Dollar's Future?
Zimbabwe introduces $100 billion banknotes
"Zimbabwe's troubled central bank introduced new $100 billion banknotes Saturday in a desperate bid to ease the recurrent cash shortages plaguing the inflation-ravaged economy.
The new bills officially come into circulation Monday, although they were already on the foreign currency dealers market Saturday.
As high as they are, though, the new bills still aren't enough to buy a loaf of bread. They can only buy four oranges.
The new note is equal to just one U.S. dollar
Once-prosperous Zimbabwe has seen an unprecedented economic meltdown since it gained independence in 1980, with the official inflation rate now at 2.2 million percent.
Gideon Gono, governor of the Reserve Bank of Zimbabwe, said the new notes are for "the convenience of the banking public and corporate sector" in light of price hikes."
Dollar falls against yen
Dollar falls against rand
Dollar falls against euro
Will the dollar buckle?
"Zimbabwe's troubled central bank introduced new $100 billion banknotes Saturday in a desperate bid to ease the recurrent cash shortages plaguing the inflation-ravaged economy.
The new bills officially come into circulation Monday, although they were already on the foreign currency dealers market Saturday.
As high as they are, though, the new bills still aren't enough to buy a loaf of bread. They can only buy four oranges.
The new note is equal to just one U.S. dollar
Once-prosperous Zimbabwe has seen an unprecedented economic meltdown since it gained independence in 1980, with the official inflation rate now at 2.2 million percent.
Gideon Gono, governor of the Reserve Bank of Zimbabwe, said the new notes are for "the convenience of the banking public and corporate sector" in light of price hikes."
Dollar falls against yen
Dollar falls against rand
Dollar falls against euro
Will the dollar buckle?
posted by nolocontendere at 7:46 AM
3 Comments:
Well, at least the U.S. dollar is holding its own against the Zimbabwean dollar. Woo Hoo! But its an indication of how clueless Bush is on economic policy that his Treasury Dept. is going around trying to talk up the dollar, while at the same time his trade policy people are boasting of the great boost our exports will get from the cheaper dollar (which ain't gonna happen anyway, because outside of weapons systems, we have little that the rest of the world wants). Someone needs to point out to this dipshit that he can't have it both ways.
NdG,
There is a theory that the Bush Administration wants to DELIBERATELY wreck the U.S. economy, so that the American public will, out of desperation, accept any "solution" TPTB offers. And that solution will consist of a new GloboDollar to replace all of the world's current currencies; to be followed by the implementation of a One-World corporate state.
So while W. appears to be merely a fucking moron, there may be a method to his madness.
The disconnect from reality grows by the day as the fascists strut their phony stuff to an increasingly pissed off world, ndg, looking on in disbelief as this country disintegrates. And as you point out mth, it's being done by design.
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