by Eric Englund
for man himself and his fate must always be the chief interest
of all technical endeavors... In order that the creations
of our mind shall be a blessing and not a curse to mankind.
Never forget this in the midst of your diagrams and equations."
Gates and Warren Buffett certainly enjoy basking in the headlines
related to their joint philanthropic endeavors as undertaken
by the Bill
& Melinda Gates Foundation. An integral aspect of
this foundation’s mission is to provide financial
services to the poor including loans, insurance, wire
transfers, and savings accounts. Along these lines, Muhammad
Yunus and his Grameen Bank were jointly awarded the 2006
Nobel Peace Prize "…for their efforts to create economic
and social development from below. Lasting peace can not be
achieved unless large population groups find ways in which
to break out of poverty. Micro-credit
is one such means." Perhaps, someday, Messrs. Gates and
Buffett will similarly find themselves to be Peace Prize laureates.
However, all of the global economic development efforts of
Muhammad Yunus, Bill Gates, and Warren Buffett may be for
naught if Hugo Salinas Price and his Mexican
Civic Association for Silver are not successful in bringing
honest money back into circulation in Mexico; thereby, providing
a model for the rest of the world to follow.
surface, Muhammad Yunus’ vision of creating a poverty-free
world is a compelling one – yet, it is fundamentally flawed
in that he is promoting indebtedness instead of savings. His
idea is not to provide charity to the poor but too provide
small loans so that such borrowers can start small businesses,
become self-sufficient, and pull themselves out of poverty.
Here are his exact words, pertaining to providing credit to
the poor, from an interview
with the Nobel Foundation:
come out of poverty every day. So it's right in front of
us what happens and it can be done globally, it can be done
more forcefully, we can organize more things to go with
it, so this is something not theoretical…it's a very real
issue. People can change their own lives, provided they
have the right kind of institutional support. They're not
asking for charity, charity is no solution to poverty…We
didn't do anything special; lend money to the people so
– but they never lent it to the poor people – all we did
was we lent it to the poor people, and that makes the trick.
That makes the change.
promotion aside, what a wonderful message the Norwegian
Nobel Committee has delivered to the world. There is,
indeed, a connection between entrepreneurship, business, and
peace. Entrepreneurs know that violent and hateful behavior,
towards customers, pave the road to business failure. Consequently,
peaceful and mutually beneficial relationships naturally emerge
between business and customers. By putting money in the hands
of the poor (via micro-credit), Muhammad Yunus desires to
plant the seeds for prosperity one person and, typically,
one family at a time. Where prosperity takes root, peace is
bound to grow as well.
money being a powerful human construct, it is important to
understand that a moral dimension is bound up within money.
What immediately comes to mind is the following biblical quote:
"For the love of money is the root of all evil: which
while some coveted after, they have erred from the faith,
and pierced themselves through with many sorrows." What
many fail to grasp is that money, which emerged spontaneously
via the self-interested actions of individuals, allows for
specialization and the division of labor. Accordingly, today’s
vast array of goods and services never could have become available,
to the masses, without the prior emergence of money. Hence,
money (i.e. gold and silver) has served humanity well and
should be viewed as having a positive moral dimension.
Muhammad Yunus, as reflected by the actions of his Grameen
Bank, truly understand the positive moral dimension of money?
Or does Yunus view money as a useful, therefore coercive,
social-engineering tool? Jeffrey Tucker, in his essay Will
Microcredit Save The World?, provides a most troubling
answer – as demonstrated by the following excerpt:
repayment tactics of Yunus are very disturbing. He assembles
peer groups to lean on delinquent borrowers, and makes political-mental
reconstruction a condition of the loans, which nowadays
are taken out in order to repay previous loans and so on.
His "Sixteen Decisions" that must be adopted by
all borrowers read like a party platform for collectivist
shall take part in all social activities collectively"
shall grow vegetables all the year round. We shall eat
plenty of them and sell the surplus."
shall build and use pit-latrines."
we come to know of any breach of discipline in any centre,
we shall all go there and help restore discipline."
of Muhammad Yunus’ noble intentions, burdening the poor with
debt and "collectivist regimentation", in the long
run, is more likely to deepen the problem of poverty than
to solve it.
the considerable defects of Muhammad Yunus’ vision of stamping
out poverty, there is an American institution working at cross-purposes
to his efforts. This institution is the Federal
Reserve. Straight away, the morality of this institution
should be questioned as it has been bestowed, by the U.S.
government, the monopoly power to create money out of thin
air. Such a monopoly power is tantamount to legalized counterfeiting;
which benefits the very wealthy at the expense of the middle
class and the poor. Murray Rothbard provides an excellent
as to the depraved consequences of the Federal Reserve’s practices:
will be the consequences? First, there will be a clear gain
to the counterfeiters. They take the newly-created money
and use it to buy goods and services. In the words of the
famous New Yorker cartoon, showing a group of counterfeiters
in sober contemplation of their handiwork: "Retail spending
is about to get a needed shot in the arm." Precisely. Local
spending, indeed, does get a shot in the arm. The
new money works its way, step by step, throughout the economic
system. As the new money spreads, it bids prices up – as
we have seen, new money can only dilute the effectiveness
of each dollar. But this dilution takes time and is therefore
uneven; in the meantime, some people gain and other people
lose. In short, the counterfeiters and their local retailers
have found their incomes increased before any rise in the
prices of the things they buy. But, on the other hand, people
in remote areas of the economy, who have not yet received
the new money, find their buying prices rising before their
incomes. Retailers at the other end of the country, for
example, will suffer losses. The first receivers of the
new money gain most, and at the expense of the latest receivers.
then, confers no general social benefit; instead, it redistributes
the wealth in favor of the first-comers and at the expense
of the laggards in the race. And inflation is, in effect,
a race – to see who can get the new money earliest. The
latecomers – the ones stuck with the loss – are often called
the "fixed income groups." Ministers, teachers, people on
salaries, lag notoriously behind other groups in acquiring
the new money. Particular sufferers will be those depending
on fixed money contracts – contracts made in the days before
the inflationary rise in prices. Life insurance beneficiaries
and annuitants, retired persons living off pensions, landlords
with long term leases, bondholders and other creditors,
those holding cash, all will bear the brunt of the inflation.
They will be the ones who are "taxed." (Italics in the original)
is a revealing article
portraying how the Bank of England’s legalized counterfeiting,
presently, is negatively impacting Britain’s middle class
and its poor – unfolding exactly as Murray Rothbard elucidated
is happening in the United States? Since the founding of the
Federal Reserve in 1913, according to the Bureau
of Labor Statistics, the U.S. dollar has lost over 95%
of it purchasing power. Moreover, since President Nixon severed
the dollar’s last tenuous link to gold on August 15, 1971,
the dollar’s purchasing power has depreciated by 80%.
one finally understands the immoral and pernicious tax that
is inflation, is it any wonder that America’s rich
are getting richer and the poor are getting poorer? Families
in America, clearly, are struggling to make ends meet because
the prices of goods and services are rising over time; directly
due to the dollar's depreciation brought on by the Federal
Reserve’s inflationary policies. Using a little bit of logic
here, doesn't it stand to reason that it will be more difficult
to climb out of poverty if the overall prices of goods and
services are escalating continuously? This has international
Nixon’s August 15, 1971unilateral withdrawal, from the Bretton
Woods Agreement, put the world on a purely fiat-money
standard. Although Uncle Sam had essentially declared national
bankruptcy, central banks across the world continued to use
U.S. dollars as the reserve currency of choice – knowing full
well that the link to gold had been obliterated. As long as
the world’s central bankers maintained confidence in the full
faith and credit of the United States, the international dollar-reserve
system would remain in tact. And it has remained so.
the discipline of gold, regrettably, having been expunged
from the monetary system, the international dollar-reserve
scheme has allowed for an explosion in the amount of fiat
dollars created by the Federal Reserve. Alas, America’s leading
export, as shown by the following table,
is inflation itself. One must keep in mind that the classic,
and proper, definition of inflation means increasing the quantity
of money and bank notes in circulation and the quantity of
bank deposits subject to check.
that reserves at central banks have gone from $56 billion,
in 1970, up to nearly $4.6 trillion by 2006, is incomprehensible.
Today much of these reserves are merely account balances represented
by nothing more than abstract digits in a computer.
Greenspan’s November 14, 2005 speech
– delivered to the Banco de Mexico – he confirmed that approximately
60% of foreign exchange reserves were held in the form of
U.S. dollars and 25% in the form of Euros. Although Europe
is having some success in having its particular brand of fiat
money accepted internationally, the United States is still
the kingpin of exporting inflation.
the dollar being accepted around the world, as a medium of
exchange, the Federal Reserve’s irresponsible inflation of
its own brand of money (the dollar) has dire international
ramifications. Frank Shostak provides an apt description
of what Uncle Sam is doing on a global basis:
by means of money, which was created out of "thin air,"
…the counterfeiter can consume without any production. Note
that the money here, which was created out of "thin air,"
is not supported by any production of useful goods or services.
Or we can also say that here we have a case where nothing
useful is exchanged for money and money is exchanged for
useful things – nothing is exchanged for something useful
by means of money out of "thin air."
follows then that the diversion of real wealth from wealth
generators to non-wealth generators by means of increases
in the money supply is what inflation is all about. Or we
can say that inflation is about the economic impoverishment
of wealth producers, which is set in motion by means of
inflating the stock of money.
Salinas Price is acutely aware that the United States is plundering
the Earth’s wealth via exchanging dollars, created out of
thin air, for tangible products manufactured worldwide. Mr.
Salinas is one of Mexico’s leading businessmen and, over the
past 55 years, has guided Grupo
Elektra to become one of Mexico’s most successful business
enterprises. He holds degrees from Wharton and ITESM
as well as a law degree from the Universidad Nacional Autonoma
de Mexico. Mr. Salinas, moreover, is a renowned monetary expert,
in North America, and has spearheaded the movement to remonetize
silver in Mexico. This is a man who has seen, first hand,
how Uncle Sam’s profligate inflation can leave a country’s
entire economy in shambles – this happened to Mexico in 1994.
Salinas Price’s essay, Why
are the Americans Smiling?,
cogently describes how the international dollar-reserve standard
is little more than a wealth transfer scheme exploiting the
poor and burgeoning middle classes the world over. He states
has transferred its inflation, to the rest of the world,
exporting it in the form of dollar reserves in Central
Banks around the world.
dollars arrive in foreign countries, the local Central Bank
purchases the dollars in exchange for the local currency.
More reserves equals more local currency. More currency
means prices rise; as prices rise, cheap exports to the
U.S. decline. The remedy: devaluation. Other countries must
devalue their currencies in order to have the privilege
of receiving papers from the U.S. Devaluation destroys local
financial and productive systems, because in order to persuade
local savers from exchanging their local currencies for
dollars, interest rates, for instance in Mexican pesos,
are raised. Mexico and Brazil are classic cases.
is a curious fact that not one Nobel Prize winner has pointed
out these extraordinary circumstances. The reason must be,
that dollar reserves are such a gigantic tribute operation,
that it is not convenient to point out these things. (Italics
in the original)
does this 1999 essay describe the economic carnage – caused
by the Federal Reserve – in Mexico and Brazil, it is also
applicable to other economic implosions
during the 1990s. Think of Indonesia, South Korea, and Thailand.
1990s melted away, more economic turmoil, caused by the dollar-reserve
scheme, would welcome humanity into the new millennium. Argentina
became another victim of America’s "gigantic tribute
operation." Indeed, Argentina’s poor and middle classes
would bear the brunt of the economic collapse and would suffer
a financially devastating confiscatory
deflation imposed by the very plutocrats who support a
Really Killed Argentina?, Salinas skillfully
exposes how the dollar-reserve standard gutted Argentina’s
economy. To wit:
most readers well know, the [Bretton Woods] Agreement was
violated by President Nixon on August 15, 1971, when he
"closed the gold window", and refused to continue
redeeming dollars in the hands of foreign Central Banks,
for gold, at any price.
a dollar that did not have to be redeemed, as of 1971 the
U.S. was free to expand credit out of nothing, and this
expansion of credit resulted in conditions which led the
American people to believe themselves superior in many ways,
to the rest of the world.
the years went on, credit – debt that is – kept expanding
and this expansion of credit, led to more money in the hands
of the public. The U.S. public proceeded to buy anything
and everything the world had to offer, and send dollars
in payment, to such an extent that today, dollars in the
amount of some $400 billion a year, leave the U.S. to purchase
goods and services, and even for the purchase of all sorts
of assets all over the world.
other side of this "exorbitant privilege" for
the U.S., is a corresponding "exorbitant impoverishment"
for the rest of the world.
is essential to recognize that the U.S. trade deficit of
$400 billion a year, is really a tax on the whole world,
for the benefit of the U.S.
are not really paid with dollars sent abroad. Imports are
only actually paid with exports of goods and services. Since
the U.S. has no intention of ever actually paying for present
and past imports, with goods and services, and bringing
back to the U.S. the immense amount of dollars sent abroad
through its accumulated trade deficits, that yearly trade
deficit amounts to a yearly tax on the rest of the world.
The accumulated taxation extorted by the U.S., is huge…The
measure of the taxation is the amount of Central Bank reserves
– in dollars – which have built up enormously since 1971.
is what really killed Argentina: U.S. taxation through the
monetary system which prevails, and which allows the U.S.
to buy things without paying for them.
process of enriching the U.S. through this exaction of tribute
– the correct word – is matched by a corresponding impoverishment
of the rest of the world.
years after Salinas wrote this essay, Uncle Sam’s exaction
of tribute has over doubled in size. For calendar year 2006,
the United States’ trade deficit is expected to hit $866
this trade deficit mushroomed in conjunction with America’s
housing bubble. As the housing bubble grew in size, courtesy
of the Federal Reserve’s reckless creation of money and credit,
millions of Americans borrowed against home equity to buy
products manufactured the world over. Such Americans, in reality,
grew poorer by going deeper into debt while Wall Street and
the banking cartel cheered on while fostering a shallow American
culture of debt addiction and mindless consumption. It is
rich who truly benefit from the international dollar-reserve
scheme; as they are the ones closest in proximity to the printing
these lines, Salinas has written
poignantly as to the poverty and cultural rot fiat inflation
(i.e. the printing press) has inflicted upon Mexico.
cultural and human terms the use of simulated money has
cost Mexico the disintegration of the institutions which
have given shape to our nationality. The cultural and human
stature of each Mexican has been severely reduced; we have
all with no exceptions fallen into an endless race for survival.
Simulated money is a merciless master who grants neither
peace nor tranquility, and who imperiously and ceaselessly
orders: "Work! Work! Work!" One hundred million
Mexicans are submissive slaves of the system of simulated
with a history of destruction of our culture, of our institutions
and of the human dimensions of Mexicans, not to mention
the impoverishment which has resulted from the devaluation
of our currency, all attributable to the simulated Peso,
the Central Bank remains supremely unconcerned; however,
the consequences of abandoning real money in favor of simulated
money are inevitable, not only for Mexico, but for the rest
of the world as well, which is suffering the same destructive
process. (Italics added)
is an undeniable link between social decay and simulated money.
Fiat inflation brings about economic instability, social unrest,
chaos, and misery. In other words, fiat money creates social
conditions completely antithetical to peace and widespread
prosperity. Salinas, clearly, is profoundly aware of this.
is a poor country yet, paradoxically, rich in natural resources
including a hard-working labor pool. Being a successful businessman,
and a student of Austrian economics, Hugo Salinas Price understands
that saving provides the foundation for capital accumulation
and economic growth. As Ludwig von Mises stated:
only source of the generation of additional capital goods
is saving. If all the goods produced are consumed, no new
capital comes into being.
is not a free gift of God or of nature. It is the outcome
of a provident restriction of consumption on the part of
man. It is created and increased by saving and maintained
by the abstention from dissaving.
the Mexican peso, however, being nothing more than a derivative
of the dollar, there is little incentive for Mexicans
to save their ever-depreciating currency – inflation encourages
spending not saving. Such inflation hinders Mexico’s organic
growth of business and industry. Inflation, additionally,
as exported by the U.S. to Mexico, makes it more difficult
for individuals and families to rise out of poverty. As mentioned
above, it stands to reason that it is much harder to climb
out of poverty when the prices of goods and services continue
to rise due to Uncle Sam’s profligate inflation.
Mexico’s economy tanked, in late 1994, Salinas was determined
to find a means to protect Mexicans from the ravages of the
fiat-dollar reserve scheme. Such a means, correspondingly,
would encourage Mexicans to save; thus, providing a foundation
for capital accumulation, entrepreneurship, job growth, and,
thereby, planting the seeds for long-term prosperity and peace.
After much thought, the answer was clear: Mexico must remonetize
silver. This is why Salinas founded the Mexican Civic Association
for Silver. He shares his thoughts, on the matter of remonetizing
silver, in his essay Silver’s
turned into Mexican money, circulating in parallel with
paper money, no matter how insignificant the importance
of that small amount of silver in the nation’s economy,
means that Mexicans will always remember that silver can
actually be used as real, honest money. And that as the
years pass, it will always be there, inviting us to use
it in the most dangerous and dark times that may come.
in circulation will serve to remind us that it is possible
for a society to use silver and benefit from the use of
real money, honest money.
it is possible that we may forget this, as has happened
to many nations in the world.
Mexico monetizes silver, it will become a lighthouse of
hope for the world, a light that shows the way out of the
swamp of slavery and perpetual impoverishment that comes
with paper money.
money, which is today the only kind of money in the world,
ensures economic and therefore political control over the
populations that use it. The planet’s banking caste that
issues paper money and virtual, electronic money, threatens
to become the sovereign power through the fictitious money
it issues, and aspires to dominate all humanity.
outcome of paper money is the dehumanization of the human
is silver’s third and most important flag: the cause of
Salinas Price’s plan, to remonetize silver in Mexico, is straightforward
and workable. In his own words, here are the three key elements
of his proposal:
one troy ounce pure silver coin minted by the Mexican Mint,
which is currently an official coin with certain quite limited
legal tender characteristics, and which is one of the "Libertad"
series of silver coins, will be selected as the coin to
circulate in parallel with paper (fiduciary) pesos. This
coin has no nominal value engraved upon it. This is an essential
characteristic of any coin that is to circulate in parallel
with paper money.
Mexican Central Bank will issue a daily quote on the full
legal tender value of the one-ounce "Libertad"
coin, expressed in fiduciary pesos. At its quoted legal
tender value, the coin is good for all types of payments,
without discount of any sort.
Mexican Central Bank will not reduce any quoted value of
the "Libertad" ounce in fiduciary pesos, in any
future quote. Successive quotes may stipulate a higher value
in fiduciary pesos; or, there may be no change in a quote
for a period of time; but in any case, there will never
be a lower quote for the "Libertad" ounce.
details about his plan, I highly recommend that you read his
to Introduce a Silver Coin into Circulation in Mexico: The
his tireless efforts, Salinas played the pivotal role in seeing
to it that a bill
be introduced to the Mexican Congress with regard to remonetizing
silver in Mexico. He did not stand alone with respect to this
from all 31 Mexican states sent a letter to the Ways and
Means Committee, of the Mexican House of Representatives,
to urge approval of legislation to remonetize silver.
200 Mexican journalists signed a declaration in support
of the legislation.
poll, by the Mexican television network TV Azteca, found
that 96 percent of viewers approved of the idea to remonetize
the silver ounce.
of such popular support, Mexico’s Congress has yet to pass
legislation to remonetize silver. To be sure, by thwarting
the endeavor to remonetize silver, it is obvious that the
U.S. is not the only country where wealthy elites care nothing
for the working classes. Those Mexicans, who support the current
fiat regime, do so for personal gain that comes at the monumental
expense of fellow citizens.
the depredations of the global fiat-dollar reserve scheme,
the longer the Mexican Congress delays passing legislation
to remonetize silver, the poorer the vast majority of Mexicans
will become. Let’s look at just one glaring example. Mexico
is the second-leading
silver mining country in the world while also being a
major player in gold production. In 2005, Mexico exported
over $1 billion worth of gold and silver. Internationally,
with gold and silver being traded in terms of dollars, Mexicans
are trading valuable precious metals for Uncle Sam’s worthless
paper tickets. To literally give away national treasure can
only serve to further impoverish Mexicans.
is enough. As Jose Alberto Villasana Munguia, vice president
of the Mexican Civic Association for Silver, has stated:
this time, money is the most important subject upon which
it behooves us to reflect. Our civilization has arrived
at a crucial point and we must carry out a correct diagnosis.
Money is like the blood of society and that is why we are
paying the consequences of its corruption. When someone
can lie with regard to money, he can lie with regard to
anything. If the basic unit of account is only a fiction,
then the whole structure is unstable, with the gravest consequences
is not possible to carry out a full reform of the monetary
system. False, fiat money will break down under its own
falsity, but not without causing enormous damage to humanity
in a collapse of a magnitude never before witnessed.
Mexico we have a lifesaver with the opportunity to preempt
the coming financial collapse through the introduction of
the "Libertad" silver ounce into the Mexican monetary
system. This coin possesses a value in itself, it does not
depend on dollar reserves to be worth something. Its precious
metal content prevents its devaluation and its official
quote, adjustable upward, guarantees that it will never
must use silver as a bridge, over which we may move forward
from the fictitious economy to the real economy, by applying
a fiat characteristic to the stability and real existence
of the precious metal.
globe must come to grips with the socially destabilizing fiat-money
scheme perpetrated by the world’s central banks. Ever since
the dollar ceased being backed by gold, there has been a global
explosion of fiat inflation and debt; which are saddling countries,
families, and individuals on every corner of the Earth. Muhammad
Yunus is simply extending humanity’s debt affliction to the
poorest people alive. Indebtedness can be a cruel master and
has been known to tear families apart. Debt should not be
considered a keystone of global peace.
Salinas Price, on the other hand, is not fooled by the debt-hawking,
mathematical-economics wizards populating central banks. Due
to his deep understanding of Austrian economics, he comprehends
that not a single one of these wizards actually knows what
the "correct" interest rate should be and what the
"correct" money supply is. To be sure, central bankers
can wow us with complex mathematical equations, diagrams,
and impressive sounding jargon; all to continue justifying
the stealthy process of transferring wealth, via fiat inflation,
from the world’s poor and middle classes to the very wealthy.
Hence, the technical endeavor, of central banking, is not
to bless mankind with stable money (i.e. gold and silver)
but is to eternally curse humanity with the pernicious tax
that is fiat inflation and with debt slavery – remember, under
a fractional reserve banking system, money is loaned into
existence. Thank heavens Salinas, and his Mexican Civic Association
for Silver, have the courage, and staying power, to stand
up to the powerful plutocracy in Mexico – which kowtows to
America’s moneyed elites. And, thankfully, Salinas has provided
a roadmap, paved in silver, to get Mexico out of the mess
the Banco de Mexico and the Federal Reserve have jointly created.
years ago there was a lonely voice, similar to my friend Hugo’s,
imploring economists to stop the madness that is fiat inflation.
The following is the opening paragraph of Friedrich A. Hayek’s
lecture to the memory of Alfred Nobel, delivered on December
11, 1974, titled The
Pretence of Knowledge:
particular occasion of this lecture, combined with the chief
practical problem which economists have to face today, have
made the choice of its topic almost inevitable. On the one
hand the still recent establishment of the Nobel Memorial
Prize in Economic Science marks a significant step in the
process by which, in the opinion of the general public,
economics has been conceded some of the dignity and prestige
of the physical sciences. On the other hand, the economists
are at this moment called upon to say how to extricate the
free world from the serious threat of accelerating inflation
which, it must be admitted, has been brought about by policies
which the majority of economists recommended and even urged
governments to pursue. We have indeed at the moment little
cause for pride: as a profession we have made a mess of
A. Hayek is the only Austrian economist to have won the Nobel
Prize in economics. Alas, his courageous words have been ignored
considering that central bank fiat-money reserves have increased
nearly 8,000% since he delivered his Prize Lecture. Mainstream
mathematical economists, undeniably, have chosen power and
prestige over humankind.
of the mind-numbing fiat inflation produced by central bankers,
Salinas no longer believes the world can be extricated from
this monumental fiat-money mess. In his own words:
not believe that the world’s monetary and financial system
can be reformed; any attempt at reform would decimate the
world’s economic activity instantly. There is no alternative:
we have to let the world’s monetary and financial system
proceed to its own destruction; we cannot "go back
we must therefore strive for, as possible, is the reintroduction
of silver or gold – or even both – to circulate in parallel,
along with the fiat paper money we presently use everywhere.
Eventually, the world fiat money system will destroy itself
through its own inherent defects. Humanity has selected
gold and silver as money. No other metals or objects have
served humanity as well. The precious metals will never
be supplanted by fiat money. The fiat money time we are
living in, is an aberration in an instant in human history
which will soon pass.
like Hayek, Salinas is willing to speak truth to power. His
endeavor, to remonetize silver in Mexico, towers above politically-correct,
"world-improving" concepts such as giving away billions
of dollars (Gates and Buffett) and loaning money to the poor
(Yunus). America has become the world’s "mouth"
and it is consuming/destroying capital at an alarming rate.
Each day the dollar-reserve scheme survives, the world grows
poorer. A highly successful businessman, such as Salinas,
could simply ignore this fact, enjoy the substantial fruits
of his labor, give some money to charity, and turn his back
on the plight of Mexicans. Instead, this man of considerable
courage, intellect, and wealth has chosen to confront Mexico’s
plutocracy at great personal risk. No stakes are higher. For
if the inflationists win, Mexico will continue down its path
to utter destitution and social chaos.
if Salinas’ silver remonetization plan is adopted, this will
be akin to building a bridge from economic darkness (wrought
by modern central banking), to a place where saving, capital
formation, and entrepreneurship will allow prosperity to emerge
from the ashes of fiat money. Salinas is keenly aware that
prosperity’s silver lining is peace itself. Hence, the Norwegian
Nobel Committee should take great interest in Hugo Salinas
Price’s body of work, and personal sacrifice, as there is
no greater advocate for peace on this planet.
the Nobel Peace Prize, to Hugo Salinas Price, will enhance
the stature of the prize itself while sending the world a
resounding message that sound money is a fundamental underpinning