Inflation Champ Zimbabwe Lops 10 Zeros Off Currency - What is Money Worth?

News Type: Event — Seeded on Wed Jul 30, 2008 9:14 AM EDT

Article Source: CBC

Beset by political chaos and runaway price inflation, Zimbabwe is stripping 10 zeros off its nearly worthless currency so that 10 billion dollars become a dollar, news agencies reported Wednesday.

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{"commentId":2319022,"authorDomain":"jcatom"}

JCAtom

Computers, calculators and automated teller machines have been unable to handle basic transactions in billions and trillions of dollars, the Associated Press reported, adding that Gono just last week introduced a 100-billion-dollar note that is not enough to buy a loaf of bread.

{"commentId":2319022,"threadId":"322472","contentId":"1706384","authorDomain":"jcatom"}

1 vote

#1 - Wed Jul 30, 2008 9:18 AM EDT

{"commentId":2335781,"authorDomain":"patriciaad"}

patriciaad

Even with our country's problems, this makes me so grateful to live here.

{"commentId":2335781,"threadId":"322472","contentId":"1706384","authorDomain":"patriciaad"}

2 votes

#1.1 - Thu Jul 31, 2008 5:55 PM EDT

{"commentId":2335809,"authorDomain":"jcatom"}

JCAtom

As I heard on the radio...at least we don't have to load up the trunk of the car with money in order to buy one loaf bread.

{"commentId":2335809,"threadId":"322472","contentId":"1706384","authorDomain":"jcatom"}

1 vote

#1.2 - Thu Jul 31, 2008 5:58 PM EDT

{"commentId":2336171,"authorDomain":"david-25"}

David L

in order to buy one loaf bread.

Thats if the poor devils can find a loaf of bread to buy.

The guy is a meglomaniac living in his own little bubble of "reality" and "self denial". Would be kind of sad if he wasnt taking down millions of others with him.

{"commentId":2336171,"threadId":"322472","contentId":"1706384","authorDomain":"david-25"}

1 vote

#1.3 - Thu Jul 31, 2008 6:37 PM EDT

{"commentId":2319047,"authorDomain":"jcatom"}

JCAtom

Reminds me of this conversation.

{"commentId":2319047,"threadId":"322472","contentId":"1706384","authorDomain":"jcatom"}

1 vote

#2 - Wed Jul 30, 2008 9:22 AM EDT

{"commentId":2321591,"authorDomain":"dungbeetlemania"}

dungbeetlemania

The talks are reported to be deadlocked over Tsvangirai's role in a new government, but Mbeki insisted Tuesday the talks are going well.

Aaaargh, it's more of the same from Mbeki.

{"commentId":2321591,"threadId":"322472","contentId":"1706384","authorDomain":"dungbeetlemania"}

2 votes

#3 - Wed Jul 30, 2008 1:40 PM EDT

{"commentId":2324593,"authorDomain":"david-25"}

David L

Will not be long before they lope off another ten zeros from the new notes, inflation is utterly rampent as there is no fiscal policy or any kind of monetary strictures at all - let alone production of ziltch to back up a new currency. If this round of talks fail, there will be another civil war.

{"commentId":2324593,"threadId":"322472","contentId":"1706384","authorDomain":"david-25"}

2 votes

#4 - Wed Jul 30, 2008 6:05 PM EDT

{"commentId":2325526,"authorDomain":"alkimija"}

alkimija

What is Money Worth?

Paper money? Only what the government says it is worth. And you can't believe what the government says it is worth, so it's really worth nothing (once you come down to the nitty-gritties).

Paper money is intangible and only has meaning if it is back up with objects of tangible values.

{"commentId":2325526,"threadId":"322472","contentId":"1706384","authorDomain":"alkimija"}

2 votes

#5 - Wed Jul 30, 2008 7:59 PM EDT

{"commentId":2326003,"authorDomain":"jcatom"}

JCAtom

And our financial markets fluctuate as a result of changes in sentiment, and the bets made due to those changes of mood?

{"commentId":2326003,"threadId":"322472","contentId":"1706384","authorDomain":"jcatom"}

2 votes

#5.1 - Wed Jul 30, 2008 9:02 PM EDT

{"commentId":2325895,"authorDomain":"bernhardmeck"}

Bernhard Meck

Well, let's see - with inflation being (officially) at what... 1 or 2 million % and plenty of fiscal incompetency going around, the numbers should be right back up to where they were in no time...

{"commentId":2325895,"threadId":"322472","contentId":"1706384","authorDomain":"bernhardmeck"}

2 votes

#6 - Wed Jul 30, 2008 8:49 PM EDT

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JCATOM

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Inflation Champ Zimbabwe Lops 10 Zeros Off Currency - What is Money Worth?

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