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Pictures From Zimbabwe

Tyler Durden's picture




 

Just because "Spanish banks are fine" 12 days before they got a full-blown bailout, and global hyperinflation can never happen in this world, where every central planner is now preparing to hold the CTRL and P buttons until the bitter end, here are some pictures from Zimbabwe.

 

And some charts:

 

And the chart most familiar to Americans as at least when it comes to government debt, Zimbabwe is America.

But don't worry. The USD will never lose its reserve status. Oh wait...

Finally, a timeline:

  • April 1980
    • The (first) Zimbabwean dollar replaces the Rhodesian dollar at par, which buys US$1.54. A series of bank notes is issued, ranging from Z$2 to Z$20.
  • From 1994 to 2006
    • The Reserve Bank issues a new series of notes, from Z$2 to Z$100. As inflation rises and erodes the currency’s purchasing power, Z$500 and Z$1,000 banknotes are issued from 2001 to 2005. In the first half of 2006, new Z$50,000 and Z$100,000 denominations debut.
  • Aug. 1, 2006
    • The first currency reform is implemented in an effort to contain spiraling inflation. The Zimbabwean dollar is redenominated by lopping off three zeros from the old currency. The new (second) Zimbabwean dollar is revalued at one new dollar = 1,000 old
      dollars.
  • July 1, 2007
    • The Z$500,000 note is introduced, valued at about US$16 at the official exchange rate.
  • Dec. 31, 2007
    • The Z$750,000 (US$25) note begins circulation.
  • Jan 1, 2008
    • The Z$1 million, Z$5 million and Z$10 million denominations debut.
  • April 2, 2008
    • Z$25 million and Z$50 million bills are introduced. Prices of basic goods are in millions—a T-shirt costs Z$276.5 million, pants Z$2.75 billion. Tomatoes and other local produce are priced in millions.
  • At a restaurant, two beers and water cost Z$1.24 billion.
  • May 2, 2008
    • The Z$100 million, Z$250 million and Z$500 million notes debut. Annual inflation reaches more than 100,000 percent.
  • May 15, 2008
    • Z$5 billion, Z$25 billion and Z$50 billion notes are printed.
  • July 1, 2008
    • A Z$100 billion note is issued, about the price of three eggs at the time.
  • Aug. 1, 2008
    • Another round of currency reforms is implemented. The government slashes 10 zeros from each second Zimbabwean dollar bill and the third Zimbabwean dollar is valued at 10 billion old dollars (second Zimbabwean dollars). Inflation continues rising.
  • Sept. 29, 2008
    • New Z$10,000 and Z$20,000 notes are introduced.
  • Oct. 13, 2008
    • The new Z$50,000 bill is printed.
  • Nov. 5, 2008
    • Z$100,000 and Z$500,000 notes are issued.
  • Dec. 4, 2008
    • The Z$1 million, Z$10 million, Z$50 million and Z$100 million bills appear. Ten days later, the Z$200 million and Z$500 million banknotes debut, followed by the Z$1 billion, Z$5 billion and Z$10 billion notes issued on Dec. 19, 2008.
  • Jan. 12, 2009
    • The government issues two new denominations: Z$20 billion and Z$50 billion bills.
  • Jan. 16, 2009
    • Even higher denominations are issued: Z$10 trillion, Z$20 trillion, Z$50 trillion bills and the largest banknote ever—the Z$100 trillion bill.
  • Feb. 3, 2009
    • The Reserve Bank of Zimbabwe introduces the fourth Zimbabwean dollar, with 12 zeros removed from old bills, making 1 trillion old dollars equal to one new dollar. Denominations of the new currency are the Z$1, 5, 10, 20, 50, 100 and 500 notes. However, loss of confidence quickly leads to abandonment of the Zimbabwean dollar in favor of foreign currencies, primarily the U.S. dollar and the South African rand.

Source: Dallas Fed

 

 

 

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Fri, 06/15/2012 - 20:21 | 2531089 CompassionateFascist
CompassionateFascist's picture

Christ was an Individual, spawn of a seductive Jewess and a Roman soldier. Jews are a Universalist, Collectivist Tribe. So They Lynched Him.  

Fri, 06/15/2012 - 20:40 | 2531118 Uncle Remus
Uncle Remus's picture

Soooo, are you inferring the Second Coming or what?

Fri, 06/15/2012 - 18:26 | 2530927 old naughty
old naughty's picture

as if these have anything to do with stock prices and bond yields?

Fri, 06/15/2012 - 16:37 | 2530673 AldousHuxley
AldousHuxley's picture

One key differentiator.....US has the biggest guns. US exports inflation to poorer countries.

 

I don't see government pensioners in America in the poor house.

 

When you see stacks of rock and a cow printed on your money by your idiot government for 1 Trillion Zim dollars ,then you have something to complain about.

 

http://www.marketoracle.co.uk/images/Zimbabwe_100_trillion_2009_Obverse.jpg

 

 

Fri, 06/15/2012 - 18:00 | 2530871 Marginal Call
Marginal Call's picture

You can't just get any old average rocks to stack up nice like that.  They special. 

Fri, 06/15/2012 - 16:15 | 2530605 Pladizow
Pladizow's picture

Yet they look happy - whats that worth?

Fri, 06/15/2012 - 16:19 | 2530623 Tom Servo
Tom Servo's picture

Didn't mugabe force a land redistribution from whites to blacks in 2000.  Coincidence that this is the eventual result?

 

Fri, 06/15/2012 - 16:37 | 2530672 Zymurguy
Zymurguy's picture

He literally stole ligitimately owned private property and gave it over to various different friends and political supporters.  Who in turn ruined the operations of those farms and yeild went into the toilette.  They've had food shortages there for years.  The even tried price controls like every other failed monetary system tries (nobody learns a fucking thing) and now everything is pretty much purchased on the gray/black market.  Mugabe is an animal...

Fri, 06/15/2012 - 16:39 | 2530679 CommunityStandard
CommunityStandard's picture

"He literally stole ligitimately owned private property and gave it over to various different friends and political supporters."

I forget.  Are we talking about Zimbabwe land or the US bank bailouts?

Fri, 06/15/2012 - 16:45 | 2530702 Agent P
Agent P's picture

"Who in turn ruined the operations of those farms and yeild went into the toilette."

Please read the sign in the first picture...no yield in the toilet!!!

Fri, 06/15/2012 - 16:46 | 2530707 Bicycle Repairman
Bicycle Repairman's picture

You forget the part where Mugabe declared a national emergency, designated himself as Decider-in-Chief, and then reappointed assets in the national interest.  Perfectly normal by 21st century Western standards.

Don't be judging.

Fri, 06/15/2012 - 19:20 | 2531013 HoofHearted
HoofHearted's picture

Is Mugabe on the board of Solyndra?

Fri, 06/15/2012 - 19:49 | 2531049 Abiotic Oil
Abiotic Oil's picture

Here is a vid of old Rhodesia. Compare to today...

http://www.youtube.com/watch?v=iYDg3ofh7dM&sns=em

Fri, 06/15/2012 - 22:52 | 2531276 Calmyourself
Calmyourself's picture

He is no animal!!  He is a UN Tourism envoy

http://www.csmonitor.com/World/Global-News/2012/0530/Why-Zimbabwe-s-President-Mugabe-was-named-UN-tourism-envoy

Oh yeah never mind, animal is right on, sorry.  UN into the Hudson...

Fri, 06/15/2012 - 17:14 | 2530782 TheGardener
TheGardener's picture

Mugabe currency got called by the locals "prostrates" when he was about to pass away for good!

 

What really gets me worried is this chart on reserve currency status, weighted by size of population alone

the FRN should have a life span till 2090, size of economy, number of con man of non-nations never-natives

in control of all the dodgy finances not included....

 

Fri, 06/15/2012 - 17:02 | 2530749 Beam Me Up Scotty
Beam Me Up Scotty's picture

"Yet they look happy - whats that worth?"

DOW was up 115 today.  Ramped right up to the Greek election.  Will people look happy come Monday?  I bought some VXX Sept 40 calls.  Its as good of a gamble as any.

Fri, 06/15/2012 - 16:14 | 2530597 walküre
walküre's picture

Spain is NOT Uganda!

Fri, 06/15/2012 - 18:02 | 2530878 akak
akak's picture

Ubetcha!

Fri, 06/15/2012 - 18:14 | 2530903 eatthebanksters
eatthebanksters's picture

No, but Chicago now runs the U.S.

Fri, 06/15/2012 - 16:27 | 2530646 debtor of last ...
debtor of last resort's picture

THat minus one did come from mars?

Fri, 06/15/2012 - 16:40 | 2530684 LMAOLORI
LMAOLORI's picture

Not yet but it will be soon

 

Beef: It’s What’s (Expensive) for Dinner

http://finance.yahoo.com/blogs/the-exchange/beef-expensive-dinner-214902964.html

Fri, 06/15/2012 - 17:51 | 2530853 GeezerGeek
GeezerGeek's picture

Some 4 years ago I found and read a PDF from Zimbabwe's central bank. The PDF was about how Zimbabwe was applauding the U.S. fiscal policy. The only link I found (searched via Bing - Zimbabew applauds US) was not functioning. But I got a laugh out of reading it at the time, once I stopped shaking at the implications.

Fri, 06/15/2012 - 19:27 | 2530917 fuu
fuu's picture

http://www.rbz.co.zw/pdfs/2008%20MPS/AprilMPS2008.pdf

Please note that is the pdf itself.

"1.15 As Monetary Authorities, we have been humbled and have
taken heart in the realization that some leading Central
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."

pg. 8-9

Fri, 06/15/2012 - 18:27 | 2530932 Billy Shears
Billy Shears's picture

When everybodies Zimbabwe nobody is Zimbabwe?!?

Fri, 06/15/2012 - 16:12 | 2530587 economics9698
economics9698's picture

At least the Yids are happy.

Fri, 06/15/2012 - 16:31 | 2530657 sunaJ
sunaJ's picture

Oh, sure, with that timeline of Zimbabwe's currency, at the speed of reading, it all seems obvious.  But to a frog in a simmering pot, it's a little more difficult to see.  You are probably just happy that the government FINALLY started printing 100 Billion dollar notes so you don't have to carry so many 1 Billion dollar notes.

Fri, 06/15/2012 - 16:40 | 2530686 This just in
This just in's picture

Something smells like chicken...

Fri, 06/15/2012 - 16:33 | 2530662 vast-dom
vast-dom's picture

so what ethnicity are you?

Fri, 06/15/2012 - 16:50 | 2530715 Waffen
Waffen's picture

Jewish communists were behind the revolutions in central Africa that destroyed white/civilized rule and left those countries in chaos and death.

Fri, 06/15/2012 - 17:01 | 2530746 vast-dom
vast-dom's picture

the jews seem to be behind everything! good and bad. oh well i guess you need to boycott most of the products and services you use, not limited to all quantum tech related tech.....

Fri, 06/15/2012 - 18:17 | 2530905 eatthebanksters
eatthebanksters's picture

I'm not Jewish but it seema like there are way too many anti Semitic conspiricy theory whack jobs on ZH right now...

Fri, 06/15/2012 - 18:31 | 2530920 Waffen
Waffen's picture

btw I have nothing wrong with semites.  The 2% of jews in the US are not semetic people they are Khazar/Ashkenazi and of those I have a problem with only the zionist/tamudic ones.

 

btw who do you think the "banksters" are mr eatthebanksters?

Fri, 06/15/2012 - 18:54 | 2530975 eatthebanksters
eatthebanksters's picture

they are not all Jewish...

Fri, 06/15/2012 - 20:30 | 2531107 Marginal Call
Marginal Call's picture

Well, your meal is going to be the Ol' 96er of jew steak with a little gringo dipping sauce, fried Jesuits on the side.

Fri, 06/15/2012 - 20:49 | 2531132 ali-ali-al-qomfri
ali-ali-al-qomfri's picture

"...btw who do you think the "banksters" are mr eatthebanksters?  "

Kosher

(as a Semite I can say this)

Fri, 06/15/2012 - 17:03 | 2530752 frenchie
frenchie's picture

u must be khazar...

Fri, 06/15/2012 - 17:07 | 2530765 vast-dom
vast-dom's picture

rascit friday troll party on zh. 

did you know that tyler is a jew too? you're all fucked!

Fri, 06/15/2012 - 17:09 | 2530769 Global Hunter
Global Hunter's picture

Durdenstein!!!!

Fri, 06/15/2012 - 17:10 | 2530608 TruthInSunshine
TruthInSunshine's picture

-

 

"The problem with the fractional reserve banking Ponzi is that, sooner or later, usually at about year 40 into the bloody mess, people wake up and figure out that the central banking wizards are conjuring fiat from thin air, and that the nation's 'sovereign bonds,' and consequently, conducting commerce or contracting with it, are actually guaranteed loss generating activities for anyone providing anything of inherent value to it."

 

- Thargaret Matcher

Fri, 06/15/2012 - 21:17 | 2531155 Buck Johnson
Buck Johnson's picture

They know that the the London Metal Exchange is one leg of the manipulation of precious metal prices.  China isn't stupid, they know eventually that the fiat currencies backed by "good faith" will collapse and the are doing everything they can to buy these cheaply until it's time to allow the price to explode.

Fri, 06/15/2012 - 16:01 | 2530549 knukles
knukles's picture

Nah. 
We're Americans. 
History don't apply to us.

Fri, 06/15/2012 - 16:08 | 2530574 Dr. Richard Head
Dr. Richard Head's picture

Correction, we are exceptional.  blahhhhhhhhh

Fri, 06/15/2012 - 16:34 | 2530667 Waffen
Waffen's picture

Lets compares these pics to pics of Rhodesia.

Fri, 06/15/2012 - 16:19 | 2530622 Azannoth
Azannoth's picture

This proves 1 thing(among others) that Blacks CAN'T run a Country(only into the ground that is), any attempts to give blacks free stewardship over their native lands has ended in a catastrophy for them, the only black countries that are so-so functioning are managed by whites behind the curtains, this is not racism this is fact, and the same will happen to any white country/nation that will let blacks(or other non-whites) form a significant voting minority(or outright majority) on their land, just look at Scandinavia(yes you have to digg a little deeper because the MSM won't tell you the true story ofc) the Norse are being Raped, Slaughtered and Driven out of their homes by 3rd world immigrants they can no longer walk without fear at night they can't park their cars in minority neighborhoods they can't leave their children to play alone anywhere, they need to compete for medical services with foreigners who didn't work 1 min for any of their benefits and pay x2 in taxes to support those invaders, is this a future you want for your kids? where they have to doge bullets from AfroGangs or your daughters getting raped by them, don't believe me? just look at some places that where white but became black - Detroit, Haiti, Rhodesia, South Africa(white rule), Zimbabwe(white rule), Southern California etc. etc. Fight Now or Die

Fri, 06/15/2012 - 16:23 | 2530634 Pladizow
Pladizow's picture

What is Obama?

Fri, 06/15/2012 - 16:43 | 2530652 Whoa Dammit
Whoa Dammit's picture

I'll take Worst American President for $1000 Alex.

Fri, 06/15/2012 - 17:52 | 2530855 GeezerGeek
GeezerGeek's picture

Glad you didn't choose "Last American President"...

Fri, 06/15/2012 - 20:30 | 2531110 CompassionateFascist
CompassionateFascist's picture

Worse than Brother Woodrow? Federal Reserve + Income Tax + World War (A+B----->C). Even Barack can't top that. Yet.

Fri, 06/15/2012 - 22:24 | 2531221 Uber Vandal
Uber Vandal's picture

Yet, unfortunately, is the key word.

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