Geopolitical Compass #57
El Salvador is lifting itself up, not thanks to but despite the IMF.
This Week:
Woke Australia getting worse.
El Salvador triumphing over the IMF.
Ukraine: If it didn’t work the 23rd time…
Zimbabwe launches new gold backed currency.
Australia
For those of you living in Australia, strap yourself in for an increasingly frustrating decade:
El Salvador
Since El Salvador adopted Bitcoin as an official currency and a reserve asset for government savings, the nations financial position has been rapidly improving. Not to mention societal benefits also achieved.
It has openly told the IMF to go pound sand with it’s financial restructuring plans for the country (read: debt serfdom). The IMF is not thrilled:
Hopefully more small nations will follow the precedence set by El Salvador and work their way out of debt and monetary slavery.
Argentina had this opportunity, but looks to be falling into line with the US lead international banking system sadly.
The government in Argentina has mandated the registration of cryptocurrency exchanges and other companies in the sector by creating a registry of virtual asset service providers (VASP). The regulations came when the country’s President, Javier Milei, was seen as a proponent of cryptocurrencies but is now facing criticism.
Highly Skilled Workers
Still in El Salvador, President Bukele put the call out yesterday for more highly skilled workers to continue the nations progress, offering citizenship as a sweetener:
Ukraine
As Ukraine continues to decline in the conflict with Russia, it is once again resorting to shelling the Zaporozhye Nuclear Power Plant.
While tensions in the Middle East continue to escalate, it would seem Ukraine is still the highest likelihood for success for those trying to officially kick off WWIII.
Zimbabwe
Battling an inflation rate over 50%, the government of Zimbabwe is launching a new currency backed by gold:
Zimbabwe's central bank launched a new "structured currency" backed by gold on Friday, as it seeks to tackle sky-high inflation and stabilise the country's long-floundering economy.
The ZiG -- short for Zimbabwe Gold -- will replace the Zimbabwean dollar which has tumbled in value over the past year, pushing inflation through the roof, Reserve Bank governor John Mushayavanhu said.
The ZiG will be "fully anchored and fully backed" by a basket of reserves comprising foreign currency and precious metals -- mainly gold, Mushayavanhu added.