New York attorney Joe Patrice at Above the Law (a popular blog for lawyers) has issued a screed condemning Texas's creation of a gold "bank" and has declared it contrary to the so-called supremacy clause in the United States constitution.
While reading the emotionally charged piece, one has to ask one's self, "why is he so worked up over something that is going on 2,000 miles away in Texas?" It is to be funded with Texas tax dollars, so Patrice isn't even paying for it. Nor will it impose any mandates or restrictions on Patrice at all. Nor is there any human rights issue at stake. This isn't a case of police beatings or similar outrages. But, being a left-wing New Yorker apparently means that everything that happens everywhere is your business.
Patrice writes: "You may be wondering why any state would even want to build a gold repository when the federal government already provides one so secure and so large that most American allies keep their reserves there as well."
As one reads on, it quickly becomes apparent that Patrice is mad that anyone would do anything that suggests that 100% total faith in the US government and the federal reserve is a bad thing. (Patrice of course ignores that many rich countries are attempting to get their gold out of the US.) In other words, Patrice is outraged that someone insulted our beloved government and central bank. Patrice is also angry that anyone would dare suggest that it is wise to keep wealth an in alternative to US dollars:
Though in fairness, as TPM reports, Gov. Abbott doesn’t believe that U.S. dollars are real money, so maybe it’s OK to waste them:
"And the new depository will not just be a well-guarded warehouse for that bullion. The law Abbott signed calls for the creation of an electronic payments system that will allow gold, silver, platinum, palladium, and rhodium depositors to write checks against their accounts, making the depository into a bank – one that will create a metal-backed money supply intended to challenge the paper currency issued by the Federal Reserve – or “Yankee dollars” as one of the law’s top supporters calls them."
You say, “Yankee dollars,” I say, “the global reserve currency.”
Ah yes, the dollar is the global reserve currency. Therefore, you should keep 100% of your wealth in dollars. That's an interesting position, and all I can say is, don't take investment advice from Joe Patrice. Unless, of course, you believe that risk doesn't exist.
Patrice then goes on to buttress his claim that Texas stinks by saying that Texas is a net tax-receiver state, which is a highly dubious claim. He links to an Atlantic story saying that Texas gets more in tax funds than it pays in, and calls Texas a "wasteful drain on tax dollars." However, virtually every other source that can be found on this topic shows that Texas is in fact a net tax payer state. Even Mother Jones, which has plenty of reason to hate Texas, admits that Texas pays in more than it gets.
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