Zimbabwe, grappling with a record 2.2 million percent inflation, has introduced a new item in their economy. Read to see what it is.
Sunday, July 20, 2008
Summer Reading 12: How Bad Is Inflation?
Zimbabwe, grappling with a record 2.2 million percent inflation, has introduced a new item in their economy. Read to see what it is.
Subscribe to:
Post Comments (Atom)
23 comments:
Wow, I thought that we had it bad. Its totally unbeliveable how much iflation can inflate. Its just ludicrous that they have a 100 billion dallors that are practically worth nothing.
not to say 10 million dollar note , then a 50 million dollar note in April. 100 million and 250 million IN MAY, Swiflty after 5 billion, 25 billion, and 50 billion. Thats Insaine! Its not surprise that most of the population is suffering from
poverty.
That's crazy, how does a country have that bad of inflation? I am suprised that 99% of the population are not below tha povery line. A loaf of bread prolly costs $100,000 or something.
That is a good idea, introducing bigger notes, but will the people of Zimbawae make that much money? Plus, that will still be practically worthless in the global trade markets, as you cannot just "print" away hyperinflation.
Inflation is bad enough, and the fact that it may be up to 15 million percent as opposed to the estimated 2.2 million is mind blowing. How does that even happen? And what about the 20% that are above the poverty line? They must not be far above, because any nation that has to print 100 billion dollar bills can't have too much going for them. I agree with Charles. You can't just print away hyperinflation. But at the same time, what else are they going to do? They probably have no real idea how to suspend the inflation. let alone completely abolish it. I guess we'll just have to wait and see with this one.
Inflation is bad enough, and the fact that it may be up to 15 million percent as opposed to the estimated 2.2 million is mind blowing. How does that even happen? And what about the 20% that are above the poverty line? They must not be far above, because any nation that has to print 100 billion dollar bills can't have too much going for them. I agree with Charles. You can't just print away hyperinflation. But at the same time, what else are they going to do? They probably have no real idea how to suspend the inflation. let alone completely abolish it. I guess we'll just have to wait and see with this one.
It's crazy that Zimbabwe has a note for 100 billion dollars. It's sad that 80 percent of the population is living below the poverty threshold. I though that America had it bad!
Wow. That's ridiculous that Zimbabwe has that bad of an inflation problem. A 100 billion dollar bank note would buy you a ton in the United States but with such terrible inflation, it's probably not worth a lot at all in Zimbabwe. It's sad that 80% of people there are suffering from poverty.
That is really crazy that Zimbawae has to introduce bigger and bigger notes because of the bad inflation problems. So many in Zimbawae are living in poverty and they are really trying to fix everything and you really don't know if it will work or not.
2.2 million percent inflation? I'm speechless.
What can anyone do to fix a problem this bad? Zimbabwe's bank notes are worth less than pennies here! A ten million dollar note could only get you what probably ten dollars would here. Our country is not nearly suffering compared to the poverty in Zimbabwe from inflation. I'm thankful that our money hasn't been losing value.
Never in my wildest dream would I ever imagine a nation suffering from that bad of inflation. That is absolutely ridiculous. How in the world are they going to get out of that hole? How could you have notes of billions of dollars but at the same time are worthless? Wow, only 80% of the nation is below the poverty line. I would think not a single person would be above the line. I guess that's one miracle in it itself.
It's sad that a country has to suffer like that, being that low in inflation is insane.This inflation crisis has left Zimbabwe in a 80% of their population in poverty is too much.
We hear all the time about how bad OUR inflation is, but reading this article really opens my eyes to the rest of the world's problems. It makes me thankful that, even though our prices are high, at least we don't have 2.2 million percent inflation.
Zimbabwe, as of July 31, knocked off ten zeros in it's currency to help solve their problem. Inflation was so bad that their ATM machines couldn't handle the billion and zillion dollar transactions. In their last ditch effort to stop inflation they are reducing their currency one zero at a time and even introduced coins back into circulation.
Answer to Charles's loaf of bread question:
100 billion dollar note= not enough for a loaf of bread
And I thought we had issues. It is ridiculous that Zimbabwe now has a 100 billion dollar bank note, and it is worth next to nothing. With this kind of inflation, it is no surprise to see 80% of the population below the poverty line.
It is definitely a shame that 80% of the population is living below the poverty level because of the extreme percentage of inflation. It is hard to imagine an inflation rate as high as the one in Zimbabwe. The new bill that they have introduced is their best effort to postpone the massive uprise.
Inflation is one of the many adverse consequences that comes along with bad economic management. The article mentions the crisis is caused after an election. It's probable that there is a lot more then just the economy going badly here. More than likely a corrupt leader is causing the trouble for the country in a big way. This kind of inflation ruins many lives. This can be seen by the large percent of the countries inhabitants live below the poverty line.
That is really shocking how Zimbabwe has that 2.2 million percent inflation. What shocked me the most was in just four months they had the 10,50,100,and 250 million dollar notes. I didn't even think that can really be possible.
I'm always reading about the inflation rate being so bad, but after reading this, i realize there are alot more countries out there that are suffering just as much as us or even worse.
It's really sad that 80% of people in Zimbabwe are below the poverty line.
So the link to the article in question is broken, but I'm going to comment anyway as I've read about this subject elsewhere. Zimbabwe's having all kinds of trouble under Mugabe. The original post mentions 2.2 million percent; with a quick search of recent news articles it seems that it's up to an astounding 11.2 million, definitely an eye opener for those concerned about inflation here in the US.
I think it is really sad that Zimbabwe is that far in inflation and it is stil getting and going to be worse and more people will be suffering from poverty and other problems. I actually thought we was pretty bad but compared to that? no way.
I thought it was really bad for us. Inflation can have a big impact on a country. It's crazy they have a 100 billion dollar note. I mean anyone would love for one of those. But will their country even need one of those because 99% are not below the poverity line.
I thought inflation in the U.S had it bad, which we do but zimbabwe on the other hand has it horrible. 100 billion dollars to them is practically nothing...and 80% of them are living in poverty which is horrible, something needs to changes now.
A little late on this as well, but this is a horrible thing. When inflation is so high that even the well off families of your country are struggling you know you have to change something. Things like this should be prevented instead of having to deal with it on the spot.
Wow I feel really bad for Zimbabwe. Due to the inflations, they have to introduce bigger and bigger notes. Plus the notes are worth so less. It's ridiculus how 80% of the people are in poverty there.
Post a Comment