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Mugabenomics in action

November 22, 2007

Tags Money and BanksCapital and Interest TheoryMoney and Banking

It appears that the government of Zimbabwe is giving the Hungarian pengo, a run for its money (literally): Cash runs out in land where the bus fare is 1.6 m dollars Some sobering points: - October's annualized inflation was 14,840%, up nearly double from September - The highest paper currency, the Z$200,000 note, has almost disappeared - Cash machines don't work because it takes only four customers to empty them - Cash has become tradable, attracting a 20% face premium when swapped for fuel and beef

See also: 1 2 3 4 5 6 Via Infectious Greed

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