There has been increasing talk about the potential restoration of a gold standard arising from people and governments across the world seeking to protect themselves from the weaponization of the United States dollar’s world reserve currency status. How long can dollar hegemony last when the government behind the dollars is sanctioning people and governments around the world with abandon? There must be a way out of this mess, and the many centuries long history of using gold as money points to one tried-and-true path.
Yet, there is also movement toward returning to the regular use of gold, and silver as well, as money inside America. In January, I wrote about a proposition, to be voted on in the Texas Super Tuesday Republican primary, that supports employing the Texas Bullion Depository, which began operations in 2018, to advance use of gold and silver as legal tender. I mentioned then some reasons why people in Texas and elsewhere in America may be keen on returning to the use of gold and silver as money, writing that an affirmative vote on the proposition “could prove to be an important step toward enabling people to escape the inflation tax that comes with fiat money and the liberty destruction that a central bank digital currency would bring.” You see, dominance of the US dollar can be a threat to Americans in addition to foreigners.
On Tuesday, the vote was held on the proposition — Proposition 7 on the ballot. The proposition was supported by Texas Republican primary voters, obtaining a 76.5 percent affirmative vote. This should provide some pressure for action in accordance with the vote. In Texas, Republicans hold every statewide elected office as well as majorities in both chambers of the state legislature.
