Zimbabwe Hyperinflation Currency Collapse Explained (Part 2)
Economy | Information | History | Online | Facts | World | Global | Money
Zimbabwe Hyperinflation Currency Collapse of 2008 Explained! http://www.preservationofwealth.net/calsilver Prices doubled here every 24.7 hours in November 2008 and inflation reached levels of 79 billion-odd %. They eventually stopped using the official currency and switched to the South African Rand or the $US. A loaf of bread ended up costing $35 million. Hyperinflation in Zimbabwe was one of the few instances that resulted in the abandonment of the local currency. At independence in 1980, the Zimbabwe dollar (ZWD) was worth about USD 1.25. Afterwards, however, rampant inflation and the collapse of the economy severely devalued the currency. Inflation was steady before Robert Mugabe in 1998 began a program of land reforms that primarily focused on taking land from white farmers and redistributing those properties and assets to black farmers, which disrupted food production and caused revenues from export of food to plummet The result was that to pay its expenditures Mugabe's government and Gideon Gono's Reserve Bank printed more and more notes with higher face values. Hyperinflation began early in the 21st-century, reaching 624% in 2004. It fell back to low triple digits before surging to a new high of 1,730% in 2006. The Reserve Bank of Zimbabwe revalued on 1 August 2006 at a ratio of 1 000 ZWD to each second dollar (ZWN), but year-to-year inflation rose by June 2007 to 11,000% . Larger denominations were progressively issued: Inflation by 16 July officially surged to 2,200,000%[60] with some analysts estimating figures surpassing 9,000,000 percent.[61] On 1 August 2008, the Zimbabwe dollar was redenominated at the ratio of 1010 ZWN to each third dollar (ZWR).[63] On 19 August 2008, official figures announced for June estimated the inflation over 11,250,000%.[64] Zimbabwe's annual inflation was 231,000,000% in July[65] (prices doubling every 17.3 days At its November 2008 peak, Zimbabwe's rate of inflation approached, but failed to surpass, Hungary's July 1946 world record Zimbabwe Hyperinflation Currency Collapse Explained Zimbabwe 2008 Hyperinflation
Comments
-
I wonder if the US dollar will go to this extreme before people abandon it?
-
red money mire worthless that worthless blueoney why I have nk xlue
-
has a hyperinflated currency ever deflated to sane levels again? would make a pretty low risk investment.
-
Mugabe had a lot to learn from Fidel Castro. In Cuba the highest denomination of a bill, is 100 pesos and it has been kept like that over the years and years. But Cuba has two different kinds of currencies, one of them higher in value than the US dollar originating from the money transfer of family members in exile, a food rationing card for the citizens and a salary cap regulation for workers and retirees that surely Zimbabwe never had. No one in Cuba earns more than the equivalent to 25 US dollars in a month and 10 if you have retired. What a clever guy is this Fidel Castro!
-
You didn't do much explaining. You attribute Zim's hyperinflation to Land Reform which is commonly accepted but not well argued. What about outside interference?
-
It wasn't because of the farms!!!!!!!!!!!!
-
Who the fuck was running the country? like how fucking stupid do you have to be
-
@FinancialFreedomSilver
Is USSA on the same road like the 2008 Zimbabwean Hyperinflation period? -
Great vid. Thanks for sharing. Hopefully folks who haven't bought gold and/or silver yet, will do so. P.S. Mugabe should be pronounced "Moegabe" :-)
4m 9sLenght
43Rating