Zimbabwe introduces new $50 billion note

What a strange attempt to solve their problems. Maybe there is something wrong with your system if you can't print money fast enough to keep up with inflation.

Re: Zimbabwe introduces new $50 billion note

#5

Post by iigs » Sat, Jan 10, 2009, 7:42 PM UTC

In August last year, the RBZ slashed ten zeros from the currency. But the zeroes have bounced back with more vigor.

That means in before August 2008 these would have been 500,000,000,000,000,000,000 notes. Yikes.

Re: Zimbabwe introduces new $50 billion note

#6

Post by wheels » Sat, Jan 10, 2009, 7:49 PM UTC

It's amazing how thoroughly has been completely destroyed in the last decade. What I think most first-world readers miss is that Zimbabwe is not one of those (previously) ultra-poor, undeveloped countries -- it's had a frighteningly long fall to get to where it is now.

Re: Zimbabwe introduces new $50 billion note

#7

Post by dcurtis » Sat, Jan 10, 2009, 8:03 PM UTC

wheels wrote: post #6

It's amazing how thoroughly has been completely destroyed in the last decade. What I think most first-world readers miss is that Zimbabwe is not one of those (previously) ultra-poor, undeveloped countries -- it's had a frighteningly long fall to get to where it is now.

Yeah, it used to be considered a model African country, with the highest increases in standard of living year/year of any country in the world.

Robert Mugabe destroyed Zimbabwe.

Wikipedia has some really excellent further reading on Mugabe and Zimbabwe:

http://en.wikipedia.org/wiki/Robert_Mugabe

http://en.wikipedia.org/wiki/Zimbabwe

http://en.wikipedia.org/wiki/Economy_of_Zimbabwe

Re: Zimbabwe introduces new $50 billion note

#8

Post by vaksel » Sat, Jan 10, 2009, 8:04 PM UTC

How can an economy survive with such an inflation? How can you work, knowing that the salary you agreed to at the beginning of the day, is now worth 10 times less

Re: Zimbabwe introduces new $50 billion note

#9

Post by mattmaroon » Sat, Jan 10, 2009, 8:07 PM UTC

Damn, just when I bought the $25 billion of eBay.

Re: Zimbabwe introduces new $50 billion note

#10

Post by Anon84 » Sat, Jan 10, 2009, 8:08 PM UTC

wheels wrote: post #6

It's amazing how thoroughly has been completely destroyed in the last decade. What I think most first-world readers miss is that Zimbabwe is not one of those (previously) ultra-poor, undeveloped countries -- it's had a frighteningly long fall to get to where it is now.

Getting rid of Mugabe and reinstating private property rights would go a long way in the right direction.