Posted on 05/07/2016 12:20:37 PM PDT by Lorianne
When Jim Chanos said earlier this week that days ago that sub-Saharan Africa is facing a severe cash shortage (mostly as a result of their collapsing oil export revenue) he probably did not have the economic basket case of Zimbabwe in mind, and yet this is the country which, after years of monetary and economic collapse "problems", including the occasional bout of hyperinflation, finds itself in the most dire situation.
As News24 reports, just this past week, Zimbabweans formed long queues outside banks on Thursday as a cash shortage prompted the government to announce plans to print a local version of the US dollar and limit withdrawals.
Indeed, it appears that Zimbabwe is about to unveil yet another monetary experiment in which it will print its own version of the US dollar, as an ailing economy fuels a severe cash shortage.
John Mangudya, Zimbabwe’s central bank governor, said Thursday the so-called bond notes will be backed by $200 million in support from the Africa Export-Import Bank, according to the Herald, a local government-owned newspaper. He also announced restrictions on cash and ATM withdrawals, as well as limits on how much cash people can take outside the country.
(Excerpt) Read more at zerohedge.com ...
Those $100 trillion notes go for about $50 each on eBay.
Mugabe should be hung.
From wiki
The Balancing Rocks are geomorphological features of igneous rocks found in many parts of Zimbabwe, and are particularly noteworthy in Matopos National Park and near the township of Epworth to the southeast of Harare. The formations are of natural occurrence in a perfectly balanced state without other support. Their popularity grew when the Reserve Bank of Zimbabwe featured the formations on the last series of Zimbabwean banknotes.[2][3][4][5]
“They are going to print their own counterfeit US currency, and this counterfeit US currency will be legal tender????”
With ‘Bank of Zimbabwe’ printed on them I don’t think it will be confused with ours.
Sure it does, Though I doubt the Zimbabwe government has the credibility to back a new currency.
They should do another Austin Powers movie where Dr. Evil takes over Hasbro and prints legal tender Monopoly money. And the Chinese back him up.
Dey said you wuz hung!
Dey wuz right!
(Did you mean hanged?)
Lol, I have a cash shortage too.
Zimbabwe rocks?, It looked more like a turd to me.
I bought both a 50 and a 100 at a local coin shop for about $8 each. I like to use them as show and tell with liberals. A precious few actually get it.
Uh oh, I just sent my checking account info to some guy who emailed me from Zimbabwe.
Isn’t this something that is NOT acceptable?
Legal US currency can only be printed by the US. Anything else is counterfeit.
It’s a grave marker....................
I got two of them thru Amazon for under five bucks American.
Highest level of native tech to date.
This is Zerohedge doing it’s normal thing. It phrases things in a strange way.
This new dollar isn’t based on their flow of their own economy. Their own economy is completely stagnant. Think 90’s Turkey.
So what they have here is a bunch of “US Cash” (Which isn’t physical cash.. just an account somewhere) that they can print against.
It’s like having a wallet full of Gold notes and Silver notes. One currency is based on one thing, the other on another.
But they are still notes.
If the Fed can do it....
[Export-Import Bank]
What they should do, is focus on the exporting and forget the importing. Or the reverse. I forgot.
“own version” is not a US dollar, but something called a dollar. The headline is a fraud.
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