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Hyperinflation Watch: Kazakhstan Unveils New 20,000 Tenge Banknote
While hyperinflating Argentina has begun discussing a rise in the denominations of its banknotes, and South Africa has admitted defeat in the currency wars, it appears Kazakhstan's collapsing currency and crashing reserves has prompted action. Since allowing the Tenge to "free float" in August it has imploded (from 188 to 308 per USD) and so today The Kazakh Central Bank unveiled the new 20,000 Tenge banknote - double the highest denomination previously.
As The FT reports, The Kazakh central bank unveiled the new 20,000 tenge note on Monday evening, saying it would become legal tender on Tuesday December 1 - which since 2012 has been celebrated as the "Day of the First President of Kazakhstan" writes Jack Farchy in Moscow.
Until now, the largest banknote was 10,000 tenge, worth about $33 at current exchange rates.
The central bank said that the new note had been manufactured in 2013.
The tenge has fallen dramatically since mid-August, when the central bank together with president Nursultan Nazarbayev announced a "free float" of the currency.
Losing almost 40% of its value in the last 3 months... (as we predicted)
However, the central bank continued to intervene in the market, spending $5bn in September and October alone.
Mr Nazarbayev, who earlier this month replaced the central bank governor, said in a state-of-the-nation address on Monday that government funds should no longer be used to support the tenge and criticised the central bank's "institutional defects".
Kazakhstan's elaborately decorated bills are regular winners of banknote design awards. The new 20,000 tenge banknote, in an indigo hue, depicts on one side the Kazakh Eli monument to Kazakhstan's independence, and on the other Mr Nazarbayev's presidential palace.
The image below comes from the central bank's website.
The increase in banknote denominations ahead of The Fed's decision also comes at a time when social unrest is increasing in Kazakhstan.
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A bit more interesting than the Zim 100,000,000,000 notes, don't you think?
Yeah, but they need a picture of Robert Mugabe to be proper.....
It was already explained in the 70's...
The Euro dropped to 1.05 for a dollar. That was 1.37 about a year ago!.
Nobody seems to notice this but that's a serious problem for the dollar and the euro!
Europe is the biggest customer of America, but now they're 30% more expensive.
Why isn't this on the news??
It is not in the news because it is 'actual' bad news as opposed to just 'bad' news....which we know by now is always really 'good' news.
Plus the population would panic like flying saucer on the White House lawn...if they had half a clue what it portends.
Me...I'm fully in panic mode already...way ahead of the 'scared shitless' crowd.
Hasn't Kazakhstan joined the war on cash yet?
It' more compelling than the war on the climate.
Let Kazak go onto the every growing pile of countries, whose citizens can kick themselves for not having bought something precious with their fiat.
Indonesia, Thailand, Cypress, Argentina, Turkey, on and on and on...
The only thing I'm noticing, is that the pace in which countries are being added to this pile is accelerating. In the good old days is was a single country every few years. Now, it's a few countries every year.
The New Weimar Republic = Financial Collapse = Societal Collapse = WW3
http://beforeitsnews.com/conspiracy-theories/2015/11/us-gives-their-prox...
note to the world....WW3 will not prevent a collapse. It only reshuffles a few winners/losers, by creating a LOT more losers.
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Might as well put them in the "SDR basket" as well...
Given the number of new paper/digital claims on real assets that have been created on the planet it really no longer matters.
Has Vietnam been given permission to put their Dong in the basket yet?
pods
If i would have known it was gonna be that kinda party....
You ain't just a whistling Dixie.
It's a global money printing party and everyone is invited.
Haven't got my invitation yet but the mail is really slow out here.
Could someone grab me a souvenir program and some cookies if I don't make it in time?
Counterfit some, everyone else is doing it.
You make me feel so... blonde.
The good news: your salary just doubled.
The bad news: your cost of living just quintupled.
Everythingisawesomeagain.com!
Oh, and now you're in a higher tax bracket, you greedy millionaire, you.
It just occurred to me, that in an era of hyperinflation, I have the wrong degree. I should have gotten a degree in graphic design.
Nah, Digital Printer Repair Man. That's where its at.
Federal plan to minimize the trillions in debt by printing. All Taken care of when the US has a currency crisis.
Eventually the world will take notice and dump the dollar sometime in the future.
Plenty of casulties along the way. Should see Japan fail well before the US.
A race to kill the fiats.
Yes, unfortunately all currencies today are in fact fiat currencies. Global Weimar, period.
i like, nice
Personally I think they should add collector value by turning them into scratch and sniff stinky stickers. What's yours? Water melon, no, no the 2000 note, arrrh that's horse sh**
If the IMF accepting the Yuan into the SDR - and weighting it heavier than the JPY and pound - isn't the best indication that the fiat currency system is fucked, I don't know what is.
No shit, it's much easier to exchange Dollars for the fucking Real etc.
Go ahead tie the Yuan to something fucking real, I double dog dare you!!
The Chinese invented paper money and wrote the book on manipulating it for fuck's sake.
Could be, I doubt Rothschilds invented all these fraud moneychangers' schemes of debt money and central banks. All this had to be proven to be working long before, they just adapted it for the European conditions. Adopt, adapt and improve.
Get your wheel barrows while they're cheap.
Wheel barrows aren't cheap.
Been there, done that.
"In Kazakhstan there are three main issues: economic, social and jew"
-Borat
Get me a first edition!!
Those will be collectables in the future....just don't pay more than 20,000 tenge.
Yeah ink still wet on one side only,
Isn't this strange? Kazakhstan has huuuge resources of energy, oil, gas and so on.
South Africa is the world's largest producer of chromium, manganese, platinum, vanadium and vermiculite and the second largest producer of ilmenite, palladium, rutile and zirconium .
It is the main producer of iron, gold and diamonds.
Isn't this strange?
Isn't strange at all. It's how agents of The Great Red Dragon lie to the residents and steal their wealth in order to meet their goal to "own the earth in fee-simple." The 1889 book warned us how these efforts have been on-going since the 1600s. Few see the pattern.
What happened in 1600s?
The Bank of England was spawned.
In the Gold vs. Bitcoin fight, we miss the point that BOTH would have been wealth protect in this case. Maybe not an either/ or arguement.
"Solid gold" , "gold standard" 10K plus years VS a couple? Could be but could also turn out to be Ponzi coin.
US dollars would have been the best hedge over the past couple years.
They only free floated their currency 4 months ago.
Put a picture of Obama sucking Yellen's dick on that note.
Or Yellen fucking Obama in the ass with Reggie sadly looking on.
Those are backed by potassium, right?
I've been collecting these when they get to a billion note (Zim, Weimar, Yugo). So, this is nothing.
Great idea! Numismatic collectors can call it the inflationary collapse series.
Bank note design ??? wtf they should put a big wrinkely Cock on the bill ! it would serve as a good reminder to everyone who touches it about how they're being F'ed
pardon my language
[ignore]
Im holding out for the new hasbro currency to be unveiled.