Zimbabwe to introduce gold coins as local currency tumbles

[grubstake]

https://www.abc.net.au/news/2022-07-05/zimbabwe-introduced-gold-as-currency/101211098

 

[hAyyoUinAU]

I was born in Zimbabwe. Rhodesia back then.

 

[Mackka]

https://www.abc.net.au/news/2022-07-05/zimbabwe-introduced-gold-as-currency/101211098

200% and aussies are complaining about 1.35%. We managed 18% back in the day, God help these young folks.

 

[user 4485]

200% and aussies are complaining about 1.35%. We managed 18% back in the day, God help these young folks.

Australia's inflation rate for Q1 2022 was 5.1% & forecast to settle at 3-4%.
The 1.35% is the cash rate (interest) which is an instrument used to influence inflation.
Zimbabwe inflation went from about ~130% to 191.6% in June, it has been over 800% in 2020 & bank lending was banned. The cash rate (interest) went from ~60% to 80% to 200%
We are still a lot better off than most countries.

 

[hAyyoUinAU]

You do not want to live in Zimbabwe, that I can guarantee.

 

[user 4386]

I thought they had decided to use the US dollar for that reason. I wonder what happens, Back to 20 million dollars for a loaf of bread.... It is terrible when this happens, so hard for the Third World to get ahead.

 

[Gold1hunter]

Australia's inflation rate for Q1 2022 was 5.1% & forecast to settle at 3-4%.
The 1.35% is the cash rate (interest) which is an instrument used to influence inflation.
Zimbabwe inflation went from about ~130% to 191.6% in June, it has been over 800% in 2020 & bank lending was banned. The cash rate (interest) went from ~60% to 80% to 200%
We are still a lot better off than most countries.

Cash in all our gold and loan money for just 50% interest, everyone would be lining up to refinance.
Probably get a 100% default rate though.
COME IN SPINNER!

 

[grubstake]

Latest update:
https://www.abc.net.au/news/2022-07-25/zimbabwe-gold-coins-to-curb-inflation/101268850

 

[Phil8303]

Inflation is a massive issue globally at the moment. Either way, I wouldn't wish hyperinflation on any nation, let alone those third world countries who have struggled for years with the issue.