Office of the Lieutenant Governor
The Capitol, Room 2E.13
1100 Congress Avenue
Austin, Texas 78701
Attention: Lt. Gov. Dan Patrick
Subject: Why protecting Texans from the collapse of the US dollar is not your highest priority?
Dan,
Identical bills were submitted in the House and the Senate. Rep. Mark Dorazio submitted House Bill 4903. Sen. Bryan Hughes, a fiscal conservative second only to Sen. Bob Hall, submitted Senate Bill 2334.
These identical bills were summarized by Scott Norvell, Washington Editor writing for the New York Sun, on April 13, 2013. I quote: “A pair of legislators in Texas are proposing a novel way for residents of that state to protect themselves against rampant inflation — creating a digital dollar backed by gold that holders could use to purchase everyday goods in much the same way that, at the moment, they use cash or credit cards.“
You assigned the matter to State Senator Joan Huffman’s committee, but she did not allow her committee to vote on it. Texans for Fiscal Responsibility rates Sen. Huffman’s 2023 index score 56, a failing grade of F.
Consequently, the Senate extinguished the opportunity to protect Texans from the harms of US dollar inflation or an outright collapse.
I frequently update a visual tool that makes possible a solid understanding of the enormity of our national debt. A dollar bill has a thickness of .0043 inches.
An imaginary stacking of 32 trillion one-dollar bills can bridge the average distance between the Earth and the Moon more than 9 times.
President Joe Biden’s Treasury is putting into place a Central Bank Digital Currency (CBDC), entailing a ‘digital fingerprint’ that will encompass all that can be known about every person in the United States of America: health records, driver’s license information, travels, intimate details of our lives, etc.
It will become impossible to buy, sell, borrow, or spend money without participation in the CBDC of the US Treasury. The CBDC is a fiat currency.
The proposed Texas Gold-Backed Digital Currency is real money, tangible, yellow gold stored in our existing Texas State Gold Bullion Depository. The U.S. Constitution, Article I, Section 10 authorizes the States to use “gold and silver Coin [as] a Tender in Payment of Debts.”
My wife and I have this personal protection against US dollar inflation through our Glint account. We own gold stored in a Swiss bank, insured by Lloyds of London. Our Glint-issued Mastercard enables us to spend gold anywhere in the world.
The limitation of the Glint system is only individuals can participate. My business cannot. Governments cannot.
The proposed Texas Gold-Backed system could protect individuals, local governments, businesses, and even the State of Texas from the ravages of US dollar inflation that will come soon.
Regardless of the plans of citizens, businesses, and governments, nothing is possible without adequate finances. If the US dollar collapses next week, how long will the Texas budget surplus last? Overnight, perhaps?
I urge you and Governor Greg Abbott to work together. Choose to cooperate to protect my fellow Texans and the State of Texas from the vagaries of economic collapse.
If, by chance or choice, you and the Governor choose to work together, please revive SJR 67.
Thank you,
John White
Rockwall, Texas
John N. White 