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Source link: http://archive.mises.org/19658/gono-is-worried-about-the-u-s-dollar/

Gono is worried about the U.S. dollar

December 2, 2011 by

Zimbabwe’s money printer extraordinaire, Gideon Gono, says he’s worried about the U.S. dollar and believes “As a country, we still have the opportunity to avoid being caught napping by adopting the Chinese yuan as part of consolidating the country’s look East policy.”

After the Zim dollar crashed in early 2009 with price inflation rates reaching 98%–a day! Since then, most transactions in Zimbabwe have been done in U.S. dollars.

But back when he was creating Zimbabwe dollars by the bail, Gono said, “Therefore, printing money to sustain lives, to build infrastructure and a springboard from which to leap forward, cannot be bad.” At the time he looked to America for inspiration. “Look at the bridges across the many rivers in New York and elsewhere,” Gono told New African, “and the other infrastructure in the country that were built with high budget deficits. There are times when it is necessary to dig deeper and construct or reconstruct.”

“To ensure that my people survive, I had to print money,” Gono told Newsweek. “I found myself doing extraordinary things that aren’t in the textbooks. Then the IMF asked the U.S. to please print money. The whole world is now practicing what they have been saying I should not. I decided that God had been on my side and had come to vindicate me.”

After a couple years of using foreign currencies Gono wants another chance writes New Zimbabwe.

Gono says Zimbabwe should in fact be looking to the Chinese yuan as its main currency, while urgently seeking to restore its own currency which was abandoned in 2009 after a dramatic loss of its value.

According to Gono,

With the continuous firming of the Chinese yuan, the US dollar is fast ceasing to be the world’s reserve currency and the Euro-Zone debt crisis has made things even worse.

A good currency is so hard to find.

{ 9 comments }

HL December 3, 2011 at 1:00 am

Back to Africa! Part two.

Mac December 3, 2011 at 3:16 am

The irony here is top notch.

annuncio gratis December 3, 2011 at 5:19 am

thanks for the help you give

victor December 3, 2011 at 9:18 am

My guess instead of old Zim dollars, they’ll be using Renminbi in the restrooms on the South African border soon. But who knows, when I was a kid the Rhodesian dollar was stronger that the USD. Thirty years of Mugabe command economics, has resulted in more magnitudes of depreciation than Carl Sagan could even pronounce. The USD could easily follow suit.

Rhodesia was Super.

Inquisitor December 3, 2011 at 3:47 pm

This stuff is like comedy…

Jahfre Fire Eater December 4, 2011 at 4:28 pm

Inflation is the USA’s primary export. Any country doing business the USA must eventually inflate their currency to cover their stash of dollars.

Nuke Gray December 4, 2011 at 6:45 pm

A recent joke from the toastmaster magazine-
Q. Where is the capital of Zimbabwe?
A. Switzerland!
Maybe you should all invest in australian dollars. Our economy is doing quite well, thank you.

Ball December 5, 2011 at 12:39 am

Pssst, Gono. It’s not too late to get on the GOLD TRAIN!

Chinese banks have already started monetizing the stuff.

rodney December 5, 2011 at 7:38 am

I’m afraid that gold will not be monetized. The gold bubble will pop.

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