analyst showed that the forward curve for the 1-month US OIS rate, a proxy for the Fed policy rate, had already inverted after the two-year forward point. In other words, while cash instruments had yet to officially invert, the market had already priced this move in.

One way of visualizing this inversion was by charting the front end between the 2-year and 3-year forward points of the 1-month OIS. Here, as JPM showed two months ago, a curve inversion had arisen for the first time during the first week of January, but it only lasted for two days at the time and the curve re-steepened significantly in the beginning of April.

Jun 16 11:37

War of Aggression: The Saudi & UAE Slaughter in Yemen isn’t a Proxy Conflict with Iran

Alongside their throttlehold over which reporters can visit what parts of Yemen, and thus what story they can tell, Saudi and Emirati investments in public relations, lobbying, think-tanks, and political consultants are shaping the narrative about their war there. Headline writers, pundits, Wikipedia, news correspondents, and even some so-called experts frame the asymmetric conflict as a “proxy war.” Sunnis nations led by Saudi Arabia are battling Shi`a Iran and its regional proxies, the story goes; the world’s worst man-made humanitarian disaster thus appears as un-named collateral damage.

Jun 16 11:09

US senators urge Pentagon to fully disclose its role in Saudi-led war in Yemen

Three US senators have called on the Pentagon to immediately reveal the extent of US military support to the Saudi-led Arab coalition that launched an attack on Hodeidah, a key port city and last humanitarian lifeline in Yemen.
“We call on you to immediately disclose the full extent of the US military role in the Saudi-led war against Yemen’s Houthis, including the use of special operations forces; disclose any role that the Pentagon is currently performing, has been asked to perform, or is considering performing regarding an attack on the port of Hodeida,” says the letter sent to Defense Secretary James Mattis on Friday, and signed by Senators Bernie Sanders (I-Vermont), Mike Lee (R-Utah) and Chris Murphy (D-Connecticut)

Webmaster's Commentary: 

This kind of disclosure from Sec Def Mattis... will only happen when pigs discover that they are aerodynamic.

These three Senators need to understand that both the US and UK military industrial complex are making a killing, literally and figuratively, from the arms sales to the Saudi government for its genocide in Yemen, so no public declaration opposing this impending assault will ever happen from either government.

Are they not aware that the UN rejected an immediate cease fire in Yemen yesterday, and that move was orchestrated by the US and UK?!?

UN rejects plan for an Immediate ceasefire in Yemen

Both countries want to see the war move forward, and to see as many Yemeni people as possible murdered, through direct military assault; disease; and malnutrition; after all, do these Senators not understand just how "swell" war is for business?!?

Jun 16 10:24

FORMER BANK OF CANADA HEAD: PIPELINE PROTESTERS MAY BE KILLED. SO BE IT.

As Canada's controversial Trans Mountain pipeline expansion project faces ongoing opposition, the former governor of the Bank of Canada said that protesters may die but that the government should push the project through anyway.

Speaking at an event Wednesday, David Dodge said, "We're going to have some very unpleasant circumstances," the Edmonton Journal reported. "There are some people that are going to die in protesting construction of this pipeline. We have to understand that."

"Nevertheless, we have to be willing to enforce the law once it's there," Dodge said. "It's going to take some fortitude to stand up."

In an interview with the Journal, he elaborated by saying, "We have seen it other places, that equivalent of religious zeal leading to flouting of the law in a way that could lead to death."

Dodge's comments prompted outrage from climate activists.

Webmaster's Commentary: 

Governments kill for money and corporate profits; it is just that mentally diseased, and just that simple.

Jun 16 09:56

THE TEXAS BULLION DEPOSITORY OFFICIALLY OPENED FOR BUSINESS THIS WEEK

The Texas Bullion Depository officially opened for business this week. The creation of the facility represents a power-shift away from the federal government, and sets the foundation to undermine the Federal Reserve’s monopoly on money.

In June 2015, Gov. Greg Abbot signed legislation creating the state gold bullion and precious metal depository. The facility will not only provide a secure place for individuals, business, cities, counties, government agencies and even other countries to store gold and other precious metals, the law also creates a mechanism to facilitate the everyday use of gold and silver in transactions. In short, a person will eventually be able to deposit gold or silver – and pay other people through electronic means or checks – in sound money.

The facility began accepting deposits of precious metals on Wednesday, June 6. Texas Comptroller Glenn Hegar became the first depositor. He praised the depository as a secure place to store gold and silver.

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