Why are the graphics on Minecraft bugging out for me?

I just downloaded Minecraft 1.7.4 after a long break but I'm having a big problem with my graphics. Pretty much all of the textures are missing. I can move around, and I can see the black outline around each block, as well as the sun, but not much else. This also happens without OptiFine or any texture packs installed so I know it isn't that. Here's a screenshot of what's happening:

Why are the graphics on Minecraft bugging out for me

My specs are:
MSI Radeon R9 270X (14.1 beta)
AMD FX-8320
6GB RAM
Samsung 840 256GB SSD

You need a better graphics card.

You could try either adjusting the graphics settings an in Option Menu, disabling/enabling various texture packs or you might even need to reinstall.

I don't thinks it's your graphics card, as it is more than powerful enough to run Minecraft