Posted on 02/02/2009 9:38:24 PM PST by TigerLikesRooster
February 3, 2009
Nothing to lose: how Mugabe’s banker turned Z$1,000,000,000,000 into Z$1
Notes with many zeros confused people and computers. So Gideon Gono ordered that noughts be crossed out
Martin Fletcher in Harare
Gideon Gono, widely regarded as the world’s most disastrous central banker, knocked another 12 zeros off the Zimbabwean dollar yesterday in an attempt to bring the national currency back from the realms of the fantastical.
In a stroke, the governor of Zimbabwe’s Reserve Bank slashed the street value of the Zimbabwean dollar from $250 trillion to one US dollar to 250, because the computers, calculators and people could no longer cope with all the zeros.
To counter an inflation rate that economists now estimate to be 5,000,000,000,000,000,000,000 (five sextillion) per cent, Mr Gono has now struck 25 zeros from the plunging national currency since August 2006. One American dollar would now buy Z$2,500,000,000,000,000,000,000, 000,000 (2.5 octillion) had he not done so.
Mr Gono’s announcement came just weeks after the introduction of a Z$100 trillion note, the latest and biggest of 35 denominations that he has brought in since January last year but only enough yesterday to buy half a loaf. “The zeros are too many for our machines to handle,” said Obert Sibanda, the chairman of the Zimbabwe National Chamber of Commerce.
(Excerpt) Read more at timesonline.co.uk ...
Ping!
Darn it makes it harder now to be a Zimbabwean Millionaire....
Sounds like Obama Cabinet position material to me !
Hire him, confirm him, ignore the ignorance of his bad luck and lack of skills !!
< / frustration>
“Obert Sibanda, the chairman of the Zimbabwe National Chamber of Commerce”
It’s hard to believe there is still such a thing as a Zimbabwe National Chamber of Commerce.
There currency is just as big a joke as there leader.
Maybe they should put some pictures of bozo the clown on the notes to complement the zeroes.
>Manning the print press for Zimbabwe currency must be a real fun.:-)
Indeed.... but maybe I ought to convert my money to Zimbabwean Dollars so that when our dollar crashes and theirs stabilizes, I’ll come out with a gain.... [/half-sarc]
From billionaire to poor again by the stroke of a pen.
Ink manufacturers and minorities hardest hit.
The Mystic Knights of the Sea are in control in Zimbabwe..
The Convention 3 parts
http://www.youtube.com/watch?v=B09QHDWLgo0
http://www.youtube.com/watch?v=BOFM5PStH6Y&feature=related
http://www.youtube.com/watch?v=NO_o2BAa1M8&feature=related
At least for a couple of weeks. Don't put away the zeroes, you'll need them soon.
What I want to know is how many Z$ to a monopoly $?
“From billionaire to poor again by the stroke of a pen.”
Just wait a couple hours and you’ll be rich again!!
LOL!
the printers seem to have the only jobs left in Zimbabwe
considering how hard it must be to get ink and special paper for currency printing I wouldn’t be suprised if the whole process hasn’t been outsourced to china.
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