Sunday, January 11, 2009

$50 Billion Note

Zimbabwe's central bank will introduce a $50 billion note and will be enough to buy just two loaves of bread in their attempt to cope with inflation. 

Zimbabwe is grappling with hyperinflation now officially estimated at 231 million percent, and its currency is fast losing its value. As of Friday, one U.S. dollar was trading at around ZW$25 billion.

When the government issued a $10 billion note just three weeks ago, it bought 20 loaves of bread. That note now can purchase less than half of one loaf.

What should one do when in this situation. As the worlds richest man said, "you have to invest in your self". Learn some skill, maybe cooking, carpentry etc spmething that people are ready to pay for no matter what happens to the economy. The least you can do is barter or in the case of Zimbabwe, by selling just a loaf of bread you can become a billionaire.

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