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Vol 3, 08 March 2012 www.amphora-alpha.com
IN THIS EDITION
THE SILVER CATALYST: AN EXCLUSIVE INTERVIEW WITH HUGO SALINAS-PRICE
This month I am pleased to provide readers with the transcript of my recent interview with Hugo Salinas-Price, focusing on his plan for re-introducing circulating silver coinage. For those not familiar with Mr Salinas-Price, he has been a tireless and eloquent hard-money advocate for decades. However, rather than merely point out the destabilising effects of inflationary monetary policies, some years ago he formulated a detailed plan to not only help protect savers from the erosion of wealth through inflation but also to potentially catalyse a return to sound monetary policy in his native Mexico and elsewhere. While ambitious in its potential effects, his plan is neverthess refreshingly simple and would be quick to implement, making it ideal for any country seeking a way to restore financial stability, protect savings, attract investment and create jobs.
INTRODUCING MR SALINAS-PRICE Prior to his retirement some years ago, Hugo Salinas-Price was a highly successful businessman in Mexico. He took a tiny radio-manufacturing company and turned it into a completely integrated chain of retail stores selling a range of durable consumer goods. Interestingly, one of the ways in which he financed this dramatic expansion was by introducing vendor financing, something which had already become common in the US and a handful of other countries but was entirely new in Mexico. As such, he had much first-hand experience not only with inventory management but also with consumer credit and the associated financial risks. As is well known, Mexico has suffered its share of credit and monetary crises through the years and Mr Salinas-Price has had to deal with the associated challenges first-hand. He therefore has much relevant experience to share with those in the US or elsewhere in the developed world who are now facing credit and monetary crises of their own. This he made clear, employing deeply humorous irony, at a London monetary conference back in early 2011, when he said in his opening remarks: ―You know that things have got really bad when you invite a Mexican to lecture you on monetary policy!‖ THE SILVER CATALYST John Butler (JKB): Thanks, Hugo, for agreeing to this interview to discuss your ideas on silver monetisation and sound money generally. To get us started, and before going into the details of your proposal, I think it would be helpful for our readers to have some background on how you arrived at your silver monetisation proposal in the first place. Ever since the world moved away from metallic money,
there has been an endless series of proposals for how to re-instate it. Was your proposal something that emerged after many years of considering how best to move back toward sound money? Or was it a specific response to a specific set of circumstances in Mexico, which has nevertheless stood the test of time and acquired a universality? Hugo Salinas-Price (HSP): Since youth I have been keenly interested in economics and hard money. My first purchase of gold coins was when I was about 11 years old, 1943. My father gave me as a gift, a small reimbursement of money he had placed in the Mexican Lottery. He asked what I should like to do with the money, and I said, "I'd like to buy 10 twopeso gold coins". That gave a total of 15 grams. I stilll have those coins. When we had one more financial collapse in the winter of 1994-95, I was retired and had time to figure out just what was wrong with Mexico, and I came down to the conclusion that paper money was inherently unstable as a foundation for an economy; this led me to reconsider silver, which for centuries was Mexico's currency. (When my father was born, in 1907, the Mexican peso had the same silver content that it had in 1535, when it was called a ‗Piece of Eight‘ and used all around the world.) Starting in 1995, I pondered the problem of how to reinstate use of silver, until in 2003, out of the blue, the idea of how this could be done came to me one evening: There had to be a gradual introduction of silver into circulation, in parallel with paper money, because it would not be possible to change our monetary system from paper to silver, overnight; and the insight on HOW this could be done, came to me, as I say, out of the blue: an official monetary quote of
To do this. which gold cannot do. So silver money is certainly not a special tradition limited to Mexico. we probably have a better chance with silver. Now. Why is your focus on silver specifically? What advantages does your silver plan provide which could not be replicated with a similar plan based on gold? HSP: My focus is on silver. When the conquistadores arrived. it will be they who will propose it and implement it. the future belongs to the precious metals. under the plan to reintroduce silver into circulation which I visualize. The day of paper or fiat money is past. We have a tragic impoverishment of enormous numbers of humanity whose attempt at savings is continually undermined by the devaluation of paper money .not an engraved value. in particular. because silver was formerly always the money of the great majority of the population in every country of the world. that countries that do not produce silver will seek to acquire it by trading their exports for silver coin. if elected.THE AMPHORA REPORT Vol 3. for a non-silver producing country? Would it still be seen as attractive? HSP: The whole world used silver as money for centuries. Only the purchaser of gold coins can force the state's hand and compel it to observe fiscal balance. the value of the silver coin will rise accordingly. there will be an income for a state Treasury that wishes to monetize a local silver coin. which can come into use without casting out the existing fiat money. there is no alternative to the ‗Sovereign Debt Bond‘. This was done by Ronald Reagan following his election. silver coins will become 10 times more attractive. They will pretend that the new money they will give us. because there is no generally known monetary value attached to them. and that it is necessary to return to gold as money which individuals can use for larger transactions. Many believe that some form of gold standard should be re-instated. while acknowledging silver's historical use as money. "What happens when the price of silver falls?") JKB: Most sound money advocates. silver was already in wide circulation in Europe and they wasted no time seeking out local silver deposits. If we give the ounces a monetary value by means of a Treasury quote. It has been and can again be money for everyday use and which can be saved by almost everyone. not only Mexico.plata. they have recently been placed in charge of Greece and Italy without being popularly elected. We have to put a stop to this. However. As silver rises due to inflation. if people can purchase gold coins instead of being forced into bonds. note: Eminent historians Will and Ariel Durant observed that nearly all revolutions have occurred alongside extreme disparities in wealth. (Ed. Silver has thus been part of Mexico's history from the beginning and there are many active silver mines to this day. So we have to use silver money in such a way that when all paper crashes.they cannot use these ounces as money. if it is going to be a civilized future. Several US presidential candidates have claimed that. 08 March 2012 www. a monetary value which will be slightly superior to the 02 .amphora-alpha. the Treasury will quote a monetary value for the coin. it answers the question. people will hoard their gold and use the alternative as a means of payment. the way a silver coin can. People are buying silver ounces by the millions today. people will have the alternative at hand. for example.self-interest. out of justice and . but they will never. but . the quote to rise when silver rises. Gold will only circulate as money when there is no other alternative available. too: the wider the breach between rich and poor. (Ed.its loss of purchasing power.) With regard to GOLD: I think that the present despots who rule the world are the BANKERS. because it is so highly esteemed all over the world. day by day. tend to focus on gold. By the way. ever give us gold coin to use and save: gold coin which can be an ALTERNATIVE to purchasing BONDS. Silver money is of such great importance for the wellbeing of humans. That is to say. Not only are they the biggest contributors to US federal election campaigns. so if there is an alternative.mx section in English. and if there is a monetary re-arrangement in the world. the more dangerous life becomes for all. silver money can exist along with paper money.com a silver ounce coin which has no engraved value. this will force interest rates higher and also force governments issuing these bonds into fiscal balance. and has failed.) At present. for millions upon millions of savers who can put away small amounts. For a full explanation. (Yes. we have to give a monetary value (expressed in paper money) to the silver coin by means of an official quote . but to remain unchanged when the price of silver falls. see www. after the present set-up collapses. I should like to mention that the gold coin cannot circulate in parallel with paper money.com. and build up a personal or family capital which can be passed on to the next generation. they would study a potential return to a gold standard. While we wait for our masters to realize all this about gold. Silver is the idea medium for ‗micro-savings‘. To what extent is your proposal applicable to other countries lacking the same historical experience and traditions. I certainly wish that the world's rulers would come to their senses and realize that paper money has had its day. JKB: The Mexican experience with silver is somewhat unusual. and they will make sure that humanity at large has no access to gold money. will be ‗gold-backed‘. note: You don’t need to be a conspiracy theorist to observe that bankers currently wield an unsually large amount of political influence. Payment in gold has always been a last resort. because the monetization of a silver coin (to circulate in parallel with paper money) implies a seigniorage for the Treasury.
or silver-backed certificates or bonds of 03 .paper money . printed at will by a country with a declining share of the global economy. One single government monetizing silver will be a "game-changer" as other countries will fall over themselves following suit. What would this imply for neighbouring countries? How would they likely react? Would they welcome such a policy? Or see it as a threat perhaps? HSP: Sound money has a political gravitational effect upon neighboring countries.in countries that have a competitive advantage in exports. Our central bank has opposed monetization in spite of all the support expressed for the measure in our Congress. But this scheme is nearing collapse. we must convince some government perhaps in a small. with the printing press. 08 March 2012 www. some Islamic countries are thinking about gold and silver: President Mohammad Mahathir. The US dollar is thought to have quality. At some point. The Treasury thus retains a profit on the silver coins placed in circulation.) JKB: While governments invariably struggle to finance themselves from time to time. JKB: Let's imagine that a country were to implement your proposal and that it would be at least a local success. the Islamics are well aware of the method necessary to introduce silver dirhams into circulation along with paper money. It is difficult to imagine any government forgoing the seignorage income associated with fiat currency. However. (Ed. someone else is going to do it. How does your proposal get around this problem? Why might a government find it attractive? HSP: Yes. some central banks will be retaining these coins in reserves instead of dollars. We have to have an alternative in place for the collapse.amphora-alpha. today! All around the world. the silver coins monetized elsewhere will be imported and paid for with exports. a rapidly growing welfare state and associated debt. with an ageing population. it was backed by a country with by far the largest economy in the world. and thus it has dominated the world. indeed. The monetized Mexican one ounce coin will be accepted as money all over the world at exchange houses. Popular demand for silver is breaking out spontaneously all over the world.to prepare for the end of this transitory period where it was possible to satisfy the population with paper money and begin to provide the alternative. Mexico may or may not decide to monetize silver. But. And the Islamics certainly do not care what the US thinks of the measure. Back in the 1950s. has been the norm for many years now. Now.com bullion value of the silver it contains. and a sound financial system. because the measure makes so much political sense. because he did not apply the necessary tecnique to the silver dirham. So. Suppose Mexico were to monetize the one ounce "Libertad" coin: millions of Americans would wish to own these coins. years ago. The reason that Mexican paper pesos are not desired around the world is because of their lack of quality. with widespread domestic acceptance. as paper money continues to lose purchasing power. and reach everywhere just as the dollar has done in the postwar period. running a trade surplus. fiat dollars. most improbably one desperate for revenue.THE AMPHORA REPORT Vol 3. people have been accumulating dollars . So. the result will be horrendous. if Mexico fails to monetize the silver coin. relatively independent nation . in the world today we see an unusually large number of governments with huge. because it is afraid of the Fed. mint it into coins and place them in circulation at a profit for its Treasury. in their own currencies. but it is becoming evident that the dollar has no quality at all. Clearly and with no qualification one can say that this has been the case since 1971. So would all of Central and South America. the dollar was not only backed by gold. will be desired all over the world for its stability and enduring value. because of their quality and because they are MONEY. this measure is simply a replacement of one fiat currency in favor of another. Before the inevitable collapse of all paper money takes place. and will eventually also fail. is a religious obligation for Islam. It is inevitable. attempted to introduce silver dirhams and gold dinars into the Malaysian economy. clearly unserviceable debt burdens. Is it conceivable that bilateral trade might be conducted in silver? And might silver. and a weak financial system. We must provide people with a vehicle for "microsavings" so that individuals can prepare their own personal life-boats for the crisis. If no government will listen. JKB: Now let's imagine then than a significant number of countries around the world were to implement your proposal. can possibly command the same degree of trust and confidence of global investors. they have all been suffereing enormously from US military intervention for many years. because no doubt the imperialistic US would not exactly love to have Mexico do this. where some countries are now reducing their dependence on the dollar and beginning to trade with each other. which will be silver money. We can perceive the tremors of change. because they will be acceptable all over the world. a country which does not produce silver can purchase the silver. and the use of silver and gold as money. with a young population. note: The dollar of today is not the dollar of yesterday. which is inevitable. one should note. There is just no way that today’s unbacked. The silver coin. a minimal welfare state. If the Treasury does not wish to do this. once it becomes money. but he failed. Sound money is so hugely important for human life that any enlightened government will accept these imported coins as happily as it accepts the importation of dollars. creating money out of nothing. running chronic trade deficits.
People continued to use them as money. one could argue that the United States would have the most to lose from an international power perspective were silver or derivatives thereof to take on a growing role as reserve assets. subversive force which. the silver coin has to be given a monetary value in excess of its ‗melt value‘ .President Kennedy ordered the US Treasury to issue $4 billion dollars of silver certificates before he was assassinated. even though the ‗melt value‘ of those coins had fallen. start to function as reserve assets in these countries? HSP: I see no fundamental reason why silver cannot support international trade. So this brings with it. with no doubt whatsoever. quietly introduce a subtle. does not mean the US can avoid financial cataclysm. Silver was not abandoned as money all at once. It gradually receded from use as money in itself. I think the US is unwittingly doing Iran (and the world) a favour. I am hoping that Iran will look at the silver monetization plan. That is written in stone. (But NOT for one ounce! People must be able to use the coins themselves and not paper certificates!) JKB: As the provider of the world's primary reserve currency. and only a return to gold can bring them back. but finally expelled gold and silver and took over the monetary house. After that had taken place. Paper money entered the monetary house as a servant maid. Jobs will NOT return until TRADE IS BALANCED and trade will not be balanced until silver and/or gold is made the international means of payment . the revival of JOBS. Reversing the process which expelled silver. rather than go right to the top of the money power pyramid and overthrow the current. Europe is gravely affeced by the loss of industries and jobs. But we must remember that international trade has to be self-liquidating: exports are collected in the form of imports. so to speak. It will. whose supply is inexhaustible.) The dollar and the euro are doomed and we see evidence of that every day: Iran is thumbing its nose at its exclusion from the dollar area and using its oil and gold for trade. silver or other nationalised property in return for fiat assignats were frequently sent to the guillotine. Just because it is big and has nuclear weapons. silver was still used in the minting of coinage. Jobs growth has become so scarce in the West because all that the East exports can be paid with dollars or euros.com some kind. (Ed.THE AMPHORA REPORT Vol 3. countries around the world ceased to mint silver coins because the price of silver began to trend higher. under the paper money system. it did at one time. and can do it again: it is a question of a natural rise in the price of silver to reflect the tremendous depreciation of paper currencies that has taken place through the years. Now it is necessary to have silver money enter the monetary house as the humble servant maid by the back door. those certificates representing silver dollars would have been driven out of circulation a few years later. Finally. Eastern exports have removed millions upon millions of Western jobs and hundreds of industries. Of course. The rulers of the US are blindly trying to maintain the present state of affairs.a blessing to mankind! Silver certificates for 5 or more silver ounces could certainly be issued. which had risen above the monetary value stamped upon the coins. JKB: Would it be fair to say that your proposal is in some ways a sound money 'Trojan Horse'. Thus it would remain in permanent circulation along with paper . This is a big thing. according to the method I propose. by weight. Silver certificates are perfectly feasible . but those silver coins were given a monetary value which exceeded the value of the silver they contained. fiat regime.paper unacceptable. because those incoming goods can be paid with unlimited amounts of fiat paper money. note: Frenchmen refusing to part with their gold. because I think Iran will demonstrate that it is possible to conduct trade with other countries yet avoid the dollar entirely. It is important to note that falls in the value of silver bullion did not affect the acceptance of the silver coins used as money. To compensate for the established rising trend for silver prices. so is a cornered rat. 08 March 2012 www. the disappearance of silver from the monetary scene was a gradual process. but will fail in that attempt. By excluding Iran from contact with the dollar world. would RISE in value along with any rise in the value of silver. The procedure to reintroduce silver into circulation as money should also follow the same gradual process.amphora-alpha. We still have to endure the period of persecution of owners of gold and silver. and the dollar will go the way of the French assignat of 1790 and the way of the German reichsmark in 1923. that is. and silver coins were melted down for their ‗melt value‘. because the price of silver rose above the value of the silver in the silver dollar. subtle changes. largely unseen and over time. dominant role instead? HSP: A wounded beast is very dangerous. the monetary 04 . in reverse order. for that matter. So. global. How do you think the US would respond to this? Would it see the growth of silver-based trade and reserve growth as a fait accompli and go along at some point? Or would it try to shut it down and maintain the dollar's current. eventually undermines the current order and catalyses a return to sound money policies in numerous countries? HSP: Nature operates by small. and imports are paid for with exports. which is likely to take place.just as it had before. No amount of silver (or gold) would be sufficient to allow chronically UNBALANCED trade. As such. go the way of Greece. The monetized silver coin. the United States continues to enjoy a degree of the 'exorbitant privilege' that it has always enjoyed ever since the Bretton Woods agreements were negotiated and signed in 1944. I cannot see how any Western industrial economy can survive in the long-term.
see if you can interest them. and the value of silver will then be calculated in terms of weight of silver compared to some weight of gold. But as long as humans are present on this planet. or just plain lacking in intelligence. fashionable women began to go around in see-through dresses. or who might have specific interest in your proposal. who as they become poorer. whereas the public is impoverished because the paper money it receives is invested in government-regulated. some rich. there will come a time when the price of silver finally stabilizes and only fluctuates minimally in value. because the bankers. 05 . what would you recommend? How can the average.com. Because of Gresham's Law. some people in some part of the world will then begin to think in terms of silver weight. some poor. Would the re-introduction of silver help to end the bailout culture and restore some degree of financial transparency and honesty? Or at a minimum help savers to protect themselves from political or financial abuses? HSP: It seems to me that present-day Banking has given Capitalism a very. having first access to money WHICH THEY CREATE OUT OF NOTHING are able to acquire important productive assets. In the course of an indefinite period of time maybe decades. it must be an officially quoted value which can rise when the price of silver makes it necessary to increase the monetary value of the coin. and don't know of any alternative. because human nature requires the use of real money and human nature is what it is and will never change. The accumulated wealth in savings translates into a better.when people have become thoroughly fed up with paper money folly. History rhymes in various ways.plata.my son is a banker . If you have influential friends. or will it require the demolition of our civilization in order to restore gold and silver as money. JKB: For Amphora Report readers who are advocates of a return to some form of sound money. The wealth of a nation is not just the wealth of its bankers. No artificial monetary value established by a monetary authority will be necessary. the silver coin will always be slightly overvalued with regard to its ‗melt value‘ . and when the population has a sufficient stock of silver coins saved up. Bail outs are an extreme form of political favour. whose fundamental cause is the uncertainty that comes from the use of paper money. and from the inevitable impoverishment of those who are in the lower strata of every economy. very bad name. beyond doubt. A new. informed individual hope to make a difference.and the problem is that they are trapped in a system they did not devise. escapist recreation so massively because of this anguish. by weight? As you can see. though of course the silver coins will be actual money which could be used. Notably. can humanity begin the process of return to real money by a deliberate legislation to initiate the process. not to mention decadent Berlin in the Weimar era. Think about what I am proposing and talk about it with your friends. There are lots of fine men who are bankers .or perhaps a smaller coin . in the final analysis I am a great optimist. 08 March 2012 www. it must be the wealth of all. The question then is. Send your observations on silver to your bankers and business associates. Capitalism is a system which can function optimally in favor of all people. and enriches those inside it. taking potentially huge amounts from taxpayers and legally transferring them to failed financial or other executives and investors. in this way. I would ask him to look at my website. www.THE AMPHORA REPORT Vol 3. hoard these coins as a superior form of savings and use paper money for transactions. or both. for all transactions in the same way as paper money and digital money. people will. SILVER IS THE ALTERNATIVE.would serve as an ideal vehicle for massive "micro-savings". begin to think they are really inept. the monetary value remains without change . more satisfying life for all. as a consequence of the assignat paper money which was introduced. to become part of the solution or at a minimum not part of the problem? HSP: If any reader has time. The same decadent features of society which we perceive today also made their presence felt in Revolutionary France in 1790.amphora-alpha. as they used to do. and thus progressively amass more and more wealth. It is impossilbe to know at this time any approximate future ratio of silver to gold. the perpetual inflation of money and prices. As things are now. because it is just and because it eliminates so much anguish felt by people all over the world. with regard to gold. societal implications of the re-introduction of silver or other precious metal coinage? For example. as banking as we know it will have been transformed and. ever since the financial crisis hit back in 2008 hardly a week goes by without some sort of corrupt financial dealing or shady transactions of some kind being discovered. physical money of silver or gold. JKB: What about the broader. sound banking system will come into use and the silver coins saved by the population will facilitate its establishment.certainly not worthy of being called ‗Capitalist‘ . but it requires certain things: one of them is sound money. incapable of success. I think that the monetized silver ounce .that impoverishes those outside it. maybe a century or more .perhaps far in the future. this will happen . I think the world has taken up drug use and other forms of artificial.com value of the silver coin must not be stamped.just as it used to do.mx and examine the section with my articles in English. it seems likely that this final stage will not arrive in a peaceful manner.just as it used to be. The world at present is suffering from a world banking system . At a given moment. retail vehicles that constantly lose purchasing power. if desired. with it. If the "melt value" goes down.
I encourage supportive readers with connections in banking. In the English section I have posted many articles about the monetization of silver. something along these lines might be in store. are there any books that you would like to recommend? HSP: Offhand. you will need them. Nirvana. The mark of a great man was not that he went to Valhalla. he hears them in crescendo around the world. Unfortunately. It was that he DID THE RIGHT THING.that France had in 1790-1797 when the best and brightest of the Frenchmen thought they had discovered the best thing since escargot . This is all the more reason to act now. sound money plan. Heaven or Happy Hunting Grounds: For the Norse. Once again I would draw attention to his personal experience of the Mexican money and credit crises through the years. It wasn‘t whether he won or lost. HSP: My thanks to you. helps to explain why Iceland is the only country beset by the global financial crisis to have refused to bail out its banks or kowtow to the International Monetary Fund. exists.mx. It is the nature of tipping points that they cannot be observed in advance. You can download the book at my site. damn the consequences. For Iran. but with each incremental. wrong is wrong. I. as unsound monetary policies near their inevitable. Elysium. at a minimum. Right is right. But to sanction anything is to make a conscious choice to allow it. or economic and financial history generally. HSP: Please look at my website. today. JKB: Thanks Hugo for your time and your thoughts. For the Norse. Who is to know which conversation. it was that he FOUGHT THE GOOD FIGHT. fallen great warriors were invited to Valhalla for a time. He is highly confident that sound money will make a triumphant return. Cultivate your friendships. following the global financial crisis that began in 2008. silver money is much more important than its nuclear program. Individuals can choose. Now.THE AMPHORA REPORT Vol 3. Society is comprised of individuals.com. complete. dark tunnel through which we must first pass. a willingness to endure the unpleasant if temporary consequences of withdrawing consent requires faith that the tipping point. but even that eventually came to an end. Other. it was ultimately beside the point. with tragic consequences for the future. to withdraw their consent to act in ways that go against their own reason and beliefs. www. his thoughts and. This is not to say that he lacks faith in humanity. 08 March 2012 www. Yes. He has seen the destructive effects of unsound money not only on the Mexican economy but on society generally.amphora-alpha. Keep them as close to yourself as you can. (One wonders if this singular focus on doing the right thing. there might be consequences for a weak minority that does so. a tipping point comes nearer. I confess that I have always had a soft spot for Norse mythology.plata. When it comes to sound money. only in hindsight. Whether or not there is a Valhalla. JKB: Any final thoughts or advice for our readers? HSP: Buy physical gold and silver. at any moment.) I would like to thank Mr Salinas-Price for his time. employ reason and act accordingly. or they can resign themselves to the unfortunate circumstances imposed on them by others. Some might regard all of this as fate. growing wealth disparity and societal decay. Live within your means. there was no ultimate redemption. As such. As such. Meditate and pray a lot. for its own sake. The Failure of Mechanistic Economics. John. individual choice to withdraw consent. Forget about putting funds into bonds or stocks. for one. his unceasing efforts to do the right thing and fight the good fight. albeit on a bigger. as a collection of individuals. disagree. discussion or debate will be that which tips the balance in favour of sound money? As a final word. Policymakers are making the same mistakes they have made repeatedly in the past. Mr Salinas-Price makes reference to a future ―persecution of owners of gold and silver. Quite the opposite. JKB: Please let us know how interested readers could learn more about your ideas on silver monetisation. The most recent one is. The sooner we take action to undermine the unsound money which is the ultimate cause of economic and financial instability. naturally he hears in his personal experience the echoes and rhymes of the past. Another to be posted shortly will be. Shun debt. cannot make choices that the individuals themselves do not make. the sooner we can set about rebuilding sound economic and societal foundations. Ayn Rand termed such an abdication of responsibility the ‗Sanction of the Victim‘. there is a long.paper money! See what happened to France: It is what is happening to the world. most important.com JKB: I understand that you are an avid reader of an eclectic range of books. for so kindly offering me the pages of the Amphora Report for my comments! SOME AFTERTHOUGHTS Mr Salinas-Price is no doubt highly passionate about his silver-centric. that somehow we are doomed to repeat the mistakes of the past. Mr Salinas-Price‘s proposal is worthy of consideration. larger countries may quickly fall in line. government or other relevant circles to engage on this topic when possible. chaotic conclusions. global scale. I would mention one little book: Fiat Money Inflation in France by Andrew Dickson White. Society. It takes just one small country to take the lead.on a world scale . 06 . We are living EXACTLY the same problems . Yes. Individuals can choose to educate themselves. And as a student of history.‖ History does indeed suggest that.
combined with his understanding of the virtues of a disciplined monetary system. be taken to reestablish gold as money. but he has managed to assimilate a vast array of information and distill it in a simple and thoughtful framework. And if you′re wondering what comes next. this is the book to read. To have a chance to emerge unscathed from financial turmoil. Cheviot Asset Management "Ex scientia pecuniae libertas (out of knowledge of money comes freedom). analysis." —Ned Naylor–Leyland." —Axel Merk. host of The Peter Schiff Show. join the Golden Revolution. allow for genuine insight into the practical steps that could. The Golden Revolution is a useful and timely contribution to the growing literature on gold and gold standards in monetary systems. That is an art many academic writers never achieve.amphora-alpha. cofounder and CEO." —James Rickards.com Find THE GOLDEN REVOLUTION on Amazon HERE. and economics that the reader will find useful in understanding the use and misuse of gold standards over the past century. It is technical yet accessible at the same time. Enlightened investors who blaze the trail will likely reap the greatest reward. and author of The Real Crash: America′s Coming Bankruptcy—How to Save Yourself and Your Country "John Butler′s historical treasure trove empowers the reader to understand. and surely will. Financial Reckoning Day. Monetary economics and its interrelationship with geopolitics. 08 March 2012 www. He breaks the book into a long series of essays on particular aspects of gold that the reader can take as a whole or in small bites." —Peter Schiff. John Butler′s experience of the modern ′fiat′ banking world. I have.THE AMPHORA REPORT Vol 3. He has taken complexity and given us simplicity. author of Sustainable Wealth "The Golden Revolution is another indispensable step on the road map back to sound money. I highly recommend it. and act. this book provides necessary light to keep you headed in the right direction. finance and society is extraordinarily complex. John Butler makes a powerful case for a return to the gold standard and offers a plausible path for our nation to get there. His book is a combination of history. CEO. author of the New York Times bestseller Currency Wars: The Making of the Next Global Crisis "In The Golden Revolution. Investment Director MCSI. Merk Funds. author of the New York Times bestsellers Empire of Debt.John has used his exemplary knowledge of money to lay out a cogent framework for the transition of society based on fiat money to a more honest society forged by gold. "John Butler provides much illuminating detail on how the world′s monetary system got into its present mess. and Mobs. prepare. Hinde Capital 07 . Messiahs and Markets "John Butler has written an indispensable reference on the subject of gold as money. Euro Pacific Precious Metals. For those still wandering in the dark." —Bill Bonner." —Ben Davies.
and under no circumstances shall we be liable for any direct or indirect losses. New York and Germany. John was Managing Director and Head of Interest Rate Strategy at Lehman Brothers in London. Prior to founding Amphora Capital he was Managing Director and Head of the Index Strategies Group at Deutsche Bank in London. JOHN BUTLER john. Prior to joining DB in 2007.amphora-alpha. © Amphora Capital 2012.THE AMPHORA REPORT Vol 3. costs or expenses nor for any loss of profit that results from the content of this report or any material in it or website links or references embedded within it. tools and material presented herein are provided for informational purposes only and are not to be used or considered as an offer or a solicitation to sell or an offer or solicitation to buy or subscribe for securities. where he and his team were voted #1 in the Institutional Investor research survey. where he was responsible for the development and marketing of proprietary. These terms are governed by the laws of England and Wales and you agree that the English courts shall have exclusive jurisdiction in any dispute. Nothing in this report shall be deemed to constitute financial or other professional advice in any way. quantitative strategies. investment products or other financial instruments. 08 March 2012 www. Amphora is a registered trading name of Atom Capital Ltd which is authorised and regulated by the Financial Services Authority.com AMPHORA: A ceramic vase used for the storage and intermodal transport of various liquid and dry commodities in the ancient Mediterranean.com John Butler has 18 years' experience in the global financial industry. having worked for European and US investment banks in London. DISCLAIMER: The information. He is a regular contributor to various financial publications and websites and also an occasional speaker at major investment conferences. 08 . All express or implied warranties or representations are excluded to the fullest extent permissible by law. This report is produced by us in the United Kingdom and we make no representation that any material contained in this report is appropriate for any other jurisdiction.butler@amphora-alpha.
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