Zimbabwe 11.2 million % inflation
- Thread starter Ajax
- Start date
And the Boss'es house?
Easy to see where the moneys at.
http://www.chillnite.com/wtf-gallery-of-zimbabwes-robert-mugabe
Dave
Easy to see where the moneys at.
http://www.chillnite.com/wtf-gallery-of-zimbabwes-robert-mugabe
Dave
if the ZBW dollar is worth nothing (the paper is worth more than the currency) and the US dollar isn;t gold backed anymore - you may yet see parity.
how one piece of paper is worth more than another piece of paper still astounds me.
how one piece of paper is worth more than another piece of paper still astounds me.
Funny money
Yep and that is why its called a fiat currency.
The terms fiat currency and fiat money relate to types of currency or money whose usefulness results, not from any intrinsic value or guarantee that it can be converted into gold or another currency, but only from a government's order (fiat) that it must be accepted as a means of payment.
Yep and that is why its called a fiat currency.
The terms fiat currency and fiat money relate to types of currency or money whose usefulness results, not from any intrinsic value or guarantee that it can be converted into gold or another currency, but only from a government's order (fiat) that it must be accepted as a means of payment.
Sorry Dave, that aint Mugabe's house.
I liked this quote
"......as the bank unveiled on August 1 a new series of bank notes after knocking off 10 zeros from its currency."
While "fiat" can just mean a decree, I think this other definition (from Merriam-Webster) is more relevant in relation to currency:
It's the ability to create paper (or electronic) currency with little effort that causes inflation problems. Gold currency really only has more value than paper currency because it can't just be created at the push of a button.
GP
Actually, its value comes from the government's requirement that you pay taxes with it. This creates an underlying demand and supports the value of the currency. People are free to use their own currency if they like - but they don't, because at some point, you always need to exchange it for government money to pay taxes.
Of course, if you're like Mugabe and print trillions and trillions of dollars too many, the value erodes to virtually nothing. But if Zimbabwe was on gold standard and couldn't ruin the country through inflation, I'm sure Mugabe would find another way to achieve it.
I liked this quote
"......as the bank unveiled on August 1 a new series of bank notes after knocking off 10 zeros from its currency."
Don't tell me my new fortune is worthless
Cheers
Shane
"....on or before 31 Dec 2008...."
more inflation expected, do you think....?
yeppers... It does my head in how any works how much something should cost lol.. as i hear, workers want to get paid everyday, restaurants dont have prices on the menu, if you don't pay your old bank loans it is too expensive to buy a stamp to send you a letter, they just write them off..
I can't comprehend how society works! BUT they do need a good leader to step in and stop the madness. Freeze all bank accounts, strip the currency & back it against something stable like gold / US$(haha) etc. etc.
like the old communist breadlines in russia.
if bread is a dollar, bring $5 because by the time you get to the front of the line, that's what it'll cost.
if bread is a dollar, bring $5 because by the time you get to the front of the line, that's what it'll cost.
