Would you buy silver Drachmas?

[petergriffin]

It doesn't matter where they are manufactured they're still going to be made of Greek silver or silver backed by Greek debts...

According to Salinas, Greece should default first and then run a silver-backed drachma parallel to the "fiat" drachma. The rationale behind this is that if a fiat currency is at least partially backed by hard metal it will gain more credibility. In fact he says that it is worthless to just default and print own money.

[darmstadt]

The coin needs not be manufactured in Greece same as notes are not always printed in the country of emission.

It doesn't matter where they are manufactured they're still going to be made of Greek silver or silver backed by Greek debts...

[petergriffin]

The coin needs not be manufactured in Greece same as notes are not always printed in the country of emission.

[BlasterBates]

Lets get this straight. The Greek government will spend millions manufacturing silver coins which will be melted down and leave the country as soon as the Drachma has dropped below the face value of the coin.

That sounds like an excellent idea.



I think economics is not his strongest point.

[petergriffin]

Mish's Global Economic Trend Analysis: Max Keiser Interviews Hugo Salinas Price Regarding Idea for Greece to Back Drachma with Silver