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The Mexican Plan to use Silver as Real Money
By admin | May 22, 2008
Some of my clients are already familiar with Hugo Salinas Price, founder of the Pro Plata organization in Mexico. Many of my clients follow Uncle Harry Schultz who has written in the past about Mr Salinas Price.
I recently attended the Q Wealth – Recipes for Success event in Cancun, Mexico, and in casual conversation with a tour guide, the issue of using silver as money in stores came up. This guy was sure it would happen soon. I was very positively surprised that this topic was of interest to Mexicans on the street.
Pro Plata is a campaign to encourage the use of a precious metal (in this case Silver) as real money in a real economy (in this case Mexico, the tenth largest economy in the world). Of course, I’m using the term “real money” in two senses here.
First, because Silver is real money, not fiat money created by order of a government and backed by nothing more than the full faith and credit (ie not much) of a government.
Secondly, I mean real money that you can actually walk into a store and buy groceries with.
Mexicans are more familiar than many with devaluations caused by corrupt governments stealing the money. I’ve written before in The Q Wealth Report about the Creep and the Jerks – the Creep being the White House’s way of stealing money, the Jerks being the simpler method used in the past by Latin American strongmen who simply devalued currencies overnight, wiping out entire life savings of the middle classes.
Maybe that is why the plan to use Silver as Real Money in Mexico has come a long way. I’m not saying it will happen tomorrow, but it is under serious consideration and the population seem to be all in favor of it.
The man behind all this is Hugo Salinas Price. He was recently received by the Mexican Congress and gave a long speech about his proposals. Both the man on the street and the Congress are giving serious consideration to this proposal.
The entire text of the speech in Spanish is here. Even if you don’t read Spanish, you may find it worthwhile to look at the graphs on this page which show both the devaluation of the dollar, and the devaluation of the Mexican peso. In the meantime I will try to find an English translation.
Who knows how this long-standing proposal will work out… but I for one wish Mr Salinas every success in his campaign. It is great that he is drawing attention to the fact that we really don’t need governments to control our currencies. If you need further evidence of this, just look at the US dollar!
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Topics: Currencies and Cash, Investing in precious metals | No Comments »
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