Most knowledgeable Stackers of Precious Metals will lament the loss of the Gold Standard when President Nixon ended the convertibility of the US Dollar to Gold back in 1971. They would correctly identify this historical move as the beginning of the True Fiat Currency Era where Governments around the world have increasingly become fiscally irresponsible and inevitably degenerated to the reckless Money Printing that we see today. We all know that it can't go on, but what comes next?
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As this End Game develops and we start to see Inflation getting out of control while our Economies continually stutter you have to ask the question. Could we ever go back to a Gold Standard? Well, look no further than Zimbabwe, a country that has had immense problems with Inflation for many years now. They have recently announced the launch of a new currency – The ZiG. It stands for Zimbabwe Gold and it is supposed to be a new Gold-Backed Currency.
Hooray! Finally! Was no doubt the immediate reaction by many, but is there some devil in the detail that needs to be looked at? Is this new currency going to be 100% backed by Gold, or is it going to be Fractional....and if it’s fractional who can we trust to make sure that its managed properly, or even if the Gold is actually going to be there? Well, the answer of course is – The Central Bankers...the most trusted Masters of the Universe who have overseen all the recent (failed) currencies. NOT!
The BBC wrote up THIS REPORT and I couldn’t help but laugh at a couple of little bits, like this one :-
“Promises have now been made by the central bank's new governor that overprinting will not be allowed to happen again.”
Oh my sides! If you believe that one then I really can’t help you. I wouldn’t be trusting the Zimbabwean Government or it's Central Bankers as far as I could throw them. I think the real story of this new currency is captured in this little snippet :-
“Zimbabweans have 21 days to exchange old, inflation-hit notes for the new currency.”
That’s how you do it. Demonetize the old money and force everyone onto the books with a new currency. No more stashing wads of cash under the bed mattress because it’ll be worthless in a few days.
You have to be careful what you wish for and unfortunately in the degenerating political theatre of the West it’d be pretty hard to trust a new Gold-Backed Currency here too if it was going to be run by the same Central Bankers who’ve made the mess we’re in now. Nope! You can’t beat cold hard metal. Screw the counter-parties, we don’t need them.
Doubt that's the case, most transactions (like 80% last time I checked) are in USD, which will continue to be one of the two official currencies. I doubt any smart person would hodl Zambian dollars when it was losing value by the day
Good point. I don't know why anyone would be voluntarily using a hyperinflating currency, but clearly there are some who do.
It will just be a matter of time that we'd find out that there is no gold in the central ZimVault to begin with, or the Zim President makes a secret night flight out of the country with people's gold reserve. You don't hold it, you don't own it.
My thoughts exactly. A tiger doesn't change its stripes.
If they held more physical gold i might. But they barely have enough to cover what they need to for the immediate future. Long term I see an issue.
How generous to give them a whole 21 days for the exchange!
/sarcasm
!PIMP
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I absolutely would NOT trust it. This is just their way of kicking the can down the road another decade or two by forcing everyone to convert to a new currency. I highly doubt the common person will be able to redeem this for gold.
!BBH
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Not really but I wish em the best they been through a lot financially !BBH
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Gold reserves are possibly in the hands of the people more than in government hands.
I wish you a happy day
Hey, its Zimbabwe - what could go wrong? :)
No trust there. At all.
!LOL
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I wish these countries held on to their promises to not print extra money, but that's not possible and I also don't think so, this currency can meet the requirment/purpose, they are being created for.
How will everyone especially commoners be able to exchange or spend this physical Gold?
I actually don’t see this as a good plan
I wonder if there's a correlation between precious metal adoption and concealed carry.
I'd be far more keen to stack real money if I had any hope of defending myself and my stash.