hugo salinas price on his effort to monetize silver in mexico:

Daily Bell: What is your plan for the silver Mexican dollar? What is it called?

Hugo Salinas-Price: My plan is to have the Mexican silver ounce monetized, i.e., turned into ready money. It is called the "Libertad". This coin would come into circulation in parallel with paper and digital bank money.

People would then have the option of obtaining this coin for their savings – on which no interest would be paid; unlike deposits in banks on which the banks pay interest, people would save these coins even though they pay no interest. This is as it should be: there is no reason for people to expect interest on their savings, if what they are saving is worth saving.

Policy all over the world today, is to promote consumption. This is total nonsense! Savings must come before, long before consuming.

Families who have savings are happy, satisfied people. They are secure in the knowledge that they have solid savings for emergencies and for their retirement. This makes for a happy nation. And that should be the object of politics.

Daily Bell: Will your plan come to fruition in the near future? Does it have much support?

Hugo Salinas-Price: I think there is a good chance it will come to fruition in the near future. We were almost there, late last year. The terrible condition of the world, in monetary terms, is a plus for the silver coin. I have a book out just recently, where I mention all the warnings I made before the present chaos, announcing the coming disaster. The Mexican Congress made a poll of public opinion, last year, and found that 81% of the people want silver money.

We have wide support in the Congress, both Houses. Just yesterday I had a very heartening meeting with one of the leaders, he is all for the measure. He is President of the Mexican College of Economists and influential. I have met with energetic women in the Congress who are all for silver. (Silver is a tradition in Mexico, not yet forgotten.) Yes, there is lots of support. The main opponents are those arrogant individuals who have Post Graduate degrees in Universities such as Stanford, Princeton, Yale, Harvard, etc. who think that what they learned in the US is Gospel Truth. Their minds are closed. Not so the majority of our Congressmen and women, who still enjoy common sense.

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