People had to bring wheelbarrows full of cash to the local store just to purchase a loaf of bread; this new bill can’t even buy Zimbabweans a loaf of bread, but about 4 oranges.
Zimbabwe is fighting a losing battle. Ever since Zimbabwe’s independence from Britain in 1980, this African nation has suffered an official inflation rate of 2.2 million percent. And because of that, they are trying to compete with the U.S. dollar by creating a 1,000,000,000 Zimbabwean dollar bill which is equal to 1 US dollar. This bill is apparently for the convenience of the banking public and the corporate sector of Zimbabwe. Gideon Gono, governor of the Reserve Bank of Zimbabwe, gave the following statement Friday over the concern for the economical future of Zimbabwe:
“The RBZ has noted with concern the unjustifiable and incessant general increases in prices of goods and services. It is therefore appealing to the business community to follow ethical business practices as well as take an interest in the plight of the general public.â€
With the possibility of the U.S. market crashing within the near future, we might need a practical bartering system. Either that or we must use real money (rather than paper receipts [bills]). And by real money, I mean silver and gold. Feel free to comment.
via lockergnome
Raju PP is the founder-editor of Technically Personal. He holds an Engineering degree in Electronics & Communication, and has previously worked as a Technical Specialist in Banking Software domain.
