The 100 trillion Zimbabwean dollar banknote ($1,014 dollars), equal to $1,027 pre-2006 dollars.
Posted on 05/07/2016 12:20:37 PM PDT by Lorianne
When Jim Chanos said earlier this week that days ago that sub-Saharan Africa is facing a severe cash shortage (mostly as a result of their collapsing oil export revenue) he probably did not have the economic basket case of Zimbabwe in mind, and yet this is the country which, after years of monetary and economic collapse "problems", including the occasional bout of hyperinflation, finds itself in the most dire situation.
As News24 reports, just this past week, Zimbabweans formed long queues outside banks on Thursday as a cash shortage prompted the government to announce plans to print a local version of the US dollar and limit withdrawals.
Indeed, it appears that Zimbabwe is about to unveil yet another monetary experiment in which it will print its own version of the US dollar, as an ailing economy fuels a severe cash shortage.
John Mangudya, Zimbabwe’s central bank governor, said Thursday the so-called bond notes will be backed by $200 million in support from the Africa Export-Import Bank, according to the Herald, a local government-owned newspaper. He also announced restrictions on cash and ATM withdrawals, as well as limits on how much cash people can take outside the country.
(Excerpt) Read more at zerohedge.com ...
What the heck??
They are going to print their own counterfeit US currency, and this counterfeit US currency will be legal tender????
What the heck??? I sure don’t see what this does.
This won’t turn out well.
http://edition.cnn.com/2016/05/06/africa/zimbabwe-trillion-dollar-note/index.html
Move to Zimbabwe and you could become a trillionaire!
Sure, Why not.
Janet Yellen and before her, Ben Bernanke has printed so many trillions of fiat currency that it has put the US on track to become a Zimbabwean / Weimarian economy, everyone else might as well get in on the act.
It appears that this is being done with official blessing, but I still don't see how it's supposed to work.
Makes perfect sense.
If you steal a country from those who’ve been tiling the soil for a hundred years, then let it go fallow and ruin your economy, why not steal a currency from a nation and run THAT into the ground, too.
I wonder if obama’s Secret Service will get onto this, or they’ll be called off by our ‘president.’
The 100 trillion Zimbabwean dollar banknote ($1,014 dollars), equal to $1,027 pre-2006 dollars.
Our government does it.
What is the significance
of the engraved image?
Zimbabwe rocks?
Meet the new dollar. Same value as the old dollar.
Issued in convenient rolls identical to toilet paper, so you can tear off what you need.
...They are going to print their own counterfeit US currency...
Iran and North Korea have been doing it for years on actual banknote paper, correctcappearance, sequenced serial numbers, and proper feel and texture. You may even have one. .
Looks like a pile of excrement.
Yeah. Pretty sad when a fake U.S. dollar is worth more than a wheelbarrow full of $1 trillion Zambian bills.
“What is the significance
of the engraved image?
Zimbabwe rocks?”
You know, countries usually put their architectural masterpieces on their money - well, so did Zimbabwe.
“The Balancing Rocks are geomorphological features of igneous rocks found in many parts of Zimbabwe, and are particularly noteworthy in Matopos National Park and near the township of Epworth to the southeast of Harare. The formations are of natural occurrence in a perfectly balanced state without other support. Their popularity grew when the Reserve Bank of Zimbabwe featured the formations on the last series of Zimbabwean banknotes.”
https://en.wikipedia.org/wiki/Balancing_Rocks
I think that image of the rocks denotes the value of the bill. They are working on the Million Trillion Dollar Bill which will have FOUR rocks.
“Yes - this bill is worth FOUR rocks piled on top of each other!”
“...in a perfectly balanced state without other support.”
A good graphic then for a note of money. Well - at least way-back-when, when people believed it.
Essentially, they are promising one-for-one convertibility with U.S. currency. Bermuda already does this. You can pay in U.S. currency or Bermuda dollars in Bermuda. The qualification is that the Zimbabwe currency will not be exportable. You cannot spend it outside of Zimbabwe. It pumps a little bit of hard (by Zimbabwe standards) currency into the economy without the immediate danger that it will seek shelter outside of Zimbabwe.
Not a terrible idea. Zimbabwe stopped issuing currency about ten years ago. They literally could not get enough hard currency to pay printing costs. Transactions are in U.S., British and Kenyan currency these days.
I’ll bet they could really print their own US dollars and our administration would let them.
It would amount to theft from this county but Obastard would consider it “justified” so a black nation that was “liberated” from whites won’t collapse
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