Zimbabwe releases $10 million bill
As the US economy inches ever closer to a recession, it might provide a little perspective to look at what a real economic crisis looks like. Plagued by hyperinflation of over 50,000% a year, Zimbabwe's central bank recently decided to issue $10 million notes-- believed to be the highest denomination of currency in the world today. The bill, worth less than US$4, is barely enough to purchase a hamburger. One writer illustrates the rampant inflation:
"The bill is exactly the same color, layout and design as a $20 bill I've been carrying in my wallet since my trip to Zimbabwe 15 months ago... When I wrote about that $20, it was worth about $0.025 USD - a silly amount of money to represent with a bill, but still a functional piece of currency. At the moment, that bill is worth $0.00000005 cents, or 5 hundred-millionths of a cent."
Residents of Zimbabwe have been forced to use brick-shaped stacks of worthless bills to purchase even everyday items, like groceries. This is what it took to buy a beer just a month ago-- today the situation is still worse. The introduction of the $10 million bill is a response to this, but given the astronomical rate of inflation, the bill will only hold its value for a few weeks before it too becomes worthless
Despite the dismal economic situation, the central bank's much-maligned governor, Gideon Gono, offers this risible bit of encouragement: "As monetary authorities, we once again assure the nation that we are in full control of the currency situation."





















Reader Comments (Page 1 of 2)
Jan 23rd 2008 @ 8:54PM
Faz said...
I want one!
Reply
Jan 28th 2008 @ 7:06PM
mequeenb said...
if it's not worth the paper it's printed on why would you want one ? My daughter has an exchange student comming this week from Zimbabwe should I have her bring some :)
Jan 29th 2008 @ 3:08AM
RblWthACoz said...
First off, it is technically illegal to bring the currency out of Zimbabwe. But they really can't do anything to stop you.
Second, you cannot get it at any foreign exchange. No way any exchange house will touch such a volatile currency.
I personally experienced the lunacy of all of this 18 months ago when I visited. I won $18,000,000 on a slot machine at Victoria Falls (about $70 at the time).
Always interesting when it costs you $15,000,000 for dinner.
Jan 23rd 2008 @ 9:58PM
Sharon said...
This is actually very sad. I feel so bad for this country. I attempted to contact the University of Zimbabwe almost a year ago to verify someone's degree for a job they were trying to get here in the U.S. The university was closed because of rioting and water shortages. This country is so distraught with bad government and mismanagement. We think we have it bad. This is so sad. I've known some wonderful people who have come to the U.S. from Zimbabwe.
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Jan 23rd 2008 @ 10:11PM
bill said...
I woujd like to ten. How do I do that?
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Jan 23rd 2008 @ 10:14PM
bill said...
I would like to buy ten. Who can do that?
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Jan 28th 2008 @ 10:01AM
CincyJoe said...
So everyone in Zimbabwe are millionaires???
Jan 23rd 2008 @ 10:41PM
mike said...
i am going to the bank currency exchange to see if i can get some
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Jan 23rd 2008 @ 11:26PM
jim said...
So when you get that email saying the prince of Zimbabwe has selected you to recieve $35 million dollars, it is only worth approx. $16 US currancy. And they need you to send them $2500 in US currancy to collect. Just kidding I know that is a scam, but, that is what it is saying basically.
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Jan 24th 2008 @ 12:23AM
Laine said...
You'll be able to buy them on ebay, soon. They have $200,000 notes now.
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Jan 24th 2008 @ 5:11AM
Michael said...
I traveled through this country when in my twenties, now 36 years later. At that time I said the friendliest and one of the most hospitable people in the world live there. Now it seems like a crime that all those people were forced to migrate and leave their livelyhood behind. They came from a group of people who left a desciminatory society to be free, and now opressed by the ruler, and the world pays no attention. God have mercy on what is to come.
Jan 24th 2008 @ 2:00AM
jim said...
And being the US $ is like .72 that means these bills are like $2 bills. One reason gas here is so expensive now. Could you imagine having to pay $15,000,000 for a gallon of gas....lol
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Jan 24th 2008 @ 3:48AM
Bubba said...
read the fine print...it is a hoax, don't believe everything you read, it is b$hit
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Jan 24th 2008 @ 6:29PM
bigalthegal said...
This story is actually true. It's all over the news. Check the New York Times.
http://www.nytimes.com/aponline/world/AP-Zimbabwe-Money-Chaos.html
Jan 24th 2008 @ 7:59PM
yossi said...
i have a 10 000 000 turkish bill in my pocket right now.
but i think they overhauled their currency since i got it.
it was worth about $8 in 2005
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Jan 25th 2008 @ 4:04AM
Dr. Evil said...
Here's the plan. We get the warhead, and we hold the world ransom for.....One MILLION DOLLARS!!
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Jan 26th 2008 @ 12:54AM
voidSkipper said...
Jesus, imagine if you kept a few and their economy magically revived itself.
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Jan 27th 2008 @ 4:26AM
ozgur alaz said...
in the beginning of this decade we (Turkiye) used to have 20.000.000 Turkish liras bill (worth 40$)
http://images.habervitrini.com/haber_resim/20_milyon_sahte_para.jpg
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Jan 28th 2008 @ 12:54PM
Jay said...
I think that voidSkipper might have something there...lol.
Reply
Jan 28th 2008 @ 2:54PM
Neuticles said...
Don't laugh- we'll be there if another Republican is president.
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