Zimbabwe introduces $100 trillion note [FX] - MarketTicker Forums


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User Info	Zimbabwe introduces $100 trillion note in forum [FX]
Stx_jay Posts: 1026 Incept: 2008-04-06 St Croix, USVI	http://news.yahoo.com/s/afp/20090116/ts_.... Here's the quote I found most interesting: Quote: The new 100,000,000,000,000 Zim-dollar bill would have been worth about 300 US dollars (225 euros) at Thursday's exchange rate on the informal market, where most currency trading now takes place, but the value of the local currency erodes dramatically every day. Ah, would any of you exchange $300 for any kind of ZIM note? Well, I guess you could make some decent coin selling the stuff on eBay as a novelty item. And finally under the heading of, "you learn something new every day", does anyone know the word "sextillion"? Well here it is in a sentence: Quote: Inflation was last reported at 231 million percent in July, but the Washington think-tank Cato Institute has estimated it now at 89.7 sextillion percent -- a figure expressed with 21 zeroes. ---------- Who that man in the black Sedan With two cheap hookers and a Mexican uck the white line, sippin' one Coors light Timmy Franz Geithner, call me Mr. Right Last modified: 2009-01-16 22:44:53 by stx_jay Reason: 2009-01-16 22:43:49 Permalink*
1000ohms Posts: 7384 Incept: 2007-09-06 aka inflam Banned	geesh - why bother anymore?? hello barter system ---------- I make somewhat of a sport out of costing people their merchant accounts doing this. I recognize that small tickets are a problem but the solution isn't do violate the rules you voluntarily agreed to when you got your merchant account. - Genesis 2009-01-16 23:02:59 Permalink
Morthrane Posts: 1036 Incept: 2007-09-06 Peon hell	hello scary people with guns enforcing "legal tender" law 2009-01-17 01:08:06 Permalink
Fourredfish Posts: 3528 Incept: 2007-06-26 The Hen House	The only reason is there aren't many wheelbarrows in the Zim. 2009-01-17 03:17:10 Permalink
Stx_jay Posts: 1026 Incept: 2008-04-06 St Croix, USVI	If memory serves, I think ZIM reset all their currency back to something normal a few months ago (e.g., $10 notes) after $100 billion notes were issued. Didn't take long, huh? Compounding is a bitch. After a while, the extra ink must become make the notes slide towards "negative seigniorage". ---------- Who that man in the black Sedan With two cheap hookers and a Mexican uck the white line, sippin' one Coors light Timmy Franz Geithner, call me Mr. Right 2009-01-17 07:36:58 Permalink*
Jmanng Posts: 537 Incept: 2009-01-03 Boston, Massachusetts, USA	Definitely, a case of money being worth less then the paper it is printed on. 2009-01-17 15:47:19 Permalink