In an interview with the Texas Tribune, Rep. White clarified his position, saying that he supports staying in the union, but noted that lawmakers have a duty to take their jobs seriously and prepare for various contingencies. Plus, countless analysts and economists, even among the establishment, have started openly discussing the possibility of an implosion of the U.S. dollar and the complete insolvency of the federal government if and when its creditors decide to stop lending it money.
As the Obama administration and Congress continue to rack up trillions of dollars in debt while the Federal Reserve conjures ever-greater sums of fiat currency into existence out of thin air, lawmakers in Texas have officially become the latest policymakers to openly explore the potential consequences. Legislation filed recently in the Lone Star State would, among other points, require a study on the effects of having to become partially or completely independent of the federal government in case Washington is unable to function due to financial chaos.
Known as the “Texas Self-Sufficiency Act,” House Bill 568 does not call for secession from the United States — a proposal that has been gaining increasing popularity among some segments of the Texan population fed up with an out-of-control central government. However, according to Republican state Rep. James White, who introduced the legislation, Texas would be wise to at least consider and prepare for a potential federal meltdown in light of recent developments in Washington.
“Due to the fiscal dysfunction of Washington, D.C., and the fact that more than a third of our state’s budget revenue comes from the federal government, Texas needs to study what it would mean if the federal government couldn’t meet its obligations,” Rep. White explained in a statement announcing his legislation last month. “In the current economic climate, exacerbated by out of control spending in Washington, Texas needs to study possible responses to federal financial turmoil and our readiness to adjust to such an event.”
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