Turkey promises monetary shake-up:
On January 1, the central bank will introduce a long-promised change to the Turkish lira, which it hopes will consign memories of rampant inflation to history. Six zeros are to be dropped from the lira, so that one euro will buy almost 1.9 liras, compared with almost 1.9m currently.
Rumor has it that Greenspan will soon add denominations of -10, -20 & -100 to fight creaping inflation: whip inflation now.
Via LibertarianJackass.
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Just last month, my friend came home from a vacation in Turkey and showed me one of the absurdly high-denomination Turkish banknotes.
This, he said, will buy you a cup of coffee.
Gee, I asked, I wonder what kind of government insanity led to such ruinous inflation?
I flipped the bill over from its face side to the other side. There was an engraving of a huge – and I mean HUGE – mausoleum that had been constructed in the memory of Kamil Attaturk, the father of the modern Turkish state.
Those ridiculous multicolored banknotes and tutti-fruity politically-correct coins that are being minted nowadays tell you a lot more about government than they really want you to know …
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