Here’s Why the University of Texas Had That $1 Billion in Solid Gold Delivered

It was April of last year when the news came out that the University of Texas decided to take physical delivery of $1 billion worth of gold. (By the way, that doesn’t mean the campus is chock full of gold bars — the university actually stuck the gold in an HSBC vault in New York City.) Kyle Bass of Hayman Capital Partners was the university board member behind the move, and on CNBC on Monday he explained why.

First, he reiterated that he’s still a gold fan: “The pattern is set, we’re going to continue to monetize fiscal deficits by expanding central bank balance sheets… I call it creating money out of thin air.”

Then he explained why he made the move for the university last year. We won’t muddy the waters with the financial terms, but suffice it to say that he determined it was cheaper to take physical delivery and store it in a vault than to have it “sit” in contracts.

Here’s how he put it:

“Central banks are printing more money than they ever have, so what’s the value of money in terms of purchases of goods and services,” Bass said last year. “I look at gold as just another currency that they can’t print any more of.”

By the way, did the word “Lenin” over Bass’s right shoulder catch your attention?

Kyle Bass Explains Texas Taking Physical Delivery of Gold

If so, here’s the explanation:

In the conference room of Hayman Capital Partners’ offices in Dallas hangs a painting of a zero dollar bill, featuring Lenin’s face and the legend “United Socialist States of America”, notes The Economist. Bass isn’t afraid to flaunt his political views (his car sticker reads “God bless our troops, especially our snipers”), but the painting highlights his investment philosophy too. By propping up the banks, he argues, Big Government has merely succeeded in prolonging the crisis. “If we really had a capitalist model, we’d have bankruptcy.”

(H/T: Business Insider)

Comments (182)

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  • sjohn70037
    Posted on March 13, 2012 at 10:38am

    UT brings shame upon the Great State of Texas. I was on a Southwest flight into Austin last year when this old bitty behind me was proclaiming herself to be a socialist. As she continued she revealed she was a professor at UT.

    We Texans should demand the removal of all state, local and federal tax for this institution until they clean house.

    Report Post » sjohn70037  
    • Patrick Henry II
      Posted on March 13, 2012 at 10:54am

      This guy is making fun of Lenin unlike the commie professor you are speaking of. However I would say the at least 50% of the professors in the state of TX are professed commies and about 30% hide it wich leaves the small minority left who are good.
      It is time you realize this. You seemed to be shocked by this one professor?
      My brother is a professor at a very large and well known University and he is one of 2 Conservative Professors in the whole university.

      Report Post » Patrick Henry II  
    • Patrick Henry II
      Posted on March 13, 2012 at 11:02am

      @ DC Jones,
      I think it is already too late to save the financial situation. The math is now impossible.
      We will have to have people like Paul to rebuild it after the fact. And after booting the commie power grabbers bak out.

      Report Post » Patrick Henry II  
    • watchtheotherhand
      Posted on March 13, 2012 at 11:06am

      Infiltration of the colleges and universities was a plan set in motion decades ago by mainly the USSR. It may have been slow but lQQks like its effects have been devastating on our youth…Do yourself a favor and DO NOT send your kids to these liberal universities. Do your homework there are some conservative ones left and don’t be afraid to complain to the administration in these universities. Our voices must be heard loud and clear.

      Report Post » watchtheotherhand  
    • CS_GUY
      Posted on March 13, 2012 at 12:10pm

      Please try to understand the logic and refrain from interjecting emotion into your comments.

      90% of all college professors, at non-biblical schools, could be considered “friends” of socialism.

      UT is looking ahead to a time when money will not be honored……..nothing wrong with that.

      Report Post »  
    • DonLukas
      Posted on March 13, 2012 at 1:04pm

      SJOHN70037,
      It’s not the School, it’s the profession.

      Report Post » DonLukas  
    • AxelPhantom
      Posted on March 13, 2012 at 1:09pm

      Sjohn,

      I don’t think UTA is any worse than any other state run University.

      One of my children went to UT Austin. Some of the professors ARE radicals (especially in Anthropology), as are some of the residents of the city, however there are also many conservative professors as well as those who bend over backwards to stay neutral (a couple of good history professors come to mind).

      Report Post »  
    • MDDAWG
      Posted on March 13, 2012 at 1:15pm

      I think storing gold is a good idea. It’s not going to get any cheaper over the next few years.

      SJohn, you are right, however on your assessment of these university professors. They are mostly deranged socialists.

      Report Post » MDDAWG  
    • Susan
      Posted on March 13, 2012 at 1:20pm

      Why is no one asking how the university got their hands on one -B-illion dollars? There has to be money in accounts to meet their day to day expenses, payroll, etc. So the -B-illion came from where? Why are universities getting such high prices to educate people if they have a -B-illion laying around to invest?

      And yes, I understand the importance of investing, but it blows my mind that they have this much cash (gold)

      Report Post »  
    • cuinsong
      Posted on March 13, 2012 at 1:50pm

      I can only say that I fear the end is near!
      Neither gold or silver will save you from the destruction of the world.
      As time go’s by things seem to by speeding up.
      We seem to be ushering in our own destruction and as the clock ticks down
      this song gets more and more true every day!
      “The End Times” http://www.reverbnation.com/play_now/song_10381143

      Report Post » cuinsong  
    • davrob1
      Posted on March 13, 2012 at 2:25pm

      UT does NOT bring shame to Texas, although they do have their share of socialist/communists in their ranks just like most public universities. However, they show their smarts by putting dollars into gold!

      Report Post » davrob1  
    • A Doctors Labor Is Not My Right
      Posted on March 13, 2012 at 6:31pm

      “Bass said last year. “I look at gold as just another currency that they can’t print any more of.””

      YES! That’s the whole point!

      By printing money, governments can transfer wealth to itself just like a tax – except you don’t notice the theft because you still have the same number of fiat notes. A gold and silver currency standard will not permit government to do this because the supply of circulating coins cannot easily be inflated.

      It’s a natural restraint both on government spending and on clusters of errors (clusters of errors lead to economic crashes/corrections).

      Learn Austrian Economics, America!

      See here.

      Smashing Myths and Restoring Sound Money | Thomas E. Woods, Jr.
      http ://www.youtube.com/watch?v=HAzExlEsIKk

      And here.

      “What About Money Causes Economic Crises?” with Peter Schiff – Ron Paul Money Lecture Series, Pt 3/3
      http ://www.youtube.com/watch?v=npJ0CUT8d_Y

      Report Post »  
    • AmericanFightingMan1
      Posted on March 13, 2012 at 6:46pm

      This guy is MOCKING Lenin and all the whackjobs who adhere to socialist ideals. If you think UT is bad off with 50% commies in the administration and professor ranks, most universities are over 80% easily.

      It’s going to be painful to go through this process a-coming. Life will be better on the other side. Sooner rather than later. Let’s just do it.

      Report Post » AmericanFightingMan1  
    • Apple Bite
      Posted on March 13, 2012 at 7:40pm

      You sound like a fool right now. Clearly speaking (typing) from an emotional point of view…
      Must be an Aggie, everyone, hide your sheep!

      Hook ‘Em

      Report Post » Apple Bite  
    • taksavillage
      Posted on March 13, 2012 at 8:45pm

      It IS time to eliminate foreign exchange students at the taxpayers’ expense. We aren’t showing them democracy any more, we’re hardening then as Socialists

      Report Post »  
    • Jaycen
      Posted on March 13, 2012 at 11:39pm

      Kyle Bass for President 2012!

      Report Post » Jaycen  
    • Ave-Crux-Spes-Unica
      Posted on March 13, 2012 at 11:54pm

      Hahaha! I did see the early comment poking fun at the Aggies, oh please…Aggies must have thick skin, and we do love our Texas brethren.  In truth, the Texas University Endowment covers funds for BOTH The University of Texas and Texas A&M University.  One school is MUCH more conservative than the other.  I went to A&M along with many other family members on my dad’s side of the ranch, and my daughter currently attends Texas as did many of my family on my mother’s side.  After tuition, books, food, and housing are covered, the cost runs in the ballpark of $8,000+ per semester.  It’s much more affordable than many schools, but I was surprised at how much tuition had risen since I had graduated in the early 90′s.

      GIG-EM!

      For reference taken from April of last year:
      “The endowment, which oversees funds held by the University of Texas System and Texas A&M University, has 6,643 bars of bullion, or 664,300 ounces, in a Comex-registered vault in New York owned by HSBC Holdings Plc, the London-based bank, according to a report distributed at the meeting in Austin.”

      http://www.businessweek.com/news/2011-04-16/texas-university-endowment-storing-about-1-billion-in-gold-bars.html

      Report Post » Ave-Crux-Spes-Unica  
    • jakibo23
      Posted on March 13, 2012 at 11:58pm

      @ SJOHN70037 and everyone else:

      I do believe the USSR and other commies/socialists have infiltrated academia, the media, the WH, etc, and poisoned the thoughts of a lot of young, impressionable, otherwise intelligent young people. This is not unique to UT. I also think that the breakdown of the most basic form of government in America, the family, has a lot to do with this problem. If kids go off to college already pissed off at their parents, their church, the police, whatever, they are going to be very vulnerable to hippie propaganda. If kids are raised right, they will be able to see through the BS and stay close to traditional values.

      I disagree with the notion that UT brings shame upon the great state of Texas however. I believe the contrary because without Austin and UT, Texas would have no voice at all. No respect from the left at all. If we can get even a few of the left or center folks to listen to our point of view, consider the other point of view and have constructive dialog then maybe, eventually, we can get through to some of them. UT gets Texas a lot of respect and I think that’s positive.

      Additionally, don’t assume all professors, all students are left wing idiots because we’re educated. I thought it would be a problem when I went to UT but it wasn’t. Some of us can think for ourselves, see through the BS (although most of my profs were very neutral) and still make a positive difference in the world.

      Report Post » jakibo23  
    • AZindependent
      Posted on March 14, 2012 at 12:22am

      Go do a search at youtube for Kyle Bass, watch every video that comes up (including the “long” ones) and you will get a glimpse into the future of the world economy. He is “one of the smartest guys in the room”. He made money on the housing crash, he made money on the Greek default and he has a big bet on the future problems in Japan.

      Report Post »  
  • Economist
    Posted on March 13, 2012 at 10:38am

    All good until the FEDs confiscate it again like they did in 1933.

    http://www.safehaven.com/article/24538/why-us-govt-confiscated-gold-in-1933-can-it-happen-again

    http://www.safehaven.com/article/24629/why-us-govt-confiscated-gold-in-1933-can-it-happen-again-part-2

    Will this happen again? I think so. It is the only way for the FEDs to control our savings and thus our liberty.

    The Rebublicans WILL regret not electing a HARD MONEY conservative in the near future.

    MARK MY WORDS!!!! YOU WILL REGRET NOT ELECTING RON PAUL WHEN OUR CURRENCY COLLAPSES IN A FEW SHORT YEARS!!

    Report Post » Economist  
    • country_hick
      Posted on March 13, 2012 at 10:42am

      From my cold dead hands…

      Report Post »  
    • Dcjones
      Posted on March 13, 2012 at 10:54am

      Yes it has been collapsing albeit slowly but accelerating in respect to “real money” gold. Pretty steady against the equally collapsing Euro.

      It will certainly accelerate when the FED ramps up more buying of treasuries. Which it will have to do because neither Romney/Santorum or Obama will do what is necessary to avoid the collapse.

      Right now we are waiting on a loss of confidence in the $ to strike for the interest rates to skyrocket.

      This happened in about 2 weeks in Greece when their interest rates skyrocketed from 5% to 20% in a few short days. But here, we have the FED which will be forced to monetize loads of treasuries pushing the $ into a spiral downward.

      This is when gold will shine. I predict reaching $100,000 per oz in the next 5 years. All of the US savings will be gone. All confiscated thru indirect means to pay for this Gov. action.

      The gov. could confiscate the only safehaven left gold and silver like in 1933. Then issue the New Dollar to replace the old one.

      All because a few idiot republicans want more war and elect stupid idiots like Romney and Santorum. Don’t they realize that US will die from within well before any outside forces could even affect us?

      Report Post » Dcjones  
    • Dcjones
      Posted on March 13, 2012 at 11:15am

      @ Patrick Henry,

      The problem is that when it collapses there is no real way to get our freedoms back. Its not like we have citizen militia like during the Revolution that can rise up. The Libs have confiscated our weapons and/or made it hard to own them The public is too weak.. and the Governement too strong. They have slowly gained power over the Court System. The courts don’t enforce the constitution anymore giving the President much more power. The States have lost power from the 17th amendment adoption, the President looks more like a King lately then the Public Servant of a Republic that is bound by laws instituted in a Constitution. He is consistantly bypassing congress.

      When the SHTF and finacial collapse hits… The public will be crying for somebody to take control. This is when a totalitarian leader usually can grab power. I don’t think there is room for somebody like Ron Paul to take control.

      And the people (Conservatives) that I hoped would back liberty are now Neocons that cant see past their nose to elect a Thomas Jefferson type like Ron Paul because they want to go to war in the Middle East for stupid reasons that hardly have a real affect on our daily lives.

      Report Post » Dcjones  
    • TJeff1
      Posted on March 13, 2012 at 11:23am

      dcjones,

      True is what you say about the way Totalitarian goverments get instituted. See marker 38.00 to 39.50 in this AWESOME film on Individualism vs Collectivism to illustrate this process:

      http://www.youtube.com/watch?v=vXEZQSYgwU0

      Report Post »  
    • Economist
      Posted on March 13, 2012 at 11:27am

      Tjeff,

      That is a great video!!! I have seen it before. Really a must watch to understand liberty.

      Report Post » Economist  
    • KidCharlemagne
      Posted on March 13, 2012 at 11:37am

      Dcjones
      Posted on March 13, 2012 at 10:54am
      All because a few idiot republicans want more war and elect stupid idiots like Romney and Santorum. Don’t they realize that US will die from within well before any outside forces could even affect us?
      =============================

      I suspect we are about to find out whether or not what the author of the U.S. Constitution once wrote is actually true or not:

      ———————-
      “The Most Dreaded Enemy of Liberty
      by James Madison

      Of all the enemies to public liberty war is, perhaps, the most to be dreaded, because it comprises and develops the germ of every other. War is the parent of armies; from these proceed debts and taxes; and armies, and debts, and taxes are the known instruments for bringing the many under the domination of the few. In war, too, the discretionary power of the Executive is extended; its influence in dealing out offices, honors, and emoluments is multiplied; and all the means of seducing the minds, are added to those of subduing the force, of the people. . . . [There is also an] inequality of fortunes, and the opportunities of fraud, growing out of a state of war, and . . . degeneracy of manners and of morals. . . . No nation could preserve its freedom in the midst of continual warfare. . . .
      -James Madison, Political Observations, April 20, 1795

      Report Post »  
    • Walkabout
      Posted on March 13, 2012 at 1:40pm

      “The Most Dreaded Enemy of Liberty
      by James Madison 1795

      James said that in 1975. He wouldn’t have a different opinion or more nuanced opinion after the war with the Barbary Pirates, the impressment of 1,000 U.S. sailors a year around 1804, & the War of 1812. We could afford to loose 1 in every 7,000 people every year due imprisonment or slavery?

      But of course herd immunity is much better than fighting. Baaaaaaaaah!

      Report Post »  
    • Ramv36
      Posted on March 14, 2012 at 8:03am

      @DCJONES “Its not like we have citizen militia like during the Revolution that can rise up.”

      Really? I’m right here. And I bet I’m not alone.

      As I and The Founders see it, if you’re a Citizen, you ARE a Militiaman. And if required, you are expected to perform your duty.
      As they say, There is no soldier more dangerous than the one with his enemy at his front and his home at his back.

      Report Post »  
    • Economist
      Posted on March 14, 2012 at 10:38am

      http://gonzalolira.blogspot.com/2011/12/run-on-global-banking-systemhow-close.html

      Great article stating we are at a tipping point with a run on the banking system:

      “Once there is a full-on panic, anyone with money in the system will lose at least a big chunk of it, in one of two ways, or a combination thereof:

      • One, the firms—commodities brokerage firms, equity firms, investment banks and commercial banks—will not allow people to withdraw the totality of their money, and/or they will put a withdrawal cap of some sort, enforced by the central banks and other regulatory bodies. (Like they did in Argentina.)

      • Two, the central banks will “provide liquidity”—that is, print money—while simultaneously declaring a banking holiday to, quote, “calm the markets”. During that bank holiday, the currency will be devalued by double digits—which will mean that your cash holdings will essentially be taxed to save the banksters—again. (Like they did in Argentina.)”"”

      Report Post » Economist  
  • Thinking Man
    Posted on March 13, 2012 at 10:30am

    Now you know why it cost so much to attend college. You are paying this bill. And, UT will lose their butt, and the students will have to make up the losses.

    Who ever decided to do this, should be fired and be held responsible for the losses.

    On the other hand, thank goodness for these people. I make my living selling to these novice traders. If they didn’t make stupid decisions, I couldn’t make money.

    Report Post »  
    • JRserious
      Posted on March 13, 2012 at 10:41am

      they have an enormous endowment. that’s where the money came from. the dollar is worth less and less. gold is up. it only makes sense to put a percentage of your endowment into something that’s not going down in value.

      Report Post »  
    • AxelPhantom
      Posted on March 13, 2012 at 1:14pm

      UT is actually very inexpesnive a four year in state tuition there costs less than a nice compact car.

      Report Post »  
  • mcFirst
    Posted on March 13, 2012 at 10:28am

    look at the ncaa tourney. Look how few private schools there are, then look and see that how the private schools are playing each other in the first round. NCAA does not want a small private school knocking out a big state school.

    State schools use the State name to improve TV ratings which improves recruiting students and athletes which improves donors. All of which is subsidized by state budgets.

    So if you are a private school you get crowded out by the public schools.

    College is the next bubble folks.

    Report Post » mcFirst  
  • Athinkerinaseaoflibs
    Posted on March 13, 2012 at 10:17am

    When I read this I started to think how big a pile of gold this is? Using today’s price there would be about 725.5 bricks the size of a brick that is used to build a house. Since a year ago is when the bought the gold and it was cheaper then, the pile would be bigger.

    On a more fun note: Since we know that heaven’s streets are paved with gold,, this much gold would pave an area of about 12 feet square.

    Report Post »  
    • AmazingGrace8
      Posted on March 13, 2012 at 10:37am

      Oh bless you…thank you for the smile you have given me this morning!

      Report Post »  
  • mcFirst
    Posted on March 13, 2012 at 10:11am

    so they have been living on federal student loans not they want to abandoned the currency they have lived on.

    seems out of scope for schools to be amassing this amount of funds. why do they tell people we have enough now, please give to another worthy cause.

    Report Post » mcFirst  
  • OldVet
    Posted on March 13, 2012 at 10:01am

    The University Of Texas inherited that money from alumni with oil money back when oil was king. But it is chump change when you compare it to Harvards Trust which, I believe, is about 26 billion. Just from memory. You can check it out. By the way UT is not just one campus. It is the entire state system. You northeasteners and left coasters don’t have a clue about what goes on in the Lone Star state.

    Report Post » OldVet  
    • rockstone
      Posted on March 13, 2012 at 10:08am

      And please…..oh please…. don’t invite them to come down here to find out.

      Report Post » rockstone  
    • Lumbar Spine
      Posted on March 13, 2012 at 10:10am

      I know enough about Texas to know that it, including its university system, gets billions of dollars of federal money every year…and yet uninformed Texans continue to whine about the federal government giving away their tax dollars.

      Report Post »  
    • Jim in Houston
      Posted on March 13, 2012 at 10:33am

      AMEN to Rockstone!

      Report Post »  
    • SoupSandwich
      Posted on March 13, 2012 at 10:53am

      Spiney-
      In reality your are a simple POS, so your opinion is exactly that. You have some corn kernels on your nose man and the big 0 has a fluffer-Reggie.

      Report Post »  
    • Lumbar Spine
      Posted on March 13, 2012 at 11:16am

      SOUPSANDWICH…it‘s not It’s not even sporting fun to joust with ignorant people. Apparently, about 99% of the posters here can do no better than hurl dumb, sophomoric epithets when they have nothing intelligent to add to a discussion…which is about 99% of the time.

      Report Post »  
    • hcartexas
      Posted on March 13, 2012 at 12:09pm

      LUMBERSPINE……. you dont have a clue…. trust me. UT doesnt recieve “billions” in tax money. It is however a state funded college, and a very good one, allbeit liberal. It seems that this guy IS NOT a liberal which is good for UT, and Texas. I urge you to come to Texas, and sit in a local bar, and utter your liberal nonsense….. see how many teeth you can loose in one night.

      Report Post » hcartexas  
    • Lumbar Spine
      Posted on March 13, 2012 at 12:38pm

      HCARTEXAS…typical Texas bull***t. You guys are laughable… What are they gonna do…shoot me? Typical…

      Report Post »  
  • Atokaite
    Posted on March 13, 2012 at 10:00am

    The idea is sound.
    Come 2013 and beyond, the barter system will be in place in Fly Over land.
    There is a Multi BILLION dollar flow of cash, never reported, never taxed, that actually supports the population in this area.
    Gold, actual physical gold, will be the item to have.
    Old Glenn, bless his socks is spot on, once again.
    Semper Fi

    Report Post » Atokaite  
    • SamIamTwo
      Posted on March 13, 2012 at 10:07am

      If you sell it and have capital gains you get to report it on schedule D to the IRS form 1040.

      The companies that sell to you, report it.

      Please do not mislead people.

      Report Post » SamIamTwo  
    • country_hick
      Posted on March 13, 2012 at 10:53am

      Samiamtwo;

      Atokaite stated; “Come 2013 and beyond, the barter system will be in place in Fly Over land.
      There is a Multi BILLION dollar flow of cash, never reported, never taxed, that actually supports the population in this area.”

      When the Schumer hits the fan all will be barter. Somehow I don’t think the reporting forms will be relevant.

      Unless I am misremembering ALL barter transactions must be reported now. So you are now, of course, reporting when ever you mow someones yard for taking them to the store? Or weed a garden for that dozen eggs they just gave you? Or trade those old CD‘s you don’t listen to anymore for a box full of fishing tackle?

      Of course you do…

      Report Post »  
    • lukerw
      Posted on March 13, 2012 at 12:37pm

      There is little one can do protect themselves against an INSANE GOVERNMENT… but holding Gold is a Smart & Sane agenda!

      Report Post » lukerw  
  • bree001
    Posted on March 13, 2012 at 9:43am

    Your gold would definitely be safer with you than in a vault or some bank, he might as well kiss that gold goodbye. Hide your gold and hide your guns the Dictator-In-Chief will come after them as soon as he is reelected and Glenn Beck he doesn‘t care if it’s collectors coins he won’t spare any gold. http://www.brendasblog7.com/home-page

    Report Post »  
    • Detroit paperboy
      Posted on March 13, 2012 at 9:55am

      Thats alot a Bull ion…

      Report Post »  
    • ThomasBombadillo
      Posted on March 13, 2012 at 11:35am

      A smart person would keep that gold close to home and tell people it was in a vault far away. The people behind this gold purchase are not dummies. They see the writing on the wall, and they are getting prepared. I have a feeling UT will be one of the few universities still in business after the collapse.

      Report Post »  
    • AmericanFightingMan1
      Posted on March 13, 2012 at 6:49pm

      Why would one want to hide their guns? What are they for? What is the 2nd Amendment to US Constitution for? Hmm?

      Report Post » AmericanFightingMan1  
  • Magyar
    Posted on March 13, 2012 at 9:41am

    The gold stash simply guarantees that the indoctrination of the nation’s youth will proceed as planned.

    Report Post »  
  • Stu D. Baker-Hawk
    Posted on March 13, 2012 at 9:39am

    A university has the means to purchase ONE BILLION DOLLARS worth of gold? And just how in the heck did a university make that much money?? On the backs of over-charged students and parents, that’s how. Damn these money-making ‘higher education’ ventures and damn those who take advantage of us who have to scrimp and save in order to pay for a higher education. I hope all you greedy college administrators and over-paid professors rot in Hell.

    Report Post »  
    • SamIamTwo
      Posted on March 13, 2012 at 10:00am

      Prob run by some smart Christians? Do you happen to know the tuition they pay? Did you do any investigation before posting? I‘d look into it for ya but I’m too busy hating Obama….

      Report Post » SamIamTwo  
    • vrodder
      Posted on March 13, 2012 at 10:04am

      You fail to realize that no matter what they charge, the students still paid it and paid it of their own free will, some probably begged to go there! Get a clue!

      Report Post »  
    • THGIC
      Posted on March 13, 2012 at 10:32am

      STU D. BAKER-HAWK

      They are a University – they can charge as much as they like. Just look at the Ivy League schools, and see how much they charge. And you know what’s funny? They are still in business. You know what that is? People pay for their education, regardless of how much it costs.

      It is Liberals like yourself that want everyone to have free education, and want to tax the hell out of the private industry, just because you think they make too much money. Shame on you for wanting such things from establishments that have been around since before you were born! They have made names for themselves, and they deserve the freedom (as a company/establishment) to charge as much as they see fit.

      If you cannot afford to go to school, get a job (maybe a second job), go to a less expensive school, apply for grants, or don’t go to school. It is that simple! No one is forcing you to go to that University. No one is telling you what to do. It is you who is trying to tell others what to do – and it is wrong.

      Report Post »  
    • Stu D. Baker-Hawk
      Posted on March 13, 2012 at 12:02pm

      To all of you: I am NOT a liberal; I’m as conservative as they come, but it REALLY chaps my hide that these commies get away with charging through the nose to teach a hatred of the capitlist system and then turn right around and reap the rewards of that system which they hate. And until conservatives can become the majority in running these institutions (which will be NEVER), the commies will keep on ripping off the students and their parents because they’re the only game in town.

      Report Post »  
    • dhb1ibo
      Posted on March 13, 2012 at 12:42pm

      The universities are getting support from the Government which comes from the taxpayer, the students are getting loans & grants from the Government which comes from the taxpayer, and you think its the students that they are getting there cash from? Its amazing you can still remember to breath every day.
      How long have you been being indoctrinated to be able to come to this amazing piece of stupidity?

      Report Post » dhb1ibo  
    • Stu D. Baker-Hawk
      Posted on March 13, 2012 at 2:24pm

      @ DHB1IBO: Hey, guess who’s paying $60K for a college education? It sure ain’t the government! No grants, no scholorships, no nuthin’! And, yes, doofass, I can breathe just fine. (BTW, the correct spelling is ‘B-R-E-A-T-H-E’ as in what you do to exchange air for carbon dioxide. Your spelling ‘B-R-E-A-T-H’ is what you see coming out of your cake-hole when it’s too cold outside. Guess we know who didn’t go to college… LOL!)

      Report Post »  
    • Stu D. Baker-Hawk
      Posted on March 13, 2012 at 2:45pm

      Did I say exchage air for carbon dioxide? What I meant to say was exchange carbon dioxide for oxygen. Jeez!…

      Report Post »  
    • AmericanFightingMan1
      Posted on March 13, 2012 at 6:53pm

      American education is a government business now. Asians (and other foreigners) pay top dollar (for now) to get “educated” in US. It’s a money gig; a facade. The education system is a joke. It’s an indoctrination system really. I barfed my way through over seven years of it. One idiot after another “teaching” that which they cannot do in the marketplace. Those who can, work and those who can’t, teach.

      Report Post » AmericanFightingMan1  
    • TRILO
      Posted on March 13, 2012 at 7:49pm

      It is called endowment funds. People die, they need tax write offs so they donate to the college of their choice. They are usually previous students or people in specific industries that want to fund similar research.

      College tuition is so high because the government makes cheap money for ill informed students and parents. No one forces anyone to go to any college and pay the tuition or get loans. There are plenty of junior colleges around the country that have low tuition rates that kids can go to to get their general education requirements before they work on their undergraduate classes at a 4 year school. Has anyone heard of pay as you go or how about a novel idea… save for it.

      The biggest problem is that society has lied and told kids that they have to go to college to be successful. Soon a bachelor’s degree will be useless as the job market is flooded with them. Go to any high school and all they push is college, college and more college.They throw out flyers at every turn on financing tuition. They completely ignore skilled trades.

      Report Post » TRILO  
  • whereareyourbrains
    Posted on March 13, 2012 at 9:39am

    In September of this year….the almighty Allah will made sure that gas is cheap. People get more food stamps, houses will be free……..He and his minions will make sure he is the beloved Hitler of our time.
    They are prepared and this guy is no different. NOT enough ppush back on the policies this man is forcing on us. We gotta do it …not the media……….

    Report Post » whereareyourbrains  
    • rubegoldberg
      Posted on March 13, 2012 at 10:15am

      The Permanent University Fund was established in the Texas Constitution of 1876 through the appropriation of land grants previously given to The University of Texas at Austin plus one million acres. The land grants to the PUF were completed in 1883 with the contribution of an additional one million acres of land. Today, the PUF contains approximately 2.1 million acres of [oil bearing] land located in 24 counties primarily in West Texas.

      http://www.utimco.org/scripts/internet/funds_e.asp

      Report Post »  
  • midwesthippie
    Posted on March 13, 2012 at 9:35am

    ..universities are just businesses…profits and financial stability are the #1 goal

    Report Post » midwesthippie  
  • Lumbar Spine
    Posted on March 13, 2012 at 9:34am

    I kind of wish Texas would secede from the United States…would make patrolling our Southern borders easier. And all of our tax dollars would no longer go to propping up Texas…

    Report Post »  
    • Red Bubba
      Posted on March 13, 2012 at 9:47am

      You sure its not the other way around hoss? The feds tax Texans and blow the money propping up NY and CA.

      Report Post » Red Bubba  
    • Lumbar Spine
      Posted on March 13, 2012 at 10:12am

      REDBUBBA…Texas gets billions of dollars of federal money every year, including its university system…go look it up. I get a little tired of hearing Texans whine about their precious federal tax dollars…

      Report Post »  
    • SoupSandwich
      Posted on March 13, 2012 at 10:55am

      Spiney-
      Hate to beat a dead horse, but you are a basic, common really POS, not really much more. Go fluff at the puff.

      Report Post »  
    • SoupSandwich
      Posted on March 13, 2012 at 10:58am

      Butt, butt, fluffer spiney…get a littled tired of your fluff too. Speaking of whining and all. Austin is a cool place, but it ain’t like most of Tx. You should visit, wear your best spandex, and talk to some people about being the 0′s least recognized fluffer. Reggie is going to kick your butt when he finds you.

      Report Post »  
    • LestWeForget
      Posted on March 13, 2012 at 11:06am

      Lumbar, the federal government doesn’t “have” money to “send” to Texas.

      The Fed is not a revenue-generator (and I’m choking back the urge to go off-tangent on what it DOES do with money). Texans pay taxes to the fed (part of its revenue) and some is returned to Texas with big ole strings attached. Surely you don‘t think Texas is the only state to get billions of it’s own dollars back.

      Succession would mean billions not going to the fed gov’t in the first place.

      I think you have Lone Star State envy. We do fly our flag high down here.

      Hook ‘Em.

      Report Post »  
    • Lumbar Spine
      Posted on March 13, 2012 at 11:26am

      I would happily see Texas secede…good riddance to the bull***t.

      Report Post »  
    • hcartexas
      Posted on March 13, 2012 at 12:15pm

      LUMBERSPINE…… Texas is THE… I say THE richest state in the union… bar none. NY, CA, MD, PA, MI…. are at the bottom. Texas produces more net tax revenue than NY and CA combined. Texas has more natural resources as well. We prop up the rest of the country…period. And yes, we should secede, and take 5-10 other states with us…. then we could watch you Morons freeze, and starve in the dark.

      Report Post » hcartexas  
    • angelcat
      Posted on March 13, 2012 at 4:26pm

      thank you for my laugh of the day. The country would suffer more if Texads seceded than Texas would from seceding. Please don’t come here. You don’t deserve to enjoy all Texas has to offer and are probably too dense to appreciate it anyway. I have lived in other states and am thrilled I became a Texan by choice – the people, the values, the weather, the lack of a state tax, and so much more. Stay where you are and let your misconceptions happily fill your head.

      Report Post »  
    • Ramv36
      Posted on March 14, 2012 at 8:13am

      “I kind of wish Texas would secede from the United States…would make patrolling our Southern borders easier.”

      How in the hell would adding thousands of miles of new border stretching stretching into the center of the country along NM, OK, AK, and LA make the border any easier to patrol? The only way Texas succession would make border patrol easier would be if their new sovereign nation of Texas did what we can’t and built a fence around the whole thing. Ironically, that fence would probably be built not to keep Mexicans out, but to stop the inevitable flow of refuges from the impoverished US streaming into Texas seeking better opportunities.
      Hell, Canada is doing way better economically than we are, and it has been hinted at by them unofficially that if their southern neighbor (us) collapses, they may have to implement their own southern border control strategy to keep Americans OUT. They’ve watched what happened to us sharing a border with a 3rd world country, and if that’s what we become, they want no part of it.

      Report Post »  
  • josetoyou
    Posted on March 13, 2012 at 9:20am

    If this university has this much cash for investments, then tuition is too high, as is the case at all colleges…

    Report Post »  
    • Iamnotanumber
      Posted on March 13, 2012 at 9:33am

      Agreed, but if you are born a texan you don’t have to pay tuition in texas.

      Report Post »  
    • DieBambi
      Posted on March 13, 2012 at 9:48am

      You do too have to pay tuition in Texas if you are born there. UT is so wealthy because they hold oil fields from a century ago, and they keep patents.

      Report Post » DieBambi  
  • cloudsofwar
    Posted on March 13, 2012 at 9:08am

    i like that rifle in his office and the lenin dollar should say obama.

    Report Post »  
  • cloudsofwar
    Posted on March 13, 2012 at 8:57am

    so your in texas but you keep your gold in a vault in NY. bad idea. there are no vaults in texas? btw obama wants your gold and now he knows where to get it. the socialist in chief says education should be free and now your hording gold according to obama.

    Report Post »  
    • 00gabooga
      Posted on March 13, 2012 at 9:19am

      No kidding. I know about three dozen fellers in San Antonio alone that would guard it better than any fancy NY City vault. You just tell’em “See that there gold? Obama wants to take it away” and no force on earth would be able to take it from them.

      Report Post » 00gabooga  
    • MCDAVE
      Posted on March 13, 2012 at 11:04pm

      I was thinking the same thing..Do you trust a New York bank to hold your Gold?..Obama Will order Gold and silver turned over to the government,Like Franklin Roosevelt did.

      Report Post »  
  • Snowleopard {gallery of cat folks}
    Posted on March 13, 2012 at 8:36am

    So we know where his true allegiance lies at, not with the Republic or a free society at all; yet how long will it be before the Feds grab that gold for themselves and leave the university high and dry?

    Report Post » Snowleopard {gallery of cat folks}  
    • grandmaof5
      Posted on March 13, 2012 at 8:50am

      Particularlly because it is a school in TX – CA, no problem, but those “Don’t mess with Texas” cowboys are different.

      Report Post »  
    • Lumbar Spine
      Posted on March 13, 2012 at 10:16am

      Grandma, those “cowboys” in Texas have got their hand out to the federal government as much as anybody else…but, of course, they don’t want to tell you that.

      Report Post »  
  • PHOTOMOM
    Posted on March 13, 2012 at 8:14am

    My concern is that it’s in a bank in NY and not physically in Texas!

    Report Post »  
  • TXChoctaw
    Posted on March 13, 2012 at 8:14am

    I guess I’m having a problem with a PUBLIC University having that kind of stash…especially at the rate of tuition they charge.

    Report Post » TXChoctaw  
    • Tea Party Animal
      Posted on March 13, 2012 at 8:24am

      Did you have a problem with their endowement funds until now? Only when they moved it to gold do you become concerned?

      Report Post » Tea Party Animal  
    • soybomb315
      Posted on March 13, 2012 at 8:27am

      Many schools have those generous retirement plans and so they need huge retirement endowments. UT probably has a few billion in mutual funds/stocks so this is just balancing portfolio.

      This makes it less likely UT will be begging the feds for a bailout

      Report Post » soybomb315  
    • TomFerrari
      Posted on March 13, 2012 at 8:33am

      Many of the scholarships are privately funded by perpetuities.
      Donated money is put into investments that pay an annual dividend and those dividends are what are actually paid out as scholarships. Building a new campus costs billions. That money isn’t handed out by obama. It is saved for years and years. (or borrowed by less responsible schools)
      While saving that money it must be kept somewhere. If they sell land the receive cash.

      When the market is expected to go down, many say it is wise to move into cash equivalents.
      When cash is printed, all cash is worth less. When both happen at the same time, physical assets are often considered the way to protect financial assets.

      Report Post » TomFerrari  
    • TXChoctaw
      Posted on March 13, 2012 at 8:34am

      Considering how it’s being used…yes.

      Report Post » TXChoctaw  
  • KidCharlemagne
    Posted on March 13, 2012 at 8:11am

    Plank #5 of Karl Marx’s Communist Manifesto:

    “Centralisation of credit in the hands of the State, by means of a national bank with State capital and an exclusive monopoly.”
    http://en.wikipedia.org/wiki/The_Communist_Manifesto

    Report Post »  
    • TheePolitinator
      Posted on March 13, 2012 at 9:09am

      This is exactly what we all need to do more of, point out specific things currently taking place and then show the Communist/Marxist rule with actual literature.

      Report Post » TheePolitinator  
  • drago
    Posted on March 13, 2012 at 8:10am

    I wonder if the owsers will camp out at UT to protest this?……Prolly not……..

    Report Post »  
  • expatinontariocanada
    Posted on March 13, 2012 at 8:05am

    Seriously, what about gold and silver is there not to like? And that’s the part of Ron Paul I love. Too bad the part I don’t like so much is a deal breaker (isolationism/foreign policy). That persistent “barbaric relic” talk is quite barbaric. What are you going to offer the guy with the boat to take your family across the river to safety? $100 USD bills? You better hope he’ll take the wheelbarrow you brought them in. HAHAHAHA!

    Report Post » expatinontariocanada  
    • USAF2003
      Posted on March 13, 2012 at 8:10am

      This guy is great. We need more like him.

      Report Post »  
    • soybomb315
      Posted on March 13, 2012 at 8:15am

      Ron Paul’s view on foreign policy is that we should be more like canada. Since you have expated to canada – you should know exactly what i’m talking about

      Report Post » soybomb315  
    • KidCharlemagne
      Posted on March 13, 2012 at 8:45am

      expatinontariocanada
      Posted on March 13, 2012 at 8:05am

      Seriously, what about gold and silver is there not to like? And that’s the part of Ron Paul I love. Too bad the part I don’t like so much is a deal breaker (isolationism/foreign policy).
      ========================================

      Foreign policy and monetary policy are synonymous with one another these days. When the U.S. defaulted on August 15, 1971 and subsequently closed the gold window, then the dollar started falling and inflation began to take off. In order to prop the dollar up, then Nixon made a deal with Saudi king Faisal: the Saudis would only accept U.S. dollars as payment for crude oil and reinvest their profits in U.S. Treasury notes in exchange for protection from the U.S. military of Saudi oil fields from the Soviet Union.

      It was so good of a deal that the rest of OPEC took the same deal and it has been that way ever since.

      Tenuously, the dollar has been backed by crude oil instead of gold for almost 40 years now.

      Report Post »  
    • Walkabout
      Posted on March 13, 2012 at 9:27am

      KidCharlemagne
      So the dollar is back by a precious commodity.

      Well Saudi Arabia is in talks with China to acquire nuclear technology & their own bomb. They are doing so because Iran has nukes. Iran rested nukes in North Korea last year according to the Japanese security services.

      It is not Obama’s fault that Iran is acquiring or has acquired nukes. The liberals in Europe, the U.S. & the U.N. have been enabling Iran for 15 years or more. El Baradei declared that Iran had nothing. A mere 3 or 4 years later they were well on their way. What is more probable? That El Baradei was covering for Iran & the sycophant U.S. & European media & politicians went with him or that Iran started their program shortly after 2003?

      The more tech China gives/trade with Saudi Arabia the greater Chance there is for Saudi Arabia to become an partner with China & not the U.S. It remains to be seen how much of a problem it will be for Chinese military & economic might to go from an export driven economy to a mixed economy. but would you hang your hat on it? A politician would to get him thru a election cycle. Not just Obama but many politicians would.

      Does it would having Dollars backed by oil? Oil gets expended. What about peak oil? the party comes to an end. Gold can be used in products but it can also be reclaimed/recycled. Gold is much better than oil in the long run. Just saying.

      Report Post »  
    • KidCharlemagne
      Posted on March 13, 2012 at 10:18am

      ********************
      So the dollar is back by a precious commodity.
      ********************
      Well…that‘s the idea isn’t it? You can’t back it with gold anymore since it was all spent to pay for Vietnam and The Great Society.

      ********************
      They are doing so because Iran has nukes. Iran rested nukes in North Korea last year according to the Japanese security services.
      ********************
      16 U.S. Intelligence agencies currently say that Iran has no nukes:

      “The most recent report, which represents the consensus of 16 U.S. intelligence agencies, indicates that Iran is pursuing research that could put it in a position to build a weapon, but that it has not sought to do so.”
      http://www.latimes.com/news/nationworld/world/la-fg-iran-intel-20120224,0,5827032.story

      ********************
      Does it would having Dollars backed by oil?
      ********************
      Having dollars backed by oil is ridiculously dangerous because it requires us to constantly fight wars in the Middle East (weakening us financially). Remember though that in 1971 the U.S. defaulted because the costs of Vietnam and the Great Society had already vaporized most of the gold. I suspect the arrangement with King Faisal was only supposed to be temporary at least until Congress could get its spending under control, but when all that cash started flooding into U.S. treasuries, then Congress couldn’t resist spending that money too.

      Report Post »  
    • Walkabout
      Posted on March 13, 2012 at 1:29pm

      Kid Charlemagne

      North Korea tested Iranian warhead or “dirty bomb” in 2010 for $55m

      Japanese intelligence sources Monday, March 5, confirmed – and qualified – to debkafile reports in the German Der Spiegel and Welt am Sonntag that Western intelligence had known for 11 months that at least one of North Korea’s covert nuclear tests in 2010 was carried out on an Iranian radioactive bomb or nuclear warhead.
      Those sources report five facts are known for sure:

      http://www.debka.com/article/21794/

      ___________________________________________

      The Japanese intelligence service is untrustworthy?
      The German magazine ‘Der Spiegel’ is run by the CIA or neo-cons?

      You don’t believe this analysis?

      “North Korea is more than just a Communist mafia with nuclear weapons; it’s the starting point in the supply chain for any Muslim country that wants its own nuclear weapons. Its ability to blackmail the West encourages nations like Iran to push for their own nuclear programs to be able to have their own atomic blackmail card”

      http://frontpagemag.com/2012/03/13/10-ways-obama-has-made-war-more-likely/

      This last is just devastating. It shows liberals are just delusional.

      “The words “North Korea” and “diplomacy” are a running joke even in diplomatic circles, and seeing a headline like “Clinton hails North Korea food deal” doesn’t give you enough information to determine whether you are seeing a news story from 2011 or 1994. “

      Report Post »  
    • Walkabout
      Posted on March 13, 2012 at 1:31pm

      KidCharlemagne

      16 U.S. Intelligence agencies currently say that Iran has no nukes:
      ________________________________________________________

      16? that many? Aristotle would say so what to the big number argument.

      Of course the CIA would always say what they know for sure because that is the “BESTUS” way to protect intelligence assets & methods.

      Report Post »  
    • Walkabout
      Posted on March 13, 2012 at 1:44pm

      “after the failure of diplomatic protests and a trade embargo against Great Britain, he led the nation into the War of 1812. … Madison found the war to be an administrative nightmare, as the United States had neither a strong army nor financial system; as a result, he afterward supported a stronger national government and a strong military, as well as the national bank, which he had long opposed.”

      Wiki on Madison versus Madison’s 1795 statement

      Report Post »  
  • SpankDaMonkey
    Posted on March 13, 2012 at 7:47am

    .
    UT why do ya’ll have a billion dollars worth of gold? Is it Laundred Drug Money from the Cartels to Perry so Illegals can go to school Free?

    Bevo is a JackAss in Cow Drag……Saw’em Off…….

    Report Post » SpankDaMonkey  
    • drago
      Posted on March 13, 2012 at 8:08am

      @Spank
      Being a Texan,i might agree with you,on your first statement,but never, ever disrespect Bevo;p

      Report Post »  
  • blanco5
    Posted on March 13, 2012 at 7:44am

    Which part of gold backed currency is a bad idea?

    Report Post »  
    • soybomb315
      Posted on March 13, 2012 at 7:55am

      must be another one of those craaaaazy ron paul supporters…

      Report Post » soybomb315  
    • taxpro4u03
      Posted on March 13, 2012 at 7:58am

      Gold, Silver and other precious metals have always been a ‘hedge’ against inflation — ‘money’ is a fictional concept… which is why the powers that be frown on ‘barter’ systems whereby people create their OWN ‘money,’ and rates of exchange. The bankster gangsters (Rothschilds, Vatican, Swiss) cannot control the flow to ‘steal it.‘ The ’dollar‘ as the word’s ‘reserve currency’ is at odds with various ‘sovereign’ nations in how they buy and sell ENERGY resources throughout the world primarily, gold and diamonds secondarily. When China, Russia, India, Venuzuela etc decide to cut the Rothschilds OUT of the ‘business transaction,’ things get ugly — Ghaddafi and Saddam were allowed to run rough-shod over the masses until they decided to trade in: Gold/Euros for….. OIL. :-) Don’t forget both Lincoln and Kennedy were messing with the banksters – Lincoln with his ZERO-DEBT greenbacks, and Kennedy with his Silver currency executive order. I think McKinnley was also subject to ‘reprisal’ due to his money-schemes as well – We also know Andy Jackson faced an assassin‘s misfiring pistol when he refused to renew England’s Central Bank Charter and failed… (Jackson was responsible for the ‘progressive’ Indian Removal Act REALLY igniting the Native American genocidal movement)

      Report Post »  
    • blanco5
      Posted on March 13, 2012 at 8:06am

      soy—I guess common sense is considered crazy.

      Report Post »  
    • SamIamTwo
      Posted on March 13, 2012 at 10:21am

      You know who mints the coins, right? Who is selling the gold to those who resell?

      Report Post » SamIamTwo  
    • rubegoldberg
      Posted on March 13, 2012 at 10:30am

      soy, confused [uneducated? propagandized?], has TJ as avatar.

      “Specie [gold and silver coin] is the most perfect medium because it will preserve its own level; because, having intrinsic and universal value, it can never die in our hands, and it is the surest resource of reliance in time of war.” ~Thomas Jefferson to John Wayles Eppes, 1813

      Report Post »  
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