Is that a cowpie?
Posted on 07/22/2015 10:10:35 PM PDT by MinorityRepublican
The glory days of being a millionaire, billionaire and even quadzillionaire are coming to a fast end in Zimbabwe.
The African country’s central bank on Monday will begin a “demonetization” program to work 100-million-dollar, 100-trillion-dollar and other eye-popping bank notes out of circulation, and swap them for clean, less zero-y U.S. dollars.
For every 175 quadrillion, or 175,000 trillion, Zimbabwe dollars, locals will get $5 in exchange. For 250 trillion Zimbabwe dollars, you get $1.
The country has been largely using the U.S. dollar and the South African rand since a decade of hyperinflation — it peaked at 500 billion percent in November 2008 — pretty much collapsed its currency. As central-bank governor John Mangudya told Bloomberg: “We cannot have two legal currency systems. We need therefore to safeguard the integrity of the multiple-currency system or dollarization in Zimbabwe.”
Currently, Zimbabwe’s inflation rate is minus-1%, according to the International Monetary Fund. But the country remains deep in the economic woods, with huge external debt and a mining sector that’s roundly criticized for a lack of transparency, and at the mercy of global commodity-price trends.
As for that $5? In Harare, according to Expatistan, a liter of whole milk is about $1.48, while a Big Mac-type meal will set you back $6. That doesn’t seem so bad, except that the average wage is about $253 a month — that is, for the 30% of the population that’s employed, a figure reported by New Republic earlier this year.
Zimbabwe is also in the club that Greece is trying to avoid. That is, it defaulted on its debt to the IMF back in 1999 and has been on a monitoring program ever since.
(Excerpt) Read more at marketwatch.com ...
No! Really?!
lol...
That’s what our trading partners should do.
:-)
And still, Mugabe remains in power. The man behind the bloody curtains of White Farmer Murders.
Maybe if they just raised their minimum wage?
To quantify the broad money supply of remaining extant ZWL may require a supercomputer - it could easily overflow a 64-bit unsigned integer type...(>18,446,744,073,709,551,615)
Raise the minimum wage to...4 million an hour?
Democrats to call for parity.
Nanzi Pelozi says it not fair...to undocumented
american workers.
Why is it these ruthless dictators live so long? Witness Mugabe, Castro, and their ilk. Why?
Is that a cowpie?
Because from, what I hear...
Some people just have to nasty away before they die.
Zimbabwe should have never ceased being Rhodesia . Ian Smith should have never given in . They were winning militarily . When you are winning militarily ; DON’T QUIT
Zimbabwe can now ship all of its their wonderful currency to USA just in time for America to use it.
Silly things weighed too heavily on Rhodesia and South Africa when the Whites yielded too much. They wanted their international sports teams to be able to compete. They wanted more status when traveling abroad. There were all sorts of economic problems to work around due to sanctions. But now they have worse economic problems, horrible crime, and completely broken countries.
Not to mention the nearly complete displacement and seizure of all white owned and operated farms and other businesses . Rhodesia was once the bread basket of all of Africa with these sturdy and diligent people at helm and pursuing agriculture . Now the natives have , like the Palestinians , let almost everything go completely to hell .
I imagine Mugabe and his policies and practices are some sort of model for Obama in his redistribution of wealth agendas .
There is a special place in hell for these people , and may they soon get to know of it .
I have ten 100 trillion dollar Zimbabwe bills. Bought them on ebay for 5 bucks. I know they’re not even worth that, but I like them.
bookmark
500 billion percent inflation
the only one working were the ones running the printing presses probably
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