Monday, Feb 16, 2009
There but for the Grace of God
Telegraph: Zimbabwe introduces $100 trillion banknote
Hyperinflation has forced the central bank to continue to release new banknotes which quickly become almost worthless.
There is an official exchange rate, but most Zimbabweans resort to the informal market for currency transactions.
Posted by gardeniadotnet @ 09:54 PM (480 views) Add Comment
3 Comments
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1. gardeniadotnet said...
Besides the colour of their skin, what's the difference between Mugabe and Brown?
After all, both are doing what they think is right, aren't they?
2. gardeniadotnet said...
Economists have it schooled into them that money doesn’t matter, that it is just a veil over barter, there to make it easier to swap commodities than it would be if you actually had to find someone who had what you wanted, and wanted to sell what you wanted to buy.
The argument that persuades them goes something like this: What would happen if you simultaneously doubled all prices and all incomes?
Nothing!
Steve Keen
3. jonb said...
This is ancient news. Since then, they have knocked another 12 zeros off the currency, and introduced new notes going up to Z$500.