Friday, July 28, 2017

Zimbabwe building up gold and diamond reserves to use to back their new currency

Western economists and central bankers hate the gold standard because it holds banks and politicians accountable, and destroys the ideological agendas of government expanded debt.  But with more and more individuals around the world demanding a return to some form of resource backed money, it is inevitable that the future will entail some form of gold or commodity based currency.

Over in Eurasia and the Far East, Russia and China are currently working on a process to bring about gold backed trade notes, and tying energy sales to precious metals.  But they may actually be second to another country that is now in the process of building reserves in both gold and diamonds to back a currency that has been the laughing stock of the world for nearly 20 years.

Government is building diamond and gold reserves to back the local currency upon its re-introduction in the future, Vice-President Emmerson Mnangagwa has said.  VP Mnangagwa refused to disclose when the local currency would be re-introduced, but said it would only come back when mineral reserves reached desired levels. - Herald Co ZW

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