The Phaserl


Zimbabwe To Print Its Own US Dollars Amid Severe Cash Shortage

from ZeroHedge:

When Jim Chanos said earlier this week that days ago that sub-Saharan Africa is facing a severe cash shortage (mostly as a result of their collapsing oil export revenue) he probably did not have the economic basket case of Zimbabwe in mind, and yet this is the country which, after years of monetary and economic collapse “problems”, including the occasional bout of hyperinflation, finds itself in the most dire situation.

As News24 reports, just this past week, Zimbabweans formed long queues outside banks on Thursday as a cash shortage prompted the government to announce plans to print a local version of the US dollar and limit withdrawals.

Indeed, it appears that Zimbabwe is about to unveil yet another monetary experiment in which it will print its own version of the US dollar, as an ailing economy fuels a severe cash shortage.

John Mangudya, Zimbabwe’s central bank governor, said Thursday the so-called bond notes will be backed by $200 million in support from the Africa Export-Import Bank, according to the Herald, a local government-owned newspaper. He also announced restrictions on cash and ATM withdrawals, as well as limits on how much cash people can take outside the country.

In its statement, the central bank explained the cash shortage as follows:

The shortage of USD cash in the country as evidenced by queues at some banks and automated teller machines (ATMs) is attributable to a number of intertwined factors that include:

The dysfunctional multi-currency system as a result of the strong USD. In the case of Zimbabwe, the USD has become to be more of a commodity, a safe haven currency or asset than a medium of exchange.
Low levels of use of plastic money and the real time gross settlement (RTGS) platforms. Zimbabwe is predominantly a cash economy.
Low levels of local production to meet consumer demand, leading to higher demand for foreign exchange to import consumer goods.
Low consumer and business confidence as reflected by high appetite by both consumers and business to keep cash outside the banking system.
Inefficient distribution and utilization of scarce foreign exchange resources.

“It is not an overnight process,” Mangudya told the Herald when asked what date the bond notes will be issued. “We are still working on a design which will be sent for printing outside the country. The notes will not be introduced immediately but probably within the next two months.

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4 comments to Zimbabwe To Print Its Own US Dollars Amid Severe Cash Shortage

  • Craig Escaped Detroit

    Ah…..the DREAM of every central bank, to print some kind of money that has value.

    They can only DREAM about printing Gold & Silver.

    We stack, therefor we win.

    Zimbabwe-USA, with our “Greenback-Peso-Dollar”, NO better than the ZIM-dollar.

    Someday soon, the rest of the SHEEPLE will understand that paper-fiats are all frauds, and PM’s are REAL money.


    • Ed_B

      And yet… every bullion dealer in the US will happily accept US$ for their products. Until that changes, the US$ will continue to have considerable value. Compare that to the Z$, where one cannot buy gold or silver or much of anything else with it. What can be used in Zimbabwe to buy things have been US$, EU$, UK£, or gold. Have not heard whether or not silver can be used to buy things there but suspect that it can.

      During the 1930s, gold and silver were money. Yes, they also had paper currency but those were backed by these metals and convertible to them ON DEMAND. This allowed We the People to use whichever form of money was convenient for us. This also served as a brake on government spending because when the government got too frisky with that, We the People demanded more gold and silver for our paper currency, leaving less for the government to squander. It was a push-pull situation that created an equilibrium that was actually quite good for both We the People and the country.

      Enter the banks. They decided not to lend the huge amount of gold they controlled after several years of very loose credit. That period was called The Roaring Twenties. Then, in late 1929, the spigot of easy money was closed, the US stock market crashed, and the Great Depression resulted. That the Roaring Twenties was followed by a deflationary depression was no coincidence. It was planned… and it worked wonderfully because it resulted in the transfer of hundreds of billions of dollars from We the People into the hands of the NYC banksters. In fact, this worked so well that they repeat it about every 80 years. They also do a minor version of it about every 40 years, so as to miss no chance of collecting their ill-gotten gains.

      This was why FDR “called in the gold”… to get it out of the hands of the banks that had almost all of it and into the US Treasury. He knew that if gold continued to be used as money, it would not be long before it was once again in the hands of the NYC banks, where they would once again use it as a wealth-destroying weapon against We the People. Now I am NOT an FDR fan by any means and believe that he had much to answer for. But this was a case wherein he has been much maligned for doing what had to be done to try to rescue We the People from the thrice be-damned NYC banks. Doing this broke the cycle that the banks were using to milk We the People of our hard-earned wealth. Eventually, they found other ways to accomplish the same ends… but that’s another story entirely.

  • Millicent

    The cashless society is under construction

    Two news stories this week are huge reminders that the cashless society already is under construction throughout the Western world.
    I have added the word Western, because there are rumblings from Middle-Eastern countries that Islamic scholars are now working on a new interpretation of Sharia Law to allow gold to be used in commerce. So, while the West is moving toward a digital fiat system, the East is headed in the opposite direction with the intent of placing precious metals at the center of all monetary transactions. What a tragedy for the West.

    The European Central Bank has announced it will stop issuing the €500 euro note by 2018, using the excuse that these notes often are used for illegal activities. A financial expert says that the move benefits the banks because people will find it more convenient to keep their money in the bank and it sets the stage for a cashless society with negative interest rates. Reuters 2016 May 5

    Last month, more than 100 executives from some of the biggest financial institutions, including Nasdaq, Citigroup, Visa, Fidelity, Capital One, and Pfizer met in secret for the unveiling of a proposed digital money system that converts US dollars into digital currency. Promoters say this will reduce crime and corruption, but the real attraction for this group is its role in a cashless society. If there is no currency, then money will exist only in the computers of banks, which means that every transaction – even the payment of a child’s allowance – will generate a bank transaction fee. Your money also will be forever available for confiscation for bank bail-ins and government taxes and fines. These guys can hardly wait. Economic Collapse 2016 May 2 (Story)

    G. Edward Griffin
    2016 May 6

    • glitter 1

      Re 13:16 And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads:
      Re 13:17 And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.

      This was written 2 thousand years ago as a precursor to mark the end of the age/world.

      The cashless system is the precursor/forerunner and one of the ongoing machinations filling the gaps of history to get the world to that end.First the cashless system then the individual tagging,step by step,inch by inch.SNAP! The trap is set/closed!

      The Arabs will never achieve their goal,since the region/world will be embroiled in the planned war to the death of the three monotheistic religions:Christianity,Islam and Judaism.


      Gold and silver will be the catalyst to unit/ring the whole world to rally around the One World Currency,backed by pseudo gold and silver,which means the bank(s)have/hold it,the peons don’t/can’t.

      Yes, the headlines are daily,just data points/dots/dominoes lining up/falling down en route towards the end,which has already been delineated.

      2018 is coming.

      December is coming.

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