In one of its first steps towards creating an unconstrained economy, the State of Texas has decided to setup its own gold-backed bank.

The decision comes in the wake of Governor Greg Abbott’s decision to repatriate $1 billion worth of state’s gold from an underground vault in New York. The republican plans to store this gold in a ‘yet-to-be-built’ facility, a step that will circumscribe taxpayers’ money from leaving Texas and will further circumvent the controversial Federal Reserve System.

This means thats the Texans will be able to conduct gold-backed transactions to pay for goods and services, and will further be exempted from paying fees to store gold outside their state. The government, on the other hand, will be able to objectively secure and stabilize their commodity reserves.

BEIJING, July 27 (Xinhua) -- U.S.-based Delta Air Lines bought 3.55 percent of shares of China Eastern Airlines worth 450 million U.S. dollars on Monday.

The investment is part of a series of cooperation agreements signed by the two airlines, which both belong to SkyTeam Alliance.

"Delta's investment will help us promote mixed ownership and speed up our overseas expansion," said Liu Shaoyong, chairman of China Eastern Airlines.

China is the second-largest market for travel to the United States and is expected to take the lead in the next few years, according to Richard Anderson, CEO of Delta Air Lines.

The two airlines have signed codeshare agreements to operate 30 U.S. domestic flights, 43 Chinese domestic flights and seven trans-Pacific flights.