Why doesn't zeromq work on localhost?

This code works great:

import zmq, json, time

def main():
    context = zmq.Context()
    subscriber = context.socket(zmq.SUB)
    subscriber.bind("ipc://test")
    subscriber.setsockopt(zmq.SUBSCRIBE, '')
    while True:
        print subscriber.recv()

def main():
    context = zmq.Context()
    publisher = context.socket(zmq.PUB)
    publisher.connect("ipc://test")
    while True:
        publisher.send( "hello world" )
        time.sleep( 1 )

But this code doesn't* work:

import zmq, json, time

def recv():
    context = zmq.Context()
    subscriber = context.socket(zmq.SUB)
    subscriber.bind("tcp://localhost:5555")
    subscriber.setsockopt(zmq.SUBSCRIBE, '')
    while True:
        print subscriber.recv()

def send():
    context = zmq.Context()
    publisher = context.socket(zmq.PUB)
    publisher.connect("tcp://localhost:5555")
    while True:
        publisher.send( "hello world" )
        time.sleep( 1 )

It raises this error:

ZMQError: No such device

Why, can't zeromq use localhost interfaces?

Does it only work on IPC on the same machine?