Wednesday, August 27, 2008

Zimbabwe: Crash and Burn

If you know anything about Zimbabwe, you probably already know that it's not a nice place to live. Crazy dicatator named Robert Mugabe, political oppression, mass AIDS/starvation, etc. Bad stuff. But their problems are just getting silly now.

Zimbabwe's current inflation rate, according to the BBC, is 11,250,000%. In other words, prices are doubling every 22 days. And, man, is it ridiculous. Z$100bn is worth approximately one British pound, less than $2 American. To give you an idea: it cost a BBC reporter Z$600bn to buy two dozen eggs. The day before, it was Z$375bn.

The bank just announced it was cutting 10 zeroes off of its currency. So, the old Z$10bn is now Z$1. So what do you do with all of the old banknotes? God knows.

Don't go to Zimbabwe. Seriously.

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