Zimbabwe announces gold standard currency

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

 

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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?

 

Best thing that country could do.

 

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

 

Also: "ZiG"?

 

Zimbabwe is a gold exporter. They mine 30-40 tons of gold each year.

 

If it's also backed by a currency basket, which sounds more like a peg to me. How many pegs have been successful?

 

You're dating yourself...

 

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.....