I wonder if HB4903 passes and is implemented, would it hasten a digital currency nationwide using Texas as a model? I've been intentional at using the staffed checkout lines and paying with cash, Not that my piddly actions will have impact. I admit that the first few times paying with cash felt like being the only one not wearing a mask ;-), it's such a rarity for someone not to use a credit card!
HB4903 calls for the creation of a stablecoin backed by gold.
By its very nature, a sound money system, even if digital, would be antithetical to the modalities being envisioned for a CBDC.
The proposed stablecoin would be equal to a fixed fraction of a troy ounce of gold or silver. It couldn't be cancelled or expired without upsetting the fixed exchange rate.
California is media's "poster child state" for leading the Federal government in the "right" direction, and Texas is the opposite. As usual, media has reality backwards. (If everyone were the peaceful anarchist that I am, they would completely lose their desire to be governed period. Then we would not be, and we could enjoy prosperity and peace.)
Bravo for Texas! This is an issue that needs to be figured out and settled, for the entire nation. (And incidentally, my first reading of your early paragraphs raised the thought of, good heavens, is this the first step toward Texan succession?). I have been in stores that post a sign at checkout saying ‘credit cards only, no cash sales’ and thought, uh, is that legal? Isn’t there a law saying you have to accept the dollar as legal tender? So good for Texas challenging the whole matter of what is allowed to be ‘money’ - this might have to go all the way to the Supreme Court.
" Isn’t there a law saying you have to accept the dollar as legal tender?"
To settle debts, yes. But if you walk into a store to buy something, you have no debt to settle. Thus the store can require whatever form or payment it wants.
Interesting, and good to know. That raises other questions, such as, could the store demand barter in tangible goods, and thus avoid sales taxes? Because if there is no ‘dollar value’ placed on the exchanged goods, how would the state know how much tax to charge? Or, if the store required a gold coin as payment, what would be given to you as change?
I love Texans! If I could stand the heat, humidity, and hurricanes I’d move to Texas just to be with the people. (And yeah, I realize the response is, ‘so, you’d rather shovel snow SIX months of the year?) Maybe someday, when I’m widowed, and if the path of Minneapolis continues being ridiculously ‘woke’, I’ll sell the house and move to some friendly Texas community that understands the importance of the Constitution and States’ Rights!
I wonder if HB4903 passes and is implemented, would it hasten a digital currency nationwide using Texas as a model? I've been intentional at using the staffed checkout lines and paying with cash, Not that my piddly actions will have impact. I admit that the first few times paying with cash felt like being the only one not wearing a mask ;-), it's such a rarity for someone not to use a credit card!
HB4903 calls for the creation of a stablecoin backed by gold.
By its very nature, a sound money system, even if digital, would be antithetical to the modalities being envisioned for a CBDC.
The proposed stablecoin would be equal to a fixed fraction of a troy ounce of gold or silver. It couldn't be cancelled or expired without upsetting the fixed exchange rate.
California is media's "poster child state" for leading the Federal government in the "right" direction, and Texas is the opposite. As usual, media has reality backwards. (If everyone were the peaceful anarchist that I am, they would completely lose their desire to be governed period. Then we would not be, and we could enjoy prosperity and peace.)
That government is best which governs not at all -- Henry David Thoreau.
Bravo for Texas! This is an issue that needs to be figured out and settled, for the entire nation. (And incidentally, my first reading of your early paragraphs raised the thought of, good heavens, is this the first step toward Texan succession?). I have been in stores that post a sign at checkout saying ‘credit cards only, no cash sales’ and thought, uh, is that legal? Isn’t there a law saying you have to accept the dollar as legal tender? So good for Texas challenging the whole matter of what is allowed to be ‘money’ - this might have to go all the way to the Supreme Court.
" Isn’t there a law saying you have to accept the dollar as legal tender?"
To settle debts, yes. But if you walk into a store to buy something, you have no debt to settle. Thus the store can require whatever form or payment it wants.
Interesting, and good to know. That raises other questions, such as, could the store demand barter in tangible goods, and thus avoid sales taxes? Because if there is no ‘dollar value’ placed on the exchanged goods, how would the state know how much tax to charge? Or, if the store required a gold coin as payment, what would be given to you as change?
Is this a road to secession?
It's not out of the realm of possibility.
The percentage varies with the temperature of our national politics but on average as much as one fourth to one third of Texans favor secession.
I love Texans! If I could stand the heat, humidity, and hurricanes I’d move to Texas just to be with the people. (And yeah, I realize the response is, ‘so, you’d rather shovel snow SIX months of the year?) Maybe someday, when I’m widowed, and if the path of Minneapolis continues being ridiculously ‘woke’, I’ll sell the house and move to some friendly Texas community that understands the importance of the Constitution and States’ Rights!