The Conservative Cave
Current Events => Economics => Topic started by: Chris on January 16, 2009, 03:59:03 PM
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Zimbabwe rolls out Z$100tr note (http://news.bbc.co.uk/1/hi/world/africa/7832601.stm)
Zimbabwe is introducing a Z$100 trillion note, currently worth about US$30 (£20), state media reports.
Other notes in trillion-dollar denominations of 10, 20 and 50 are also being released to help Zimbabweans cope with hyperinflation.
The latest annual figure for inflation, estimated in July last year, was 231m% - the world's highest.
"In a move meant to ensure that the public has access to their money from banks, the Reserve Bank of Zimbabwe has introduced a new family of banknotes which will gradually come into circulation, starting with the Z$10 trillion," Zimbabwe's state-run Herald newspaper quotes a bank statement as saying.
On Tuesday, a 50bn Zimbabwean dollar note was issued, less than a month after a Z$500m bill was released.
(more...) (http://news.bbc.co.uk/1/hi/world/africa/7832601.stm)
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Something to look forward too, with our currency.
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I would be surprised that by summertime, Z$500 quintillion will seem like chump change.
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Something to look forward too, with our currency.
sadly, only too possible.
send my regards to SDJ ! missed hearing from my other old friend.
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(http://i68.photobucket.com/albums/i39/Skizz1979/Demotivation/17-dollars.jpg)
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Something to look forward too, with our currency.
Won't happen here.....you'll be expected to make your own rubber stamp and stamp the zero's on as required.
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Why don't they just devalue or introduce a new currency? Mexico successfully did that with the Nuevo Peso 10 years ago or so. They were able to go from 3,000:1 to 3:1 to USD. Of course when the Mexican President let the NP float it devalued a lot dang near overnight (I was there the week that it happened -- it was, to say the least, interesting).
But it can be done.