Season 1 · Episode 400
Fool’s Gold
Zimbabwe hopes to revive its currency by backing it entirely with gold and foreign currencies. Will it boost confidence or simply constrain the supply of money and further hinder growth?
Debunking Economics - the podcast · Steve Keen & Phil Dobbie
April 24, 202438m 34s
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Show Notes
There are two types of people who buy gold. Speculators who see it as a risk-adverse asset class to buy when other investments look a little shaky. There are also those who hold onto gold because they believe paper money has no intrinsic value and is therefore susceptible to collapse. Zimbabwe, who’s paper currency has been undergoing decades of increasing worthlessness, is now being replaced by a new form of blockchain currency – the ZiG, completely backed by gold and foreign currencies. Phil and Steve discuss whether it’s a smart move for Zimbabwe, before looking at the broader global preoccupation with the stuff.
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