Monday, July 28, 2008
"And YOU thought you had it bad ..."
Here's some déjà vu, all over again ...
Remember when I suggested that Creeder Readers should get on their knees and thank God 'cause they're not living in Rhodesia, er, Zimbabwe? No? Well, then, check this out:
"Zimbabwe, grappling with a record 2.2 million percent inflation, has introduced a new 100-billion-dollar bank note in a bid to tackle rampant cash shortages, the central bank said Saturday.
"The new note will go into circulation on Monday, the bank said in a statement cited by state media, joining about half a dozen new high denomination notes already issued this year.
"In January, a 10-million-dollar note was issued, then a 50-million-dollar note in April. In May, notes for 100 million and 250 million dollars were issued, swiftly followed by those for five billion, 25 billion and 50 billion.
"The southern African nation, currently gripped by a post-election crisis, has been ravaged by hyperinflation which shot up from 165,000 percent in February to 2.2 million in June. ...
"Zimbabwe's chronic economic crisis has left at least 80 percent of the population living below the poverty threshold and mass shortages of basic goods in shops."
And YOU thought you had it bad 'cause you've been paying four bucks for gas and 3 bucks for a loaf of bread. Tsk, tsk.
(If'n you want to learn more about inflation and deflation, and monetary policy in general, get to your local library and borrow Milton Friedman's Money Mischief. You'll be glad you did.)