by Mike Maharrey
GoldSeek
Well, that didn’t take long.
In April, Zimbabwe introduced a gold-backed currency in an effort to stabilize the country’s financial system. Less than six months later, the Reserve Bank of Zimbabwe has already devalued the new money.
I hate to say, “I told you so,” but, well, I told you so.
When Zimbabwe launched the ZiG, I warned that a gold-backed currency would be a great step but would not solve the country’s problems unless the government changed its ways.
It appears that hasn’t happened.