Zimbabwean Dollar backed by Gold

Zimbabwe’s Central Bank Governor Gideon Gono has suggested reviving the Zim dollar by linking it to the gold reserves they hold in the country.  “We can even print gold coins.  The Zim dollar can then gain as it is anchored on gold. We need to think outside the box.”

Wouldn’t that be Ironic?

Not surprisingly the locals don’t have a lot of trust in Mr Gono as he was the same reserve bank Govenor that was responsible for the mad money printing and last years resultant 230,000,000% inflation!  A multi currency system introduced put the brakes on the government money creation and therefore has tamed inflation.  But Zimbabwe is left with incredible unemployment which reached 95% earlier this year, so no production equals no money.

Interestingly a gold backed currency would make it very difficult for the Zim government to go down this road again, however they have a long road ahead to restore agricultural production – previously the mainstay of their economy. An outcome that appears unlikely with the same crooks at the top.  Zimbabwe is further proof that all fiat currencies eventually return to their true inherent value – ZERO!  Beware the current actions of Central Bankers throughout the World.

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