Thursday, 28 May 2009
We're all gonna be Millionaires
(Above: some real "Slumdog Millionaires".)
If we continue down the path to hyperinflation, then we will all be millionaires, no billionaires, in no time at all. I never said whether these millions or billions will buy you a yacht or just a loaf of bread, though, did I? ;)
I had to include these woeful clippings from the Wikipedia entry on the Zimbabwean Dollar (the currency shown above). Unlike the Federal Reserve, these guys didn't mess around for 90 years before destroying everything!
At independence in 1980, the Reserve Bank of Zimbabwe introduced notes in denominations of 2, 5, 10 and 20 dollars. A 50 dollar banknote was introduced in 1994, followed by 100 dollars in 1995, 500 dollars in 2001, and 1000 dollars in 2003.
In 2003, with mounting inflation, the reserve bank started issuing travelers cheques in denominations of 1000, 5000, 10,000, 20,000, 50,000 and 100,000 dollars. These were superseded later the same year by bearer cheques, initially in denominations of 5,000, 10,000 and 20,000 dollars, with cheques for 50,000 and 100,000 dollars following in 2006.
At a press conference on 16 January 2008, reserve bank Governor Gono stated that "With effect from Friday (January 18), the Reserve Bank of Zimbabwe is releasing the following bearer cheques into circulation: one million dollars (officially worth about US$33/22 euros but worth about 50c at the parallel rate), five million dollars and 10 million dollars." He continued,"...daily cash withdrawals have been increased from the current Z$50 million to Z$500 million per individual." Less than a month after announcing a similar move, Gono said the new notes would provide much needed relief to consumers who often have to go shopping with sacks of cash.
Despite rampant inflation continuing into 2009 that has rendered the currency worthless and spurred increasing dollarization of the economy, the RBZ has announced yet another set of new notes, this time in denominations of $20 billion and $50 billion to be released 12 January. Stepping up another order of magnitude, the reserve bank announced the trillion denomination for the first time, unveiling banknotes valued at $10 trillion, $20 trillion, $50 trillion, and $100 trillion on 16 January. The new notes are supposed to help citizens still in formal employment to withdraw a full month's worth of salary by showing a corresponding payslip. On 2 February 2009 the central bank announced that it had revalued the currency again, this time removing 12 zeroes, causing Z$1 trillion to be reduced to Z$1.
What happens when people lose faith in fiat money? Over time, it reverts to its real market value. In other words, the value of the materials and work put into making it. Which in the case of creating fiat money from thin air, isn't very much...
But the upside is, thanks to central bank policy worldwide, the chances of you becoming a millionaire are ever increasing...if you don't mind being a millionaire who struggles to pay for food, like the people of Zimbabwe ;)
- ► 2010 (647)
- Democracy is not Liberty
- Britain Needs Guns
- We're all gonna be Millionaires
- Police Thug Chokes Paramedic
- Silence = Violence?
- Freedom Grabbing in the news
- Changing Minds: One @ a Time
- Message to a Bush Kool-Aid Drinker
- Should we trust scientists on cancer causes?
- Russia Today reports on New World Order film
- Obama's Hypocrisy and the Brave New World
- The irony of the obsessive "Anti-Racists"
- The Communist Manifesto
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- The deadly Terrorists we are fighting
- Fun with O.B.A.M.A.
- haha...everything is OK in London
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- Join or die: Left and Right Unite!
- Where's the NRA when you need them?
- Hey! AlexJonesChannel censorship ends!!!
- Discussion with a "Jew World Order" theorist
- Operation ASU: Waging InfoWarfare
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- Disturbing Video: Obama Youth Recruitment
- Understand Money, and ye shall be free
- FKN News: NWO Conspiracy Bullshx
- Britons never shall be slaves*
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- The Hand That Feeds
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- Flashback: Hate Crime Police Raid 150 Homes
- A Trick of the Mind
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- The call that started a YouTube censorship war
- Where do all the Newly Unemployed go?
- Philip Bobbitt says burning the Constitution is go...
- The Fabian Strategy
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- Terror, RFIDs, New World Order, and Freedom
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- Mao's Little Red Book, Obama's Little Blue Book
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- Orwell's 1984 vs Britain 2009
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- This Year's Bilderberg pre-meeting Leaks...
- Bailing out the World: Latest Figures
- Michael Badnarik: "No, I Will Not Comply!"
- You can trust him, he wears a ski mask.
- I'm a citizen, I wanna be in charge!
- Jacqui Smith...kind of like Stalin
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- ▼ May 2009 (66)
And You Tell Me There's No Suppressed Technology?
It's another of those 'conspiracy theories' that good citizens don't notice. Imagine the standard of living if all the secret technology was released to the public...we'd be "free and independent" as JFK said! No more poverty anywhere! Can you imagine being sick enough to withhold such technology from society just to maintain your position of control? (Bearing in mind that we don't know just how much technological capability is being withheld, because, duh, it's secret.) What did Nikola Tesla really develop?
Individual Liberty? But that's "selfish"!
No, we need to look after each other voluntarily without having a government do all that at gunpoint. Sounds absurd at first but soon you realise that the reason it sounds so is because of the very unfree nature of our current existence. Envision greater possibilities! Ok, some kind of massive wake-up would be needed before this kind of free, responsible, uncontrollable society could emerge. And that's what we are seeing day by day in the world - a massive waking up of the previously enslaved masses (including myself I must add!)