A 100-trillion-dollar bill, it turns out, is worth about $5.
That's the going rate for Zimbabwe's highest denomination note, the biggest ever produced for legal tender—and a national symbol of monetary policy run amok. At one point in 2009, a hundred-trillion-dollar bill couldn't buy a bus ticket in the capital of Harare.
But since then the value of the Zimbabwe dollar has soared. Not in Zimbabwe, where the currency has been abandoned, but on eBay.
The notes are a hot commodity among currency collectors and novelty buyers, fetching 15 times what they were officially worth in circulation. In the past decade, President Robert Mugabe and his allies attempted to prop up the economy—and their government—by printing money. Instead, the country's central bankers sparked hyperinflation by issuing bills with more zeros.
This blog exists purely as a place for me to dump random links and thoughts I have rather than emailing them to my friends. It'll have large amounts of inside jokes. Also there will probably be times when I write "you" or refer to an email. Just pretend that you are reading an email to you. If you don't know me you likely won't find anything here interesting. If you do know me you also will not find anything here interesting.
Wednesday, February 19, 2014
The Highest-Denominated Bill Ever Issued Gives Value to Worthless Zimbabwe Currency
http://online.wsj.com/news/articles/SB10001424052748703730804576314953091790360
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