In the latest iteration of a failed monetary system, Zimbabwe has announced plans to launch a new currency: a “digital, gold-backed token“. It’s likely that anyone who purchases these tokens are probably the same people looking to buy the Brooklyn Bridge.
I’m quite certain that if anyone was able to actually look in the vault which allegedly holds all this gold, it would be empty. Since these digital tokens cannot be redeemed for gold on demand, this is about as close to a gold standard as moon rocks are to swiss cheese.
In Zimbabwe, the new tokens “will be fully backed by physical gold held by the bank” and will go into circulation on May 8, Reserve Bank of Zimbabwe Gov. John Mangudya said. People can buy the tokens and use them as a way to save their money or conduct “person-to-person and person-to-business transactions and settlements,” Mangudya said.
When I lived in Zimbabwe in the 90s, people there were still playing (and falling for) the old “black money scam” (in which you had to buy a special cleaner to remove the black ink covering American banknotes, which of course weren’t even counterfeit but just pieces of newspaper). This new “gold token” looks like more of the same. The government of ZW has no real money, never has, never will.
Sad thing is the Turdo will see this as inspiration for Canada.
I wonder, will they claim the gold is stored in a vault in quebec or in brown envelopes in the trudeau foundation?
The Nigerian prince who doubles as my broker informed me this is the real deal.
Seems everyone is rushing to get on board the digital currency train which is the holy grail for globalists. Once they have it in place…turn out the lights, it’s over.
I got an email from my Nigerian broker who has $50 million to send to my bank account. He just needs all my personal information. And why not? It’s $50 million USD!
If you can’t hold it – you don’t own it.
Absolutely. Isn’t ‘digital, gold backed token’ an oxymoron?
In 2006 Zimbabwe did a 1,000 to 1 revaluation.
In 2008 they did a 10,000,000,000 to 1 revaluation.
In 2009 they did a 1,000,000,000,000 to 1 revaluation. Then they used foreign currency.
Why did it never occur to these shit heads to just quit printing money? In three years they inflated their currency 10 to 25th power. They had to steal every last micro cent from their people. I finally bought my $100 trillion Zimbabwe banknote. They seem to sell for like $175. I’m not sure if that’s for real. I bought a dirty one with ratty edges for a lot less.
We’re so clever in the West that we don’t just go on printing money to get ourselves out of trouble. /sarc.
I paid for a “digital gold-backed token”, and I got a GIF of Sammy Davis, Jr.!
Keep an eye on it.
I’m sure it will join any number of other failed gold token cryptos :
https://www.goldscape.net/gold-blog/gold-backed-cryptocurrency/
scroll to the bottom
I bought one of those uncirculated 100 trillion Zimbabwe Dollars notes from Amazon over 10 years ago. Still one of the best investment I’ve ever made. Still in the original plastic sleeve.
From bread basket of Africa to basket case with CBDC, still blaming the colonialists. There is a lesson in there, somewhere.
So its just the federal reserve before they dropped the pretense of having actual reserves again…I’m sure it will work this time!
Zimbabwe claims to have $1 billion in gold within a $30 billion economy (1:30). How much gold do you need to guarantee a currency? I have no idea.
America has $0.5 trillion worth of gold in an economy of $20 trillion (1:40). Less than Zimbabwe.
So who do you trust? Zimbabwe or America? I’m leaning toward the end of the alphabet.
I’m leaning towards neither.
And the bank of canaduh has zero gold backing our currency, but lots of government bonds at very low interest rates (kinda like the insolvent banks in the US). At this point Zimbabwe currency seems to be a better bet.
You can be broke if you have no money; you can also be broke if you have a lot of money rhat isn’t worth anything.
Could Princess Trudeau and the Quebecois even exist without Alberta and Saskatchewan?
What do they offer? LGBT? Grooming children for homosexual sex? Same thing pushed on Afghanistan. Afghanistan chased Americans out of their Country for pushing that Satanic crap.
In this new world of no borders, US Idaho, Montana, North Dakota have more in common with Alberta and Saskatchewan, than Communist Ottawa.
Let’s come together.
No man in the Americas is chained to a carbon tax, outside of Princess Trudeau’s Carbon tax. Just sayin’.
A lot of lead, and a little bit of gold paint. Voila.