Humanity – not only Mexico – is living in a world in which a very large part of the wealth that it believes it owns, is purely imaginary wealth. We are living not in a real world, but in a world of dreams, in which we spend as if we were much wealthier than we really are

On August 15th, 1971, the world was left without an “International Monetary System”. What remained, and remains to this day, after the U.S. refused to redeem dollars for gold, is no longer a system. It cannot be a system, because the internal control which blocked the violation of critical parameters and insured operational stability has been removed

Legislation, Positive Law, will have turned a commodity, the silver ounce, into money, and with that legislation the Mexican Congress will have bestowed upon Mexico a social benefit that costs nothing, but which has enormous economic, psychological and political value for the nation

Silver in circulation will serve to remind us that it is possible for a society to use silver and benefit from the use of real money, honest money. Otherwise, it is possible that we may forget this, as has happened to many nations in the world.

Mr. Mundell is equivocating in the last paragraph of his most interesting essay, “The Uses and Abuses of Gresham’s Law in the History Of Money”