Zimbabwe inflation - ten sextrillion per cent

C

Chocks away

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I just read on the BBC that Zimbabwe's inflation rate is ten sextrillion%. After a bit of Googling, I find that a sextrillion is 1'000'000'000'000'000'000'000'000. Has the teleprinter got jammed on 0 or can this be true:confused: How much would a loaf of bread cost. I realise that most things are bartered but this figure is given by economists.
 
What that means is that there is no state controlled/issued monetary system in the country.
 
So how does the economy work? People still have to buy/eat that loaf of bread?
Is it back to the traditional bartering system?
Or trading goods and services between each other?
Because lets face it at that price for a loaf of bread even the bankers couldn't afford it?
 
Jack2008 said:
So how does the economy work? People still have to buy/eat that loaf of bread?
Is it back to the traditional bartering system?
Or trading goods and services between each other?
Because lets face it at that price for a loaf of bread even the bankers couldn't afford it?
Click to expand...

Foreign currency or barter I would presume.
 
I heard on the radio ( RTE ) about a month ago a list of all the luxury food + drink imported in to Zimbabwe for Mugabes party ( his birthday or something like that ), while half his country is starving. T'is what McAleese, and all our govt would have at Xmas put together. It was mind boggling. Given our p.m. ( ok -- taoiseach ! lol ) pays himself more than the president of USA, Germany, France etc...now we know who Mugabe has as a role model.

One day...when nobody wants to lend us the 25 billion we are borrowing this year...or can justify lending us that amount...we may be lucky enough to go the way of Zimbabwe. Not very likely ? Well if someone said 18 months ago the ISEQ would lose over 75% of its capitalisation would you have considered that likely then ?
 
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