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LOL. I was wondering about your dinner in Zimbabwe. Did you pay in local currency? Most high-dollar dinner ever.
I joke, but it is a genuine travesty for the populace.
John
Looking for my dreamwatch. Would give up to
10 trillion Dollars. Your suggestions? ...
LOL. I was wondering about your dinner in Zimbabwe. Did you pay in local currency? Most high-dollar dinner ever.
I joke, but it is a genuine travesty for the populace. John
Owner of the restaurant told us that people came in with suitcases full
of money to pay for dinner. Next day it was worth nothing. That was around 2008.
No. They prefer US but they do accept the new bond notes as well.
1:1! Don't know whether they are backed up. ...
You'll need a wheelbarrow for cash for that dinner, lol....
with 10 trillion, I'll go pick up Patek's museum in Geneva Rgds Raymond
Remember that Quote: "why make millions when you can make billions?....
nowadays you can say : why make billions when you can make trillions. In this country Bartering is the way to go. Best Regards Edward
It is and don't forget the very nice people.
Met a former trainee of our office and spent a wonderful day north of Harare. ...
I think Venezuela is headed this way too, unfortunately.
Once the wildfire starts, it is near-impossible to halt the hyperinflation, and the populace rejects the fiat money entirely.
It is a political choice, at least initially, between inflation and deflation.
Central banks and those in power will almost always prefer inflation. And with today's debt levels, only moreso.
The problem is that inflation or deflation can't be decreed but only "almost managed". Of course, a significant level of inflation in our developed countries (around 5% for instance) would be perfect to "erase" our high debt levels
States would repaid their debts with Monopoly money (interest rate Central banks (Bank of Japan, European Central Bank, FED...) already did/do that over the last years and still today (even if the main goal wasn't exactly this one). But it doesn't really ...
Re Lehman's collapse and circumstances surrounding and following it...you mean to say we cannot solve a problem of too much debt with more and more debt?!? :)
The central bankers of the world have really painted themselves into a corner. They had the opportunity in '08 to change some fundamental things about the financial world, but they (and the politicians) chickened out. Politicians care about the short-term...
Absolutely agree with you John
Central banks are in a corner (may be more for the ECB, BoJ and BoE than the FED). Financial markets are almost "nationalised" (one third of the Portuguese debt is owned by the ECB and more than 50% of the Japanese debt by the BoJ for instance) which mean...
Yes, agreed on all points...imbalances can only build up for so long, and then bang!
Who knows when the next crisis will arrive? Good luck to us all... Cheers, John
I appreciate this discussion
Thanks! It's fun/terrifying watching the Fed's moves, seeing that their options seem so limited in the event of the next catastrophe. Also: China
Thank you Spangles
Well, today the FED has "more" room for manoeuvre (even if they are too limited yet), in case of a new financial crisis, than ECB or BoE for instance. FED has already begun is "normalisation process" by (slightly) increasing its interest rates (not the ca...
Greetings from Belarus
We have less zeros now but our government doing their best to beat Zimbabwe records ...
I think maybe there is some Photoshop at work, adding a few zeros here?
to make the point that currency can go WAY up and DOWN Cazalea