Zimbabwe to back its currency with gold

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News Date: February 12, 2024

Update: The IMF urged Zimbabwe to expedite currency reforms during a recent staff visit, emphasizing a move towards a market-driven exchange rate and the removal of existing distortions.
Zimbabwe's Finance Minister announced new measures to stabilize its local currency in an online press briefing held Monday.
Zimbabwe to back its currency with hard assets such as gold to end exchange-rate instability, Finance Minister Mthuli Ncube said.
"The idea going forward is to make sure that we manage the growth of liquidity which has a high correlation to money supply growth and inflation.
The way to do that is to link the exchange rate to some hard asset such as gold," said Ncube.
He also announced a conference of African ministers that Zimbabwe will host at the end of this month.

Trump middle-class tax cuts benefit confirmed

Despite what media and Dems say, Trump's tax cuts benefited the Middle Class the most according to IRS data.
Most middle-income and working-class earners enjoyed a tax cut that was at least double the size of tax cuts received by households earning $1 million or more.
The Tax reform provided the greatest benefits for the middle-income class and spurred economic growth that helped reduce poverty and improve prosperity.
Source: thehill.com

Queen may never return to royal duties

The Queen may never return to regular frontline royal duties if Covid-19 restrictions render public engagements unsafe for years.
The monarch, 94, is in lockdown at Windsor Castle to stop her from catching the killer virus.
Source:the-sun.com

Iraq focuses on BRICS

Iraqi MP Zeinab Al-Mousawi, a prominent member of the parliamentary Oil and Energy Committee, urged the government to make joining the BRICS group a top priority.
Mousawi stressed that this move would bring numerous economic benefits to Iraq, including expanded trade opportunities and enhanced economic independence.
Mousawi stated that BRICS members "are rich in oil, metals, rare minerals used in technological industries, and grains."
Iraq is blessed with abundant resources, including extensive oil reserves, fertile land for agriculture, natural gas, and minerals.
We want to be "Free of Washington's financial and trade restrictions," Mousawi summed it up to Amwaj Media.

The Central Bank of China Extends Gold Buying

China Extends Gold Buying With Fresh Flows to Central Bank.
The People's Bank of China raised its holdings by 30 tons in December, according to data on its website on Saturday.
This follows November's addition of 32 tons, and brings the nation's holdings to a total of 2,010 tons.
Sources: bloomberg

Welcome to quantum computing era FED

Fed Announces It Will Quit Printing Paper Money. The Federal Reserve will not be printing new paper currency (they have already ceased making coins).
PayPal is leaping into the cryptocurrency market, Starting in the next few weeks, users in the US can buy and sell bitcoin and several other digital currencies on the platform.
Quantum computers will be orders of magnitude more powerful than anything we have today. Scientists predict that the emerging era of quantum computing could lead to great breakthroughs.
Sources:themadtruther.com, finance.yahoo.com, www.forbes.com