Zimbabwe introduces $50 billion note
According to CNN “Zimbabwe’s central bank will introduce a $50 billion note — enough to buy just two loaves of bread — as a way of fighting cash shortages amid spiraling inflation.”
Inflation in Zimbabwe is officially running at 231,000,000%. That’s not a typo, it’s 231 million%!
Unfortunately, they got into this doing the same thing we’re doing – printing money. Don’t believe me? Here’s what the Reserve Bank of Zimbabwe has to say (according to Financial Sense) in a statement:
“Banks, including those in the USA and the UK, are now not just talking of, but also actually implementing flexible and pragmatic central bank support programmes where these are deemed necessary in their national interests.
That is precisely the path that we began over 4 years ago in pursuit of our own national interest and we have not wavered on that critical path despite the untold misunderstanding, vilification and demonization we have endured from across the political divide.”
There you have it – Helicopter Ben Bernanke’s policies have been endorsed by the Governor of the Reserve Bank of Zimbabwe. Ben must be so proud to have that backing up his inflationary policies.
Search this blog and see how many times I’ve said this same thing. I’ve been consistent on this, and sometime within the next few years, I’ll be proven correct.
gk
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