Silver Rumblings in Mexico. Monetary Reform Fauzi Hamdan Amad, Chairman of the Senate Committe for Treasury, Mexico. It is not possible to conceive a fiscal reform in the State, without including monetary reform.
Money is one of the most important instruments of economic policy.
A decrease, or what is worse, a deficit in our balance of payments, produces a collapse in our economy. In order to maintain the value of our money and hold reasonable Dollar reserves, we have inordinately emphazised foreign commerce, mainly with the United States. Without Dollar reserves, our monetary and financial system collapses. The great crises we have suffered in the last twenty five years, have originated, in the final analyisis, in dangerous decreases of our Dollar reserves. The monetary system is so pernicious that only a radical change can save it.