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Trillions in old currency now worth peanuts. The same will happen in the US if we continue doubling the debt and incur 9 trillion debt in 6 years as Obama did

Posted on | June 17, 2015 | 2 Comments

A man holds 10-trillion-dollar notes before entering a bank to exchange them for U.S. dollars in Harare, Zimbabwe. (AP)

Trillions in old currency now worth peanuts

Zimbabweans are being asked to trade in huge stashes of defunct local dollars for just a few cents.  230 million percent inflation »

Category: Uncategorized

Comments

2 Responses to “Trillions in old currency now worth peanuts. The same will happen in the US if we continue doubling the debt and incur 9 trillion debt in 6 years as Obama did”

  1. Sandy Beach
    June 17th, 2015 @ 5:50 pm

    The Zimbabwean dollar has been practically worthless for years. That is why they are exchanging for the U.S. Dollar.

    Use of the Zimbabwean dollar as an official currency was effectively abandoned on 12 April 2009. The Zimbabwean dollar is due to be demonetised (no longer legal tender) by the end of 2015.[4]

    [more info – plus exchange rate and Hyperinflation at the link]
    https://en.wikipedia.org/wiki/Zimbabwean_dollar

    Zimbabwe phases out local currency at 35 quadrillion to US$1
    Zimbabwe has started retiring its almost worthless local currency in favor of the US dollar. Today, 35 quadrillion Zimbabwean dollars are equal to US $1, as a result of hyperinflation which hit the country in 2009.
    ——–
    Zimbabwe has been using the US dollar since 2009 when the use of the Zimbabwean dollar was abandoned.
    ——-
    In 2008 the monthly inflation rate hit 3.5 million percent with an egg costing 50 billion Zimbabwean dollars. A loaf of bread then cost as much as 12 new cars could have cost 10 years before. Prices doubled every 25 hours, which gave Zimbabwe the second-worst hyperinflation in history, behind post-war Hungary. The same year, Zimbabwe printed its highest denomination banknote, at 100 trillion dollars it was only enough to buy a weekly bus ticket.

    https://rt.com/business/267244-zimbabwe-currency-compensation-hyperinflation/

  2. DavidL
    June 17th, 2015 @ 7:11 pm

    No, technically it is more like sextillions. The official exchange rate is $1 per 35 QUADRILLION Zimbabwean dollars.

    Bank accounts with balances up to 175 quadrillion Zimbabwean dollars get a whopping $5.00 US.

    Source:
    https://www.ibnlive.com/news/buzz/zimbabwes-old-quadrillions-worth-more-online-and-on-streets-1006285.html

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