Digging for gold

Governor Perry reminded the federal government on Friday that you don’t mess with Texas—or with Texas gold.  Seems the governor wants to bring gold that is being held  in New York back to a vault in Texas. The governor has some political back-up from Tea Party supporter Rep. Giovanni Capriglione (R-Southlake) who has introduced legislation to set up the Texas Bullion Depository—where the state’s gold could be held. Right now the 6,643 bars are underground in a New York facility guarded by the Federal Reserve Bank—the U.S. system comprised of 12 federal banks in various districts around the country. The Federal Reserve Board has broad regulatory powers (authority to enact measures to protect the money supply through the use of monetary policy). One component of that is making sure that banks have enough assets on hand to cover financial needs.

The purpose of the measure is really more of a symbolic policy—policies which have no tangible effect on the population, but which have political leverage with public opinion.  Why bring the gold home?   The psychological reassurance that the gold would be here—presumably the state is more financially secure in the event of a national or international crisis like a run on the bank.

Someone else who is hoping to strike it rich—George P. Bush–announced this week he will run in 2014 for Texas Land Commissioner-the person who heads up the Texas General Land Office.  The office provides oversight (management and supervision) for all state-owned lands including leasing for gas and oil production, operating the veterans’ loan program for land purchases, mining, grazing, and ensuring the environmental quality of public lands and waters. If there is exploration to be authorized on Texas lands, the Land Commissioner is the person to see.

Make no mistake, George P. Bush is not exploring public office, he has his eyes on the prize. The nephew of George W. Bush and son of Jeb Bush (former Florida Governor) has already raised $1.3 million for his campaign.  The Spanish speaking Ft. Worth consultant and  U.S. Naval Reserve officer (who was deployed in Afghanistan for 9 months) is considered to be a rising star in the Republican party—he was just appointed deputy finance chairman of the Texas Republican Party. He made his speaking debut as an official candidate this week, and while there were a few awkward moments, he seems well on his way. By all accounts he was comfortable with the audience and addressing key issues.

Here’s to going for the gold.