$90 Trillion Doesn't Cover Bus Fare

Discussion in 'The Howard Stern Show' started by MyLazyHand, Jun 17, 2015.

  1. MyLazyHand

    MyLazyHand Russia and France Know What to Do

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    From our friends in Zimbabwe. Here's what happens when dumb government officials try and manage an economy:

    Zimbabweans trade in old currency for peanuts

    Trillions and trillions of old Zimbabwe dollars bring just a few cents for annoyed residents

    HARARE, Zimbabwe (AP) -- Harare resident Alice Mhandara spent a U.S. dollar to take the bus into town to answer the government call to trade in her old Zimbabwe dollars, but she left the bank in disgust when her 90 trillion in worn bills wouldn't even cover the bus ticket home.

    Starting this week, Zimbabweans started trading in their stashes of the defunct local dollars for U.S. dollars as part of a process to phase out a currency that hasn't been used since 2009 and features bills with at least 12 zeros. But few have taken them up on their offer.

    "I used a dollar just to get into town. I will need another dollar to return home. Tell me, where will I get that dollar when they are offering me 36 cents for 90 trillion (Zimbabwe) dollars?" she asked clutching a plastic bag with her Zimbabwe notes.

    At its worst, in 2009, inflation ran 230 million percent and the government was printing a 100 trillion dollar note — that is now worth 40 cents.

    Economic decline led to a collapse of the Zimbabwean currency in the 2000s and it finally had to be abandoned in favor of U.S. dollars and South African rand.

    The trade is part of a process of phasing out the local currency for good, says the government.

    "Zimbabweans are excited. At least we are giving them something for the notes," Reserve Bank of Zimbabwe governor John Mangudya told the Associated Press Monday.

    But the few that have taken up the government on its offer have been disappointed.

    "Surely, $1.40 for all that money?" said Elijah Risinamhodzi, a 67-year-old pensioner trading in 410 trillion dollars. "And to think I have been keeping that money for years and years; this is so unfair. People have loads and loads of these notes at home but they will not exchange them for such peanuts."

    Others fear the trade-in is just a prelude to revive the local currency — a plan the government denies.

    "Zimbabweans are so traumatized and as a result there is no confidence among us as a nation," said bank governor Mangudya about inflation. "We are trying to end that trauma by officializing the death of the Zimdollar."


     
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  2. playitagainfred

    playitagainfred Well-Known Member

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    Zimdollar? whats the exchange rate between those and Simoleons?
     
  3. reno

    reno VIP Extreme Gold

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    Who wants to be a trillionaire? The new hit show in Zimbabwe.
     
  4. Bristol Chicken

    Bristol Chicken Free Range and Loving It Gold

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    Inflation and monetary crisis be damned.
    Even the president of Zimbabwe has something to say about Lebron James.

    [​IMG]
     
  5. SouthernListen

    SouthernListen I don't follow the crowd. Sorry about that. VIP

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    Who knew stealing farms from whites and printing money wouldn't result in a worker's paradise?
     
  6. Winston Leg-Thigh

    Winston Leg-Thigh Well-Known Member

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    Coming soon to federal reserve debt note near you!
     
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  7. Mr. Potato Head

    Mr. Potato Head ~Would Like to Play~ Gold

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    It'll be different here. :fil:
     
  8. DogStar69

    DogStar69 Well-Known Member

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    40 cents for $100 trillion dollars
    :lol:

    They should go back to living in the jungle off the land.
     
  9. XXXXX

    XXXXX Well-Known Member

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    I wonder if the average citizen of Zimbabwe believes they are better off, than when the country was known as Rhodesia?