Texas and the gold bugs: Is the Lone Star State preparing to secede at last?

Whether you call them visionaries or call them chuckleheads--or anything in between--you should tip your hat to the Texas legislature and Gov. Greg Abbott, who have now written fears of a fiscal Armageddon into state law.

Late last week, the Republican governor signed a bill establishing the first state-run gold depository in the nation. The Texas Gold Depository will position itself as an alternative to the U.S. government's Fort Knox and the vault beneath the Federal Reserve Bank of New York.

Its ostensible aim is to safeguard what its supporters say is $1 billion in state-owned gold bars once they're retrieved from the Fed's Manhattan vault, protecting them from seizure by outside forces, like the federal government. (More on that supposed $1 billion in a moment.) It will also hire itself out as a depository for private investors looking for a place to store their bullion, pending the collapse of civilization. in the meantime, they would be able to write checks on an account tied to their holdings.

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I like Greg Abbott. He's getting good at pissing people off.