When your bank stops you from making online transactions and withdrawing from other banks you think its an attempt to stop externalization foreign currency? Take note of the words "Foreign Currency" we think Zim Dollar is the local Currency, lemme begin by giving you the definition of currency
cur·ren·cy ˈkÉ™rÉ™nsÄ“/
noun: currency; plural noun: currencies
2. The fact or quality of being generally accepted or in use.
Why would the government say foreign currency if there is no local currency? Currency means a system of money. Now you can not buy outside Zimbabwe because your bank has no money, your bank has no foreign currency. what is left in your bank is only a local currency, outside Zimbabwe they are just numbers. Zimswitch is a currency, you can not use Zimswitch in South Africa. The only people in Zimbabwe whose money is safe are holder of Debit accounts and those who have insurance.Yes Zimbabwe has no foreign currency even though you are seeing numbers when you inquire your balance. Those are just numbers, its just liability, it money which is not yet there that's why you can not use it outside Zimbabwe, you can use it here in Zimbabwe and when you use it here you are just changing the creditor, the bank no longer owes you money but it now owes the shop where you bought. Using a bank card its just like using a check, a check is not money, a check is a currency, a check is a bond, you can not use a Zimbabwe local bank check outside Zimbabwe unless you have a debit account with MASTERCARD, VISA, MAESTRO, etc. If you have a Checking Account, Savings account and Credit Account your money is not safe. The government can use your money to bail in banks during bankruptcy and in this case the money is never enough because when banks created loads they created a future liability and the liability was more than ten times the banks assets and even if banks are liquidated there wont be an equilibrium and the only solution is to let the people suffer for a very long time until banks recover.
Or...................
People should pay back loans, If you are a teacher and lets say you earn 400us and your bank gave you a loan of 4000us, it means the bank gave you your future salary for the next ten months or they gave you salaries of 10 0f your fellow teachers. That system could be contained if people didn't import. The system containing strings of credit could remain balancing until now, future liability has caught up. Above mentioned Solution 1 was Letting people suffer till there is an equilibrium and now Solution 2 is; All people who received loans should pay back Loans given to them now now because even if the state is to stop giving those loaned salaries it will also take time only that recovery time would be half.
Another Solution 3 would be to reset the system to Zero but now the thing is the National debt will remain and who will pay our national debt? If we don't reset manually, recession is going to happen still, people will loose Jobs,another Economic Disaster which will take at least 2 years to recover from.
Now Enough! with these Bankruptcy issues an here is a Social layman's Point of view
Imagine a currency that will never loose it value, a currency that can only increase value, a currency accepted anywhere in the world. A currency accepted even by countries that have sanctioned us.
Zimbabwean Economists seem to be blind or they are not blind but it is they causing our economical turmoil.
We do not need Bond Notes. We do not need a debt based currency because it steals our future and most people involved in this scheme are people who no longer have a long future, They are stealing our future.
Its not about Industry, People think that industry is a factory at some industrial site manufacturing Asbestos, Blankets, Stoves and Fridges, mining etc. Music business is an industry, Retailing is an industry, Vending is an industry, Carpentry is an industry, Barbershop is an industry, We already have industry in Zimbabwe.
Loans are killing us. Banks create money out of thin air, They loan more than they have, This practice of loaning more than you have is called “fractional reserve lending.” Loans devalue existing money because of the law of Demand and Supply. Loans have caused the amount of debt exceed the existing quantity of currency in circulation so there is never enough money. Debt is a form of slavery as one can never pay it.
Controversial , Zimbabwe News
