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Zimbabwe creates new currency linked to other currencies and PMs.
RedneckHB
Posts: 20,242 ✭✭✭✭✭
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
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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
Governments can print currency. Only the people can print faith in it — and they’re running low on ink.
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.
Governments can print currency. Only the people can print faith in it — and they’re running low on ink.
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