...and the Zimbabwe cash crisis continues

in news •  3 years ago  (edited)

In 2008 after years of hyperinflation this is what it took to buy groceries.

In spite of the fact that you were using note denominated in hundreds of trillions

In spite of this some people could still manage a smile

Eventually the local currency was abandoned for the USD...

In April ATM's ran dry as there were no longer any USD's available.

The plan was to introduce “bond notes” or IOU's in denominations of $2, $5, $10 and $20 as an extension to bond coins already in use.

Government employees have been battling to receive salaries.

On the 1st November

Robert Mugabe has used his presidential powers to push through shock regulations declaring bond notes legal tender in an apparent bid to block court challenges to the controversial new bank notes.

Analysts are calling this move unconstitutional and so now money woes are leading to unconstitutional moves buy our favorite "president for life".

Interesting... how to create your own fiat Dollars without Dollars and somehow expect them to be backed by USD.

If only we had enough SBD to run a country.

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A few years ago my country and my province entered an equal economic crisis, the province did not receive the physical money of the nation to pay salary, the governor of currents issued a bonus called CeCaCor, employees charged 100% of the salary with these bonds, But nobody received, the question is that they received you with a big discount for every 100 cecacor received 30 Argentine pesos, this is the worst thing that can happen to a country to pay its debts in bonds, have already spent many years of these and continues the sequels Of this
Except post as you have not accustomed @ gavvet congratulations on another magnificent post

What is the situation now?

The economy of my country is very bad, there is a lot of unemployment, luckily the passage of the bonds no longer exists, that stage was overcome, we have a new government that takes 11 months of government, we have to wait, has found the country in Bad state and has to overcome, I think the policies adopted are good.
The previous government stolen everything, in 11 years of rule looted the country, a corrupt government, only benefited the friends of the crown. I have faith that this is going to change.
Argentina is rich in land, can produce food to supply the world, with good state policies in 20 years we can be a world power producer and provider of food for the world.
I appreciate the interest in my comment and thank you very much for asking.
I am a follower of his work and I really like what he does. To continue their successes.

Very good question, moving money from ZAR to Exchange to obtain digital currency takes days, any good prices are gone by the time you look again. Not having a fiat currency that works at all Eish!

How do you find people are coping with learning about digital money?

Nearly everyone has a smartphone, but moving money around still has massive loop holes for scammers.

Love your country and your people, stay strong.... fellow African.

Keep working, stop paying.
If your money is not worth the paper scrap value, your bosses already are,...
Money is the chain that keeps you enslaved.
As long as you accept money as valid you will always serve those that have more, or starve.

For some odd reason, this post makes me remember my idea of creating paper Bitcoin wallets in the form of currency with my picture of it. Then give them to my people as Christmas presents. I can imagine me trying to convince them it's really worth real money ... :)

That sounds like it could get interesting

@vegascomic Wonderful idea. ..but not in Zim with Mugabe in power :)

My thoughts of doing something like that end badly.

After BTC has spiked through the roof you call up your friend/sibling...
"You know that piece of paper I gave you last Christmas? It is now worth $10,000!"
"What? You threw it away?"
"No, I can't make another, that information is gone forever..."

I suppose that's no different than if you lost real currency.

I have a bunch of these really high denomination Zimbabwe banknotes and in uncirculated condition the highest denominations are now worth quite a bit of money as collector's items compared to the value they had as currency. If you have any of them I would hold onto them, especially the 50 or 100 trillion dollar notes. I recently sold a 100 trillion mark note from 1923 Germany for $900!

  ·  3 years ago (edited)

Interesting fact, will keep that in mind

;)

If only we had enough SBD to run a country.

In the Zimbabwe case, I am sure SBD would not be enough. We may need to change the government there as well.

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I suppose one of the few that does not suffer from a Cash problem is Robert himself!

The top 1% never suffer!!!

This is a great article and supplements a recent post I made on Hyperinflation. Thanks for sharing. Upvoted and shared on Twitter✔ for my followers to read. Now following and looking forward to reading more of your blog. Cheers. Stephen
https://steemit.com/news/@stephenkendal/baby-boomers-is-the-world-on-the-verge-of-global-hyperinflation

https://twitter.com/StephenPKendal/status/798430832687980544

StephenPKendal Stephen P Kendal tweeted @ 15 Nov 2016 - 07:41 UTC

...and the Zimbabwe cash crisis continues..!! #Hyperinflation #Crisis @Steemit

steemit.com/news/@gavvet/a… / https://t.co/mzFwZBbwTc

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