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Josh Sigurdson talks with author and economic analyst John Sneisen about the most recent news out of Zimbabwe as the country falls into further chaos following massive demonstrations in the streets against the new President, Emmerson Mnangagwa.
Ten years ago, Zimbabwe faced a massive hyperinflationary event creating hundreds trillionaires out of the homeless. Of course, it hardly bought a loaf of bread, but nonetheless, the price of living inflated to astronomical levels. Robert Mugabe who was in power for decades pushed for a multi-currency system, the only in the world. But more centralization lead to more trouble.
In late 2017, Mugabe was overthrown and Zimbabwe welcomed a new President, Emmerson Mnangagwa. Of course, replacing government with government doesn’t fix the problems of government. Mnangagwa recently raised the price of fuel enormously and fled the country leading to massive demonstrations.
Now, currently, Zimbabwe is facing the second largest inflation in the world! History is repeating once again and it’s set to head to Venezuela levels.
The lessons are clear but people refuse to learn and continue to replace the problem with another form of the same problem. It’s the Hegelian Dialectic of problem, reaction, solution, repeat forever.
This will not end well and the people of Zimbabwe have to look to themselves and decentralization rather than the state and centralization. All fiat currencies fail. They always have, they always will. And government cannot function without the dependence of the apathetic populace.
Being independent and self sustainable will fix this problem. Not replacing it over and over again.
There’s nothing wrong with multiple currencies, but ensuring it’s not state backed legal tender is incredibly important.
Stay tuned for more from WAM!
Don’t forget to check out Mike Maloney’s GoldSilver at the following link:
Video edited by Josh Sigurdson
Graphics by Bryan Foerster and Josh Sigurdson
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