Reading time: 1 – 2 minutes
As the great credit contraction grinds on those who make and eat breakfast will shift. A significant problem with fiat currency is that the creation of new money benefits those who do not add value to society. In contrast, a commodity currency must be a tangible asset and therefore must take work to produce. Fiat currency encourages the unsustainable while a commodity currency forces sustainability.
Zimbabwe is a very resource rich country. Their current financial problems have resulted in widespread anger towards the tyrant Mugabe. Inflation leads to shortages, shortages lead to rationing and rationing leads to starvation. I highly recommend viewing this short video by the Guardian about gold being exchanged for bread in Zimbabwe.
While the future is not etched in gold the video serves as a stark current example of what can happen as a result of legal tender laws and not properly dealing with politicians.
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