Friday, May 20, 2011
Towards a 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 Zimbabweâ€™s central bank". "But the central bank of Zimbabweâ€”Reserve Bank of Zimbabwe (RBZ)â€”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,â€ the RBZ Chief was quoted by newzimbabwe.com as saying". Maybe one for the MPC to consider?