The coming crash in the USA, according to Koyle, will be brought about by prices going up, which condition was illustrated to him as being like a person on high stilts. When prices became extremely high, something happened in the land like knocking the stilts from under the person and down came everything.

It looks like Zimbabwe is also experiencing some terrible inflation!

Originally posted on 4/11/2024
By Kevin Hughes

Zimbabwe has introduced a new national currency, the Zimbabwe Gold (ZiG), that is backed primarily by gold and foreign currency reserves.

This comes amid a bid by the southern African nation to stabilize its economy and counteract the devaluation of its previous currency, the Zimbabwean dollar.

Reserve Bank of Zimbabwe Gov. John Mushayavanhu declared on Friday, April 5, while displaying the nation's 2024 monetary policy statement that the "structured currency" or ZiG will be set primarily in gold and foreign currency reserves.

"With effect from today, banks shall convert the current Zimbabwe dollar balances to ZiG," Mushayavanhu stated, while adding that it "will circulate with other currencies in the basket."

"If we implement these measures, we expect them to have an impact on inflation," Mushayavanhu said. "We want a solid and stable national currency in this country. It does not help to print money. Certainly, under my watch, it is not going to happen."

The country's former currency, the Zimbabwean dollar, had depreciated against the U.S. dollar every trading day this year and has diminished in value by 72 percent, making it the world's second worst-performing currency.

As reported by the Zimbabwe National Statistics Agency, the country's annual inflation rate rose to a seven-month high of 55.3 percent in March, up from 47.6 percent in February. The growing costs of food and utilities, along with housing, were the main sources of the increase. (Related: Zimbabwe defies IMF, sells gold-backed digital tokens to stabilize volatile currency.)

Zimbabwe's sixth attempt to reset currency since 2008

The move to create the new Zimbabwe gold currency is the country's sixth attempt to reset its currency into something functional since 2008, when inflation at one point crossed as high as 500 billion percent, making the country's money effectively worthless.

To promote demand for the ZiG, Zimbabwe will make it compulsory for companies to settle at least 50 percent of their tax obligations using the new unit, according to the central bank.

Currently, traders in the southern African nation are rejecting lower denominations of the former Zimbabwean dollar due to its perceived worthlessness, insisting instead on paying for transactions with the U.S. dollar, which is also a legal tender in Zimbabwe.

The plummeting currency has resulted in more than 80 percent of transactions being done in dollars and inflation hastening to 55.3 percent in March from 47.6 percent the previous month.

To restore public confidence, the ZiG will be fully supported by a combination of gold and other precious metals, in addition to foreign currency reserves held at the central bank.

Follow for more stories about gold-backed currencies.

Watch this video from economist Lynette Zang commenting on why she thinks a gold-backed currency might not be enough to save Zimbabwe.

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