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Jubilee and silver drachma proposed to resolve Greek debt crisis

Jun 16, 2012

Max Keiser and Mexican businessman Hugo Price discuss the Greek problem and propose a serious solution.


They suggest that Greece sell 5% of its 110 tons of gold and use the proceeds to issue silver drachmas while also printing up a new paper currency. Toward the end of the interview, they include a cancellation of debt to kick off this new revolutionary monetary policy.

Issuing paper drachmas would satisfy the liberal Greeks who like paper in their wallets and who want to support the Babylonian banking system. Issuing silver drachmas would satisfy the conservative Greeks who prefer to keep their savings in silver.

The main difference is that paper money always goes down in value gradually even in the best of times, and over time this "inflation" erodes the value of people's savings. Silver goes up in over time, so their savings would go up over time, rather than down.

What they are proposing is essentially a war on banks and its paper creation, because if people are given two official government-sponsored currencies--one paper and one silver--the people will soon see the value of silver as an asset. The paper debt note will be shunned, while the asset will be put into savings or used on the street to buy goods and services.

This is a great idea! This 20-minute interview is one of the best I have heard, because it offers a practical solution to the entire Greek financial crisis.

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Category: News Commentary

Dr. Stephen Jones

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