It appears that the government of Zimbabwe is giving the Hungarian pengő, a run for its money (literally): Cash runs out in land where the bus fare is 1.6 m dollars
Some sobering points:
- October’s annualized inflation was 14,840%, up nearly double from September
- The highest paper currency, the Z$200,000 note, has almost disappeared
- Cash machines don’t work because it takes only four customers to empty them
- Cash has become tradable, attracting a 20% face premium when swapped for fuel and beef
Via Infectious Greed
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Wait for it..
“It can’t happen here!”
If you want to confound a simple-minded liberal, try slipping around a piece with the title, “Zimbabwe: How the ‘best’ of twentieth-century social policy led to a nineteenth-century life expectancy.”
Though we all wince or laugh at the economic chaos in Zimbabwe, unless things in the U.S. change drastically and quickly, it is only a matter of time until the U.S. dollar will again be at parity with the Zimbabwe dollar. We’re just playing catch-up right now…
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