Thunderpig’s Mirror

Zimbabwe Releases $500,000,000 Note, Inflation at 165,000 Percent

Posted by Thunder Pig on May 15, 2008


This is what happens when the government punishes those who produce the wealth of a nation, and attempt to “level the playing field” for those who are poor:

ZIMBABWE has introduced a new half-a-billion dollar bank note in a bid to tackle cash shortages fed by rampant inflation, the central bank said today.

The $500,000,000 note is worth $A2.61c.

“Introducing the new 500,000,000 bearer cheque for your convenience,” read a Reserve Bank of Zimbabwe full-page advert in the state daily, The Herald, displaying specimens of the new note.

The note, comes into circulation 10 days after the introduction of a quarter-of-a-billion one early this month.

This is the fourth set of high denomination notes to be issued this year, the first being in January when a 10 million dollar note was put into circulation. The next was on April 2 when a 50 million dollar note came into being before the 100 and 250 million dollar notes were introduced on May 2.

The southern African nation, currently gripped by a post-election crisis, has been ravaged by hyperinflation which reached 165,000 per cent in February.

No latest inflation figures have been released since then.

The country’s chronic economic crisis has condemned millions to grinding poverty with at least 80 per cent of the population living below the poverty threshold amid mass shortages of basic goods in shops.

Source: News.com.au

You can thank the utterly worthless Jimmy Carter for Robert Mugabe’s Reign of Terror for the economic ruin that has overtaken the former breadbasket of Africa.

Has Jimmy Carter ever met a terrorist he didn’t like?

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

 
%d bloggers like this: