Topping off a weekend of surreal news is the announcement from the Central Bank of Zimbabwe that the country is now evaluating introducing a gold-backed Zimbabwean dollar, and, in keeping with the Salvador Dali feel to the past 48 hours, that the “days of the US dollar as the world’s reserve currency are numbered.” Yes. Zimbabwe, the same place that two years ago sported a brand new crisp Z$100 trillion bill. What is just as odd is that this news comes less than a week after Iran’s President Mahmoud Ahmadinejad criticized US economic policies, saying that the paper currency created by the American government is taking a heavy toll on the global economy. While Zimbabwe, which now transacts almost exclusively in foreign currencies such as the USD and the South African Rand, is actively considering ways to return its own currency into circulation, the man who has up to now served as an inspiration and a role model to Ben Bernanke, Gideon Gono, said the country should consider adopting a gold-backed currency.
The other part of the weekend’s surreal news was the head of the IMF getting arrested for sexual assault in New York.
- Printing money to pay for unsustainable spending is bad, mkay?
- UK Surpasses Zimbabwe In Annual Inflation
- Zimbabwe’s 2008 Inflation was 6 Quinquatrigintillion 500 Quattuortrigintillion %, or 1 Googol 65 million %