Post
Topic
Board Economics
Re: Zimbabweans, again, collapse ...
by
tee-rex
on 24/02/2015, 18:23:21 UTC
http://www.bloomberg.com/news/articles/2015-02-22/greenback-is-king-as-zimbabweans-favor-candy-over-local-coins?hootPostID=e44ced00192fdb94854d0b24733d9fd1

Quote
Coins Disrespected

“The coins aren’t backed by anything and people know that, hence the resistance,” Harare-based economist John Robertson said in a telephone interview Jan. 16.


 Grin so ... use bitcoin instead ... with direct print from paper wallet  Cheesy

I don't understand why they need a financial system at all. It seems to be too expensive for them to maintain.

Quote
While bringing in the U.S. dollar in 2009 helped end an almost decade-long recession and restored financial transactions in what was rapidly becoming a barter economy, it left consumers and retailers scrambling for coins. Shops took to providing change in candy, pens and hastily scribbled “credit notes” for anything from one to 99 cents.