from Jesse’s Café Américain:
I don’t think that we have seen such a thing since the gold bonds which went the way of the twenty dollar gold piece in the early part of the 20th century. There is a Bloomberg story on this today that is not generally available so I do not have a link as yet. It will be added as it becomes available. An astute reader sent it my way.
Here is a link to the actual bond announcement on the JSE site. As you may recall, South Africa puts the ‘S’ in BRICS.
Most Americans will struggle with the notion of using any other measure of value than the US dollar, because they have had so little exposure to foreign exchange, except for the occasional trip to Canada or Mexico. But the rest of the world seems more keenly aware that notional currencies are various forms of measurement of value, and the ‘referees’ can move the goalposts if they will.
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