Tag: currency

Posted on by Tim Worstall

$45 Million in Forex Shows How Trivial Zimbabwe’s Economy Has Become

If you’d like a vision of the Ozymandian achievements of Robert Mugabe then here’s a number for you. The central bank governor is boasting that the new foreign exchange market regulations have led to a staggering $45 million in trade. Over three weeks. No, that’s not per week, that’s over the three weeks. Compare this with London’s $2.7 trillion a day.

THE Reserve Bank of Zimbabwe (RBZ) governor John Mangudya says US$45 million has been traded over the past three weeks of the interbank forex market, a 25% increase in the average weekly trades compared to last month.

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Posted on by Tim Worstall

Zimbabwe’s Third Time Lucky – The Return Of The Zim$

That Zimbabwe has suffered the most appalling economic mismanagement in recent decades is clearly true. That it’s a reasonable example of the application of Modern Monetary Theory to the world is also true. MMT says that governments aren’t fiscally constrained, they can just print money to pay for things and as long as the economy has unused resources she’ll be fine. The resources start getting used, all get richer. This should stop once inflation arrives because that’s when it should stop.…

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Posted on by Tim Worstall

Venezuela’s Socialist Corruption – $1 Billion In Bribes Just To Be Able To Steal

A useful and horrifying note on the ghastly economic disaster that Bolivarian socialism has brought to Venezuela. A laddie has admitted collecting $1 billion – yes, that’s one billion dollars in real money – just to allow other people to steal. That’s the grift on top of the actual crime itself note. No, this isn’t just some example of greed, capitalist or anything else, being allowed to run amok. It’s inherent in the stupidity of that socialism that was imposed – price fixing.…

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