Zimbabwe has announced they will be replacing their existing fiat currency (ZW) with a gold standard currency (ZiG) backed by a basket of gold and USD: https://www.pmbug.com/threads/zimba...nd-reintroduces-gold-standard.4966/post-98582
Now the rest of the world can watch to see how the gold standard fixes everything. Wonder where that 20%-interest stream of gold will come from? Or do they mean the ZiG will be worth 20% less gold every year?
Ha ha 500 billion percent inflation since 2008? Take it down to the river and drown it. https://www.yahoo.com/news/zimbabwe-replaces-battered-dollar-gold-105316523.html
If it's also backed by a currency basket, which sounds more like a peg to me. How many pegs have been successful?
This could be the one country where the gold standard FLOPS terribly....and it's a HUGE improvement over the status quo !! They should have just pegged to the dollar. I think there are 1 or 2 lying around in that country.....