Monday, February 18, 2008
How many more zeroes?
Zimbabwe has created a ten million dollar note, which will currently buy about two loaves of bread. I believe I will purchase tonight a piece of the Million Zimbabwean Dollar Homepage, following the lead of Felix Salmon.
I hope I don't have to bribe someone to get that.
The official inflation rate for 2007 exceeded 66,000% (and suspected by some to be closer to 150,000%.) The record is Yugoslavia at 313,000,000%. The question will be whether Zimbabwe hits that Yugoslav record before President Mugabe is forced from power. The usual path of hyperinflations is for acceleration.
I hope I don't have to bribe someone to get that.
The official inflation rate for 2007 exceeded 66,000% (and suspected by some to be closer to 150,000%.) The record is Yugoslavia at 313,000,000%. The question will be whether Zimbabwe hits that Yugoslav record before President Mugabe is forced from power. The usual path of hyperinflations is for acceleration.
Labels: economics
