The $100 trillion Zimbabwe bank note
AFP:
Only a despot could survive this kind of incompetence. African leaders are still trying to keep him around for reasons that have little to do with the plight of the people of Zimbabwe.
Zimbabwe unveiled a 100 trillion dollar note Friday in the latest grim measure of its staggering economic collapse, heightening the urgency of a new round of unity talks set for next week.That Mugabe sure knows how to manage an economy. Was colonialism ever this bad? No.
...The new 100,000,000,000,000 Zim-dollar bill would have been worth about 300 US dollars (225 euros) at Thursday's exchange rate on the informal market, where most currency trading now takes place, but the value of the local currency erodes dramatically every day.
The move came just one week after the bank released a series of billion-dollar notes, which already are not worth enough for workers to withdraw their monthly salaries.
Inflation was last reported at 231 million percent in July, but the Washington think-tank Cato Institute has estimated it now at 89.7 sextillion percent -- a figure expressed with 21 zeroes.
When Mugabe took power at independence from Britain in 1980, the Zimbabwe dollar was equivalent to the British pound.
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Only a despot could survive this kind of incompetence. African leaders are still trying to keep him around for reasons that have little to do with the plight of the people of Zimbabwe.
When the Dilbert strip was dealing with inflation in Elbonia reaching one billion percent per day, one of the gags had prices increasing a hundred-fold in a few minutes. It occurred to me to calculate the actual per-minute rate. It was 1 1/8 percent.
ReplyDeleteWhat is the per-minute rate in Zimbabwe?
It turns out to be very close to one percent. Still not quite at Elbonian levels.
Surprised?