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Old 04-30-2012, 10:14 AM   #21
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Originally Posted by DCFusor View Post:
So, if I'm understanding this correctly, the enthusiasm is misplaced here, other than that it will increase silver demand to make the coins. They'll still have fiat, it won't be silver certificates redeemable for silver (at least not guaranteed) and so on - basically it will have the same nil effect as our mint coining silver and gold coins then. No big deal in other words, just a new coin.
Since an American Silver Eagle is not legal tender, you can not walk into a store and force them to accept it as payment like you can with a twenty dollar bill. Once their silver is legal tender, businesses may begin to favor payment with silver versus fiat. It would hopefully be the first step back towards a sound money system based on more than just paper and ink.

For example, if you had the option of getting your paychecks in twenty dollar bills or in coins that contained twenty dollars worth of silver in them, which would you choose if they spent with equal ease at local businesses?
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Old 04-30-2012, 10:19 AM   #22
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That is exactly what I was saying PMBug. When it becomes interchangeable in the marketplace, people will readily choose silver over paper. Even for the average Joe, it is a no-brainer.
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Old 04-30-2012, 02:39 PM   #23
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@ benjamen

I think the Silver Eagle is legal tender, it's worth $1.00, legally.

There was an interesting case in Nevada where some small business man paid his employees with Silver Eagles valued at a buck. The IRS took him to court, but I do not know how the case ultimately turned out.
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Old 04-30-2012, 02:43 PM   #24
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Originally Posted by DoChenRollingBearing View Post:
@ benjamen

I think the Silver Eagle is legal tender, it's worth $1.00, legally.

There was an interesting case in Nevada where some small business man paid his employees with Silver Eagles valued at a buck. The IRS took him to court, but I do not know how the case ultimately turned out.
I remember that case; he won if I remember correctly.

The problem with putting a fiat number on a precious metal coin is when you inflate your paper money, it pushes the metal value above the labeled value. This is why you should just make your currency fractional ounces of silver/gold. Since you can not print it at will, I doubt this will ever happen.
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Old 04-30-2012, 04:17 PM   #25
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We had (and I looked for a bit, but could not find) another post about employers paying employees in half silver and half cash, by their choosing. The employees only got taxed at face value of the legal tender. If the payment was in bullion, and not denominated in dollar value, then @ zero face value, it legally, should not be taxed?
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Old 06-05-2012, 09:15 AM   #26
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Max Keiser interviews Hugo:


Quote :
...
In the second half of the video, about 13 minutes in, Max interviews Hugo Salinas Price regarding silver.

Silver Backed Currency Details

It is difficult to fully express ideas in 13 minutes.

For a more detailed explanation of how Hugo’s idea on silver currency might work, please see Silver, liquid and illiquid, the ‘modified open mint’ and gold & silver as parallel monetary systems by Hugo Salinas Price.
...
http://maxkeiser.com/2012/05/31/kr29...salinas-price/

Hugo says Greece has an opportunity to monetize silver in parallel with a return to the Drachma.
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Old 06-05-2012, 09:32 AM   #27
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Originally Posted by PMBug View Post:
Max Keiser interviews Hugo:

Keiser Report: Unelected Officials (E295) - YouTube



http://maxkeiser.com/2012/05/31/kr29...salinas-price/

Hugo says Greece has an opportunity to monetize silver in parallel with a return to the Drachma.
That would be hilarious if Greece left the Euro for a silver Drachma currency and ended up with the world's strongest currency out of all of this!
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Old 11-05-2012, 08:05 AM   #28
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Quote :
...
We have been proposing the monetization of a silver ounce coin for Mexico since 2003. Our contacts in our new Congress are stronger than ever – we’ve been educating Congressmen for 9 years now, on the subject of the monetized silver coin, and now have many friends in more influential positions in the Mexican Congress. Plus the idea of the silver coin with a quoted value is now familiar to Mexican politicians; it makes sense to them and they find nothing strange about it. We are preparing a Bill, once again. Maybe this time it will be voted into law.
...
More: http://www.plata.com.mx/mplata/artic...idarticulo=196
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Old 01-31-2014, 08:51 AM   #29
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Hugo seems less enthusiastic in this interview:
Quote :
...
At the present time, the prospects for our project are poor, because the world “leaders” are really not independent men or women; they are under the control of their respective Central Bankers, who form an international fraternity whose leaders are the Fed, the IMF, and the BIS. Whenever anything “monetary” is presented to these supposedly top world leaders, they all refer the question to their Central Bankers. These, of course, are completely against anything that will devolve real power to the population, real protection for individuals and their families. They are against all forms of SAVINGS; their whole interest lies in promoting more DEBT, and NOT more savings. They one and all consider that savings are simply a drag on GROWTH, and they want people to spend, not to save. And the silver coin promotes savings, which in fact are the fountainhead of all prosperity.
...
More: http://inteligenciafinancieraglobal....nas-price.html

It's a really excellent interview BTW.
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Old 12-15-2014, 06:57 AM   #30
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Looks like Hugo hasn't given up:
Quote :
...
For nine years I attempted to convince the Federal Congress of Mexico to approve legislation that would monetize the “Libertad” silver ounce, which is minted by the Mexican Mint; the coin would then have value for a given number of Mexican pesos, by means of a quote on the part of our Central Bank. The quote would be a floating quote, somewhat higher than the value of the silver ounce on the international markets, and would increase with increases in the value of silver on the markets, but never fall (in Mexican pesos value) if the price of silver should fall.

My efforts did not meet with success, but the project gathered quite a bit of support in the Congress, both on the part of Federal Congressmen as well as on the part of Federal Senators. An insignificant dispute between the PRI and the Leftist PRD caused the PRD to withdraw its support, which the PRI required to pass the legislation.

Mexico needs some good news! Mexico is a marvelous country! We have many, many problems, but our Homeland is wonderful and generous.

Mr. President of Mexico, Gentlemen Senators and Congressmen:

The government of Mexico has stepped on the toes of every possible sector of the country with the avalanche of fiscal reforms recently enacted, all of which strengthen the State.

Now that the population is well and fully pissed-off, it’s the Federal Government’s turn to do something for the benefit of the general population.
...
http://www.plata.com.mx/Mplata/artic...idarticulo=257

h/t: http://globaleconomicanalysis.blogsp...exico-for.html
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Old 04-11-2016, 09:30 AM   #31
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Buried in this blog post about the war on cash, I ran across this snippet:
Quote :
...
In the Eastern provinces of Mexico, the Campesinos already eschew banks, choosing instead to store their money privately. (Chiapas Province is in a virtual economic war with Western Mexico. They value the Libertad as East Indians value gold.) ...
https://www.sprottmoney.com/blog/fai...ff-thomas.html

I had not heard this before. I wonder if this is true and how much it might affect the political calculus for Hugo's efforts to get the Mexican government to monetize/recognize silver as legal tender.
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Old 09-12-2018, 08:20 AM   #32
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Hugo wrote a long post talking about the impetus for his crusade to monetize silver and the roadblocks he's faced while talking to the various politicos and central bankers he's approached over the years:

http://plata.com.mx/enUS/More/358?idioma=2
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