Zimbabwe May Go On a Gold Standard; Disses U.S. Dollar

by Robert Wenzel
Economic Policy Journal

Recently by Robert Wenzel: On the Road With Ron Paul

During a weekend that appears to have been designed by Salvador Dali on a Timothy Leary assisted LSD trip, Zimbabwe's central bank president, Dr Gideon Gono, is calling for Zimbabwe to consider going on the gold standard.

Zimbabwe best known for their inflationary ways (their inflation rate reached 489 billion percent in September 2008) has possibly recognized that the former leader of the bankster world the arrested Dominique Strauss-Kahn is a bankster scam artist and that gold is the only real hard money.

“There is a need for us to begin thinking seriously and urgently about introducing a Gold-backed Zimbabwe currency which will not only be stable but internationally acceptable,” he said in an interview with state media, reports New Zimbabwe.

“We need to re-think our gold-mining strategy, our gold-liberalisation and marketing strategies as a country. The world needs to and will most certainly move to a gold standard and Zimbabwe must lead the way.”

Gono totally dissed the dollar:

Gono said the inflationary effects of United States’ deficit financing of its budget was likely to impact other countries to leading to a resistance of the green back as a base currency.

“The events of the 2008 Global Financial Crisis demand a new approach to self reliance and a stable mineral-backed currency and to me, Gold has proven over the years that it is a stable and most desired precious metal,” Gono said.

What can I say? Call it the Ron Paul impact. After a very bad Keynesian trip, Zimbabwe now recognizes the truth spoketh by Ron Paul.

Reprinted with permission from the Economic Policy Journal.

May 17, 2011

©2011 Economic Policy Journal

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