Thursday, 29 January 2009

Zim shows the way to euroland

This could a model for the UK as it gradually adopts the Euro:

Zimbabweans will be allowed to conduct business in other currencies, alongside the Zimbabwe dollar, in an effort to stem the country's runaway inflation. The announcement was made by acting Finance Minister Patrick Chinamasa.

BBC southern Africa correspondent Peter Biles says the Zimbabwean dollar has become a laughing stock. A Z$100 trillion note was recently introduced. Until now only licensed businesses
could accept foreign currencies, although it was common practice.

(from the BBC)


Anonymous said...

For those that haven't seen this before:

Laugh ... and then weep!

dearieme said...

Hayek advocated the use of competing currencies. Smart laddie, Hayek.

John McClane said...

I'm printing my own.


A said...

erm, you can already.

There is no restriction in the UK on which currency you choose to use.

You can quite legally run a UK Ltd company using Euro's or any currency. Its just a pain dealing with exchange rates so most people don't. You still have to submit your accounts in GBP.

Also Euro denominated accounts for personal use have been available from all the major high street banks for at least the last 5 years.

Anonymous said...

zimbabwe under economic santions has some excuse for turnung to the printing press in an attempt to keep its government functioning.
The poor have no savings whose value can be inflated away and only live day to day.
Brown and Bernanke have no such excuses for printing money to hand over free to bank investors.