Another quick post (I swear I meant to do more today but then I got locked out of my bathroom by a bathtub shaped like a whale):
Zimbabwe has for many years been a rich source of black humor for people who are interested in inflation, grotesque misgovernment, and extreme economics. Its inflation rate recently was estimated to be 500 billion percent. This had all sorts of consequences that are amusing to contemplate from the outside, but were hell on earth to live with. ATMs, electronic cash registers, and financial software stopped working: The systems had not been designed to handle such large numbers. A loaf of bread cost more than Zim$100 billion — try typing that figure into the ATM at your local 7-Eleven. Three eggs cost Zim$100 billion, and two U.S. greenbacks were worth Zim$1 trillion. The Munich firm that had sold blank banknotes to the Zimbabwean government stopped providing Harare with paper; this was said to have been done in reaction to political pressure from the German government, but it was also suggested by many that Zimbabwe’s hyperinflation had so complicated its payments to foreign vendors that it was no longer worth the trouble to do business with its government. Nearly half a million sheets of blank banknotes were going through Harare’s Fidelity Printers every day, and the presses were literally running around the clock: Workers in three eight-hour shifts kept them humming 24 hours a day.
Fascinating! There’s a Munich firm that manufactures blank banknotes! Vanderleun has more: Zimbabwe to Obama: “Piker, we’ll see your $12 Trillion and raise you $100 Trillion”
Rocks! ROCKS! One hundred trillion dollars and they go with a stack of ROCKS!