If You Were Bankrupt
If You Were Bankrupt by Rory, The Daily Coin
If you were bankrupt and the debt you owed was overwhelming, how would you handle it? What if the debt were thrust upon you by an outside force; would you really care about the creditors or would your family be the priority?
What if there was a way for you to pay back your debt, even though you know the debt is bogus and was, in fact, placed in your account by a group of criminals but you agreed to pay it back in a form that might not settle well with your creditors?
Enter Hugo Salinas Price and silver coinage.
The silver dollar, created by the “Coinage Act” passed by the US Congress on April 2, 1792, was modeled on the Spanish “Piece of Eight” which was a world currency in the late 18th century. The model approved for the U.S. silver dollar was to contain 371.25 grains of pure silver. There are 480 grains to the Troy ounce, and so 371.25/480 gives us .773 of a Troy ounce.
At the height of the first Greece crisis a, Hugo Salinas Price presented an idea to combat the small group of criminals who had financially invaded Greece. Mr. Price was in discussion with Greece in regards to backing the Drachma with silver. This would allow Greece to pay back their debt with real money, and make the Drachma the premier currency in the world. Who wouldn’t want to have a silver backed currency in their portfolio? Hedge-funds certainly would; Central Banks, probably not-so-much.
The thing is, what is currency anyway? Currency allows people to conduct business. It is not a store of value, certainly not fiat currencies, but it is a necessary tool for people and business’ to exchange products and services on a level playing field.
Back to Greece and the current global dilemma. If Greece leaves the European Monetary Union what will happen? According to David Stockman, not much will change as Greece’s impact on the Gross Domestic Product (GDP) of the EU is almost inconsequential. According to Dave Kranzler, Greece will not be leaving the EU and will come to terms with the Troika and other banking criminals. While it is difficult to disagree with Mr. Stockman, personally, I believe (and have said so on many occasions) that Greece will be leaving the EU and I believe it will cause enormous problems within the financial sector of the global economy. I believe Mr. Kranzler is being a little too optimistic about the whole situation. Although, the criminals that make up the Troika (Bank of England, European Central Bank and the IMF) want to keep their clutches firmly embedded in the patient in order to extract as much blood (wealth) as possible.
Enter Yanis Varoufakis, truly a well spoken, well educated and seemingly, level headed, shrewd businessman. Whose interest has his attention? Let’s review the opening paragraph of my argument – If you were bankrupt and the debt you owed was overwhelming, how would you handle it? What if the debt were thrust upon you by an outside force? Would you really care about the creditors, or would your family be the priority? With that said, a wise person is going to throw any criminal out of their house as soon as possible. They will not stand idly by only to witness further pillage and disgrace to be thrust upon their family. Let’s not forget that one of the worst situations that was born from the criminal actions of the Troika has been the number of suicides committed by people that could no longer witness their families in utter despair while their livelihood was given over to the Troika.
So, why would Mr. Varoufakis give two cents about his creditors? Why wouldn’t he, as a man, try to figure out what was best for his country–with the currency of his choosing? What if he does use gold or silver to back the Drachma? Is this what’s happening behind closed doors with Russia and/or China? How’s that for a black-swan event? If Greece were to back the Drachma with silver, as Hugo Salinas Price suggested this would be the game changer the world has been awaiting. We, the citizens of the world, would immediately have real, actual hope that our world could be changed. Too optimistic? Too happy? I don’t think so. Remember, the criminals that are currently in charge are not going to just roll-over and take it. What would the banking criminals’ response be to such an act of war? Well…war would be the only response that would be appropriate from such a group of blood-thirsty tyrants. You don’t think so? Well, ask Saddam Hussein, who wanted to use the Euro for Iraqi oil or Muammar Gaddafi, who wanted to use the gold Dinar for Libyan oil if a system that uses gold, silver, or something other than the dollar is acceptable on the global stage.
TDC Note – Originally published February 16, 2015.