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calendar   Tuesday - January 13, 2009

Not Worth The Effort

Latest Zimbabwezian Money: $Z 50 BILLION



2 weeks ago it was worth $3.30. Last week, $2.20. This week $1.25. Next week? Probably a quarter. Maybe.



A few months ago I posted on the utterly silly currencies being printed in that hellhole, and wondered at what point they would simply give up on the concept of money. Between then and now, not only have they revalued their money by snipping off TEN zeroes [10,000,000,000 to 1], the new currency has deflated just as much. So, in old money $Z100,000,000,000,000,000,000 is worth $Z10,000,000,000 in new money, which will be worth $US 1 by this afternoon. In August I calculated that the value of the ink on the paper was worth far more than the face value of the bills. Today it is billions of times worse. And they still cling to the concept.


The Reserve Bank of Zimbabwe unveiled new $20 billion and $50 billion notes in an advertisement in Monday’s Herald newspaper. It said the notes were being introduced “for your convenience”. In December, the bank printed new $10 billion notes.

But each time a larger denomination note comes, prices shoot up in the shops even though local currency is so scarce that most demand that customers pay in US dollars or South African rand.

Zimbabweans are reeling from the inflation. The largest note ever in the country was $100 billion in August, when the before the bank struck 10 zeros from the currency. Then The Herald newspaper cost 10 new Zimbabwe dollars. Today the paper costs $15 billion.

Zimbabwe’s economy is in meltdown amid a months-long political crisis over President Robert Mugabe sharing power with the opposition amid acute shortages of everything from medication and food to fuel and electricity. A collapse of the piped water system has caused a cholera epidemic that has killed nearly 2,000 people.



Hey Mugabe - I’ve got a new currency idea for you. Here’s a million Zdollars that will hold it’s value:

image




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Posted by Drew458   United States  on 01/13/2009 at 12:33 PM   
Filed Under: • AfricaTyrants and Dictators •  
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