Hyperinflation
The latest official inflation rate in Zimbabwe is 3713%, which means that the unofficial rate is far higher. Food is running low and queues start outside shops on rumours of any deliveries arriving, meanwhile many shops are putting up their prices twice a day. Banknotes are exchanged in huge wads as one US dollar is now worth 30,000 Zim dollars and this has become so cumbersome that most business is now being done by barter. Today's FT quotes a businessman saying that he used to tell his wife that she was spending too much but now says, "You're not spending quickly enough."
posted by Whispering Walls at 8:43 am
2 Comments:
Great anecdote ! But what is this about the Chinese buying a 10% stake in Blackstone private equity ??
While they eventually be like Saudi Arabia and own 10% of the entire US Stock Market ??
Whose idea was it? Hank Paulson's?
Post a Comment
<< Home