Sunday, January 10, 2010

Ron Paul's Little Known Role in Bringing Hard Currency Accounts to Mexico

In a wide-ranging interview with Steve Forbes, Ron Paul mentions publicly for the first time that he met with members of the Mexican congress and consulted with them as they passed legislation that legalizes Mixican banks ability to give its citizens bank accounts that hold silver.
In Mexico right now you can literally have an account in silver. They're making more progress in Mexico. And I have visited with their members of Congress. Before it all got passed, they consulted with me. Because the Mexican people know how bad it is when the currency goes to zero. The middle class really, really hurts, and they've experienced it. I'm just hoping we never get that bad. But there's no reason why we should be afraid of a little competition, allowing people to put their money in an account. You have these ETFs already; it would just be that a bank could offer that to you. And you could deal in another currency. The transactions that go on around the world today with the currencies trading, instantaneously they adjust values. And we could do that with gold and silver and dollar accounts. It would be pretty easy.
Read the full interview here.

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