Friday, May 20, 2011
Towards a gold backed currency
Zimbabwe may sell diamonds to launch gold-backed currency
"Zimbabwe may sell diamonds for gold, so that it can have a gold-backed currency, according to a recent proposal from the governor of Zimbabwe’s central bank". "But the central bank of Zimbabwe—Reserve Bank of Zimbabwe (RBZ)—believes that the US dollar is no longer stable". "The events of the 2008 Global Financial Crisis demand a new approach to self reliance and a stable mineral-backed currency and to me, Gold has proven over the years that it is a stable and most desired precious metal,†the RBZ Chief was quoted by newzimbabwe.com as saying". Maybe one for the MPC to consider?
Posted by alan @ 10:09 PM (1331 views)
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Crunchy says:
I think Paul Simon knows why.