NATION

PASSWORD

Zimbabwe reforms their currency. Again.

For discussion and debate about anything. (Not a roleplay related forum; out-of-character commentary only.)

How long will the Zimbabwe Gold last?

Poll runs till Sat Jun 08, 2024 3:01 pm

2 months (fourth dollar)
7
17%
6 months (third dollar)
4
10%
1 year
3
7%
2 years (second dollar)
4
10%
5 years (fifth dollar)
4
10%
10 years
0
No votes
20 years
0
No votes
26 years (first dollar)
1
2%
30+ years
3
7%
Nah, I'm still using the US dollar
15
37%
 
Total votes : 41

User avatar
Minoa
Negotiator
 
Posts: 6129
Founded: Oct 05, 2011
Civil Rights Lovefest

Zimbabwe reforms their currency. Again.

Postby Minoa » Tue Apr 09, 2024 3:01 pm

Sources: https://www.bbc.co.uk/news/world-africa-68736155 and https://www.aljazeera.com/news/2024/4/5 ... -inflation

After burning through five incarnations of the Zimbabwean dollar since gaining its independence from the United Kingdom in 1980, Zimbabwe's Reserve Bank governor John Mushayavanhu has introduced a new currency called the Zimbabwe Gold (ZiG), which he claims is backed by US$285 million of gold, reserve currencies and precious minerals.

However, Zimbabweans aren't impressed because of the high number of failed currency reforms (for the record, Brazil burned through eight currencies before the real), and so the US dollar (despite all the flaws) is still the ordinary Zimbabwean folk's currency of choice.

How long do you think this latest currency reform will last? I think the current Zimbabwean government isn't going to resist the urge to put the printing presses into overdrive for much longer: then we'll be back to square one … you know what, I made a poll.
Mme A. d'Oiseau, B.A. (State of Minoa)

User avatar
Valentine Z
Postmaster-General
 
Posts: 13129
Founded: Nov 08, 2015
Scandinavian Liberal Paradise

Postby Valentine Z » Tue Apr 09, 2024 6:32 pm

I have definitely heard of the old Zimbabwean Dollar - the one where inflation got so bad that the graph was exponential on a log scale! Yes, it is basically log on a log scale. I have read about a couple of cases, so... this time, I am hoping that, at the very least, they are not printing money freely and, you know, don't do anything that would result in little-to-no experienced farmers having to run the place.

The first one, AFAIK, was sparked by white farmers being driven out or evicted. To quote Wikipedia: "In the late 1990s, the government instituted land reforms in the name of anti-colonialism intended to evict white landowners and place their holdings in the hands of black farmers. However, many of the new farmers had no experience or training in agriculture. Many farms simply fell into disrepair or were given to Mugabe loyalists. From 1999 to 2009, the country experienced a sharp drop in food production and in all other sectors." From that point forward, the government was simply printing more and more (and bigger denominations) until the whole thing collapsed.

* To be absolutely clear, this is NOT some racist diatribe about how black farmers don't know how to farm, I am not saying that at all; they simply were not given training before Mugabe did his thing.

------

Going back to the current one... let's hope for the best for this time, eh? All they will have to do is ensure that farmers are well-trained and able, on top of, you know, not printing money like you would with Monopoly money.

I am going to go with 2 years, because I don't want to be pessimistic, but also not too optimistic !
Last edited by Valentine Z on Tue Apr 09, 2024 6:42 pm, edited 5 times in total.
Val's Stuff. ♡ ^_^ ♡ For You
If you are reading my sig, I want you to have the best day ever ! You are worth it, do not let anyone get you down !
Glory to De Geweldige Sierlijke Katachtige Utopia en Zijne Autonome Machten ov Valentine Z !
(✿◠‿◠) ☆ \(^_^)/ ☆

Issues Thread Photography Stuff Project: Save F7. Stats Analysis

The Sixty! Valentian Stories! Gwen's Adventures!

• Never trouble trouble until trouble troubles you.
• World Map is a cat playing with Australia.
Let Fate sort it out.

User avatar
Zantalio
Diplomat
 
Posts: 603
Founded: Dec 08, 2023
Inoffensive Centrist Democracy

Postby Zantalio » Wed Apr 10, 2024 6:46 am

Please no hyperinflation please no hyperinflation. Seriously though, I’m skeptical that this would last again.
This nation only partly represents my beliefs, so I’m a conservative. Also a proud Filipino!

My PolComp results, i guess
I retook it; I’m a Classical liberal or not progressive liberal.
The only thing necessary for the triumph of evil is for good men to do nothing.

-Edmund Burke
STUPID Countryballs loving NSer
Class 1.4 nation according to this.
NS stats aren’t canon (unless if I say so); I need to make more factbooks!
My stupidity is inevitable; just wait for it to happen.
My Radio: Hava Nagila; Black Hole Sun; Buwan (Kundiman); Hallelujah

User avatar
Risottia
Khan of Spam
 
Posts: 55349
Founded: Sep 05, 2006
Liberal Democratic Socialists

Postby Risottia » Thu Apr 11, 2024 1:56 am

All your hyperinflation are belong to us.
You have no chance to repay make your time.
Ha ha ha.
Take off every ZiG for great justice.
.

User avatar
Unified Communist Councils
Envoy
 
Posts: 301
Founded: Jul 22, 2021
Ex-Nation

Postby Unified Communist Councils » Thu Apr 11, 2024 3:37 am

The economic theory behind it is sound, but well, time will tell if this policy will be executed in a competent manner.
⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀〖⠀E.A.U | 统一的人民公社⠀〗⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀『All Proles, emancipated in harmony, in Yan Sooyoung.』⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀「1 PAE, first year of the Yan Calender, when our dearest Archon rescued a dying world.」⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
OVERVIEW | MILITARY | ANTHEM OF THE ALL-UNION | EMBASSY
【Seonjeon TV:】『Erudia Achieves New Space Milestone with Successful Launch of 'Unity Star' Satellite!』| 『Renowned Artist Kim Minji Unveils Stunning Exhibition at Erudian National Gallery!』|『Unity and Solidarity Prevail: Erudia Celebrates 57th Anniversary of All-Union Formation』|『Cybersecurity Breach Exposes Sensitive State Secrets: General Secretary Yevgeny Novikov Blames Foreign Hackers!』

User avatar
Weimar Republic RP
Lobbyist
 
Posts: 12
Founded: Jan 10, 2024
Inoffensive Centrist Democracy

Postby Weimar Republic RP » Thu Apr 11, 2024 3:48 am

Zimbabwe strong! Good job Zimbabwe! Your currency is gonna do really great! 100% five times the charm am I right. The ZIG sounds cool though.

User avatar
Turenia
Diplomat
 
Posts: 646
Founded: Mar 12, 2024
Moralistic Democracy

Postby Turenia » Thu Apr 11, 2024 3:56 am

This is one of those developments that makes me yawn
Republic of Turenia
Joined NATO 2009
EU negotiations opened 2022
For: Economic liberalism, civic nationalism, secularism, Europeanism, NATO, Israel

Against: Far left/right, liberalism, Islamism, Putin, unchecked migration

User avatar
Mutadura
Lobbyist
 
Posts: 15
Founded: Mar 21, 2024
New York Times Democracy

Postby Mutadura » Thu Apr 11, 2024 8:03 am

Zim hasn't had it so good in very long time. It is my hope as a member of Zimbabwe's white diaspora in America that the ZiG will pave the way for the future growth and development of the national economy thus allowing the average Zimbabwean irrespective of race and colour to live normal lives unhindered by hyperflation and price increases (mark ups) on everyday consumer goods and staples.

That being said, nothing is certain in Africa. Perhaps within a period of less than 6 months, the ZiG will join the ZWL in the currency graveyard as yet another victim of hyperinflation brought about by fiscal irresponsibility rooted in budgetary excesses. Nevertheless, we will have to see how things turn out.

Pembari NeZimbabwe!
For: civic nationalism, pillarization, traditionalism, social democracy

Against: fascism, communism, islamism, zionism, globalism

User avatar
Inner Albania
Ambassador
 
Posts: 1035
Founded: Jul 21, 2022
Inoffensive Centrist Democracy

Postby Inner Albania » Fri Apr 12, 2024 10:05 am

Wait, isn't Zimbabwe the same country that made 100 trillion dollar bills?
A Class 0.857 Civilization according to this index.
YouTube channel: https://www.youtube.com/@pabblo1 Proud member of the South Pacific

My time on NS may be limited.

User avatar
Risottia
Khan of Spam
 
Posts: 55349
Founded: Sep 05, 2006
Liberal Democratic Socialists

Postby Risottia » Fri Apr 12, 2024 10:51 am

Inner Albania wrote:Wait, isn't Zimbabwe the same country that made 100 trillion dollar bills?

Yeah, but the problem is that the ink used to write "100 trillion dollars" is worth more than the nominal value of the bill.
.

User avatar
Herador
Powerbroker
 
Posts: 9002
Founded: Mar 08, 2011
Democratic Socialists

Postby Herador » Fri Apr 12, 2024 10:56 am

Risottia wrote:
Inner Albania wrote:Wait, isn't Zimbabwe the same country that made 100 trillion dollar bills?

Yeah, but the problem is that the ink used to write "100 trillion dollars" is worth more than the nominal value of the bill.

You just gotta hope this one works out for them.
Vaguely a pessimist, certainly an absurdist, unironically an antinatalist.

User avatar
The Two Jerseys
Postmaster of the Fleet
 
Posts: 21041
Founded: Jun 07, 2012
Father Knows Best State

Postby The Two Jerseys » Fri Apr 12, 2024 12:07 pm

They should design their money like scratch-off lottery tickets, when inflation goes up you just scratch off a space next to the denomination to add another zero to it.
"The Duke of Texas" is too formal for regular use. Just call me "Your Grace".
"If I would like to watch goodness, sanity, God and logic being fucked I would watch Japanese porn." -Nightkill the Emperor
"This thread makes me wish I was a moron so that I wouldn't have to comprehend how stupid the topic is." -The Empire of Pretantia
Head of State: HM King Louis
Head of Government: The Rt. Hon. James O'Dell MP, Prime Minister
Ambassador to the World Assembly: HE Sir John Ross "J.R." Ewing II, Bt.
Join Excalibur Squadron. We're Commandos who fly Spitfires. Chicks dig Commandos who fly Spitfires.

User avatar
Partybus
Minister
 
Posts: 2293
Founded: Oct 20, 2007
Left-Leaning College State

Postby Partybus » Fri Apr 12, 2024 1:27 pm

I had a Zimbabwe $1,000,000.00 bill, I bought it for ten American, sold it for twenty, it was a good investment...

User avatar
Partybus
Minister
 
Posts: 2293
Founded: Oct 20, 2007
Left-Leaning College State

Postby Partybus » Fri Apr 12, 2024 1:31 pm

The Two Jerseys wrote:They should design their money like scratch-off lottery tickets, when inflation goes up you just scratch off a space next to the denomination to add another zero to it.


What a great idea, you should mark this post as "patent pending" just in case :)

User avatar
Minoa
Negotiator
 
Posts: 6129
Founded: Oct 05, 2011
Civil Rights Lovefest

Postby Minoa » Fri Apr 12, 2024 4:37 pm

Partybus wrote:I had a Zimbabwe $1,000,000.00 bill, I bought it for ten American, sold it for twenty, it was a good investment...

The 100,000,000,000,000 ZWR bill goes for nearly $200 each on eBay. I have five in my collection, back when they went for less than $10.

And how on earth did I miss the Zero Wing reference?
Mme A. d'Oiseau, B.A. (State of Minoa)

User avatar
Shrillland
Postmaster of the Fleet
 
Posts: 22521
Founded: Apr 12, 2010
Scandinavian Liberal Paradise

Postby Shrillland » Fri Apr 12, 2024 10:54 pm

How America Came to This, by Kowani: Racialised Politics, Ideological Media Gaslighting, and What It All Means For The Future
Plebiscite Plaza 2024
Confused by the names I use for House districts? Here's a primer!
In 1963, Doctor Who taught us all we need to know about politics when a cave woman said, "Old men see no further than tomorrow's meat".

User avatar
Bursken
Envoy
 
Posts: 265
Founded: Sep 03, 2020
Left-wing Utopia

Postby Bursken » Fri Apr 12, 2024 11:05 pm

Let’s hope it works this time
I like things and stuff
You like things and stuff
Let's be friends!

We need more happy people. Let’s talk! I’ll try and make you happier

Lefty shmefty

User avatar
Daphomir
Diplomat
 
Posts: 661
Founded: Jan 30, 2024
Democratic Socialists

Postby Daphomir » Fri Apr 12, 2024 11:11 pm

Now I am become Death, the Destroyer of Communism
NDDR: Level 3
All NS stats are canon (except for Atheism)

NATION CLASSIFICATION IS NOT CANON

User avatar
Minoa
Negotiator
 
Posts: 6129
Founded: Oct 05, 2011
Civil Rights Lovefest

Postby Minoa » Sat Apr 13, 2024 4:16 pm

Bursken wrote:Let’s hope it works this time

My hopes on the Zimbabwean Gold are not that high: Shrillland rightfully pointed out that the reserves are about 8% of what is needed to break even.

If the monetary cone manages to reach the trillions or quadrillions, I will snap up as many of such banknotes as possible, because they will eventually go for hundreds like the $100 trillion banknote of the third dollar.
Mme A. d'Oiseau, B.A. (State of Minoa)

User avatar
Saiwana
Ambassador
 
Posts: 1098
Founded: Mar 12, 2023
Father Knows Best State

Postby Saiwana » Sat Apr 13, 2024 5:11 pm

Zimbabwe can successfully reform its currency, but they have to temporarily go back to gold standard or something that isn't fiat currency. That can only be done after people already trust a currency as a store of value or legal tender which isn't the case now.
Last edited by Saiwana on Sat Apr 13, 2024 5:12 pm, edited 1 time in total.
Was Saiwania from 2008 to 2023. Remember the past, but strive for your future.

User avatar
Kerwa
Minister
 
Posts: 2804
Founded: Jul 24, 2021
Compulsory Consumerist State

Postby Kerwa » Sat Apr 13, 2024 8:07 pm

It won’t work. Libraries could be filled with books on why, but no-one has read them; including politicians in the west apparently.

User avatar
Kerwa
Minister
 
Posts: 2804
Founded: Jul 24, 2021
Compulsory Consumerist State

Postby Kerwa » Sat Apr 13, 2024 8:08 pm

Saiwana wrote:Zimbabwe can successfully reform its currency, but they have to temporarily go back to gold standard or something that isn't fiat currency. That can only be done after people already trust a currency as a store of value or legal tender which isn't the case now.


Currency has never been a store of “value” - whatever that is. It’s not what it is for.

User avatar
El Lazaro
Negotiator
 
Posts: 6215
Founded: Oct 19, 2021
Left-wing Utopia

Postby El Lazaro » Sat Apr 13, 2024 9:22 pm

Unified Communist Councils wrote:The economic theory behind it is sound, but well, time will tell if this policy will be executed in a competent manner.

While this is a step that should be taken, Venezuela has repeatedly proved the point that it’s not enough to be considered “sound” by itself. Tackling economic mismanagement and government dysfunction should be the first priorities of the government. Thankfully, the ZANU has no history of disastrous economic policies, corruption, political instability, etc., so Zimbabwe is in good hands.

User avatar
Minoa
Negotiator
 
Posts: 6129
Founded: Oct 05, 2011
Civil Rights Lovefest

Postby Minoa » Sun Apr 14, 2024 1:31 am

El Lazaro wrote:
Unified Communist Councils wrote:The economic theory behind it is sound, but well, time will tell if this policy will be executed in a competent manner.

While this is a step that should be taken, Venezuela has repeatedly proved the point that it’s not enough to be considered “sound” by itself. Tackling economic mismanagement and government dysfunction should be the first priorities of the government. Thankfully, the ZANU has no history of disastrous economic policies, corruption, political instability, etc., so Zimbabwe is in good hands.

Then what explains the fact they they issued a ZWR 100 trillion note, under Mugabe of the ZANU–PF?
Mme A. d'Oiseau, B.A. (State of Minoa)

User avatar
Risottia
Khan of Spam
 
Posts: 55349
Founded: Sep 05, 2006
Liberal Democratic Socialists

Postby Risottia » Sun Apr 14, 2024 1:52 am

Herador wrote:
Risottia wrote:Yeah, but the problem is that the ink used to write "100 trillion dollars" is worth more than the nominal value of the bill.

You just gotta hope this one works out for them.

Seriously, there's no chance. A national currency depends strongly on the national economy's fundamentals, and Zimbabwe is in tatters - well, of course it's fault of the evil unAfrican white gays as per official ZANU-PF statements.

Minoa wrote:Then what explains the fact they they issued a ZWR 100 trillion note, under Mugabe of the ZANU–PF?

As per above: unAfrican white gays!
Btw I think you could have missed some sarcasm in the post you were replying to.
Last edited by Risottia on Sun Apr 14, 2024 2:01 am, edited 1 time in total.
.

Next

Advertisement

Remove ads

Return to General

Who is online

Users browsing this forum: Corporate Collective Salvation, Dazchan, Elejamie, Ifreann, New Benovia, Port Carverton, Saint Norm, Starosa, Statesburg, Stellar Colonies, The Way Sun Cooperation, Tiami, Tungstan, Valyxias

Advertisement

Remove ads