Zimbabwe creates new currency linked to other currencies and PMs.
cohodk
Posts: 19,210 ✭✭✭✭✭
Let's see how this plays out. I think they will find it take more to have a viable currency.
Zimbabwe Replaces Battered Dollar With Unit Linked to Gold, FX https://www.bloomberg.com/news/articles/2024-04-05/zimbabwe-replaces-battered-dollar-with-unit-linked-to-gold-fx
https://www.ft.com/content/0de75e8f-40c8-4eb7-9d40-282cfd81e3bc
https://www.voanews.com/a/zimbabwe-central-bank-says-it-has-2-5-tons-of-gold-reserves/7557328.html
Excuses are tools of the ignorant
Knowledge is the enemy of fear
0
Comments
According to the statement published on the RBZ website, they claim to have 3x the gold and USD needed to back the new ZiG.
Yelling at clouds on pmbug.com
LOL, I guess currencies do die when they are mismanaged.
Former Federal Reserve Official: Our Money Is Dying
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Oh crap......and I was hoping for a comeback of their dollar!!
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
I'll loan you some. but at 138% interest.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Test case for partial gold backing of a BRICs currency? And a 20% interest rate on top of that.
From one extreme to the other.............it will be interesting to watch what happens.
I knew it would happen.
So you say it's time to move to PM's
Will you still sleep as well