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ALFOXUS

curious?   my face   

Jim

A Zimbabwe Z$100 trillion note, first issued in 2009, then equivalent to about £20 or US$30. This followed massive Zimbabwean hyperinflation in 2008 at a rate of 516,000,000,000,000,000,000 (516 quintillion) per cent (source). Prices in the country doubled on average every 1.3 days. This is the second highest rate of inflation in history, behind only post-WW2 Hungary, where prices doubled every 15.6 hours (Weimar Germany in 1923 is fourth with a doubling every 3.7 days).
Zimbabwe has now been forced to use foreign currency, primarily US dollars, which are magicked into existence as interest-bearing debt by a private US corporation calling itself The ‘Federal’ Reserve. The very usage of these notes implies a continual transfer of wealth from the population as a whole to the corporation which loans out the money in the first place (and to the small number of very rich people who comprise its ownership).
Now the IMF and the World Bank - which is a primarily US-owned bank based in Washington and whose presidents have thus far without fail been Americans nominated by the US President - are offering loans (w/ interest, natch) and potentially debt relief, subject to Zimbabwe accepting certain political conditions. And what do we call it when you try and persuade someone to do something you want them to do by offering them money? (Hint: it’s not ‘aid’).
MEANWHILE! Western investors have been buying up the Z$100 notes - these potent symbols of the pain and poverty suffered by the Zimbabwean people in recent years - and are now selling them as hilarious novelty items. On Ebay.
I am disappoint.

A Zimbabwe Z$100 trillion note, first issued in 2009, then equivalent to about £20 or US$30. This followed massive Zimbabwean hyperinflation in 2008 at a rate of 516,000,000,000,000,000,000 (516 quintillion) per cent (source). Prices in the country doubled on average every 1.3 days. This is the second highest rate of inflation in history, behind only post-WW2 Hungary, where prices doubled every 15.6 hours (Weimar Germany in 1923 is fourth with a doubling every 3.7 days).

Zimbabwe has now been forced to use foreign currency, primarily US dollars, which are magicked into existence as interest-bearing debt by a private US corporation calling itself The ‘Federal’ Reserve. The very usage of these notes implies a continual transfer of wealth from the population as a whole to the corporation which loans out the money in the first place (and to the small number of very rich people who comprise its ownership).

Now the IMF and the World Bank - which is a primarily US-owned bank based in Washington and whose presidents have thus far without fail been Americans nominated by the US President - are offering loans (w/ interest, natch) and potentially debt relief, subject to Zimbabwe accepting certain political conditions. And what do we call it when you try and persuade someone to do something you want them to do by offering them money? (Hint: it’s not ‘aid’).

MEANWHILE! Western investors have been buying up the Z$100 notes - these potent symbols of the pain and poverty suffered by the Zimbabwean people in recent years - and are now selling them as hilarious novelty items. On Ebay.

I am disappoint.

— 2 years ago with 2 notes
#banksters  #economy  #finance  #money  #occupy  #zimbabwe  #politics  #poverty  #imperialism