Free Markets, Free People
Don’t think it can’t happen here
Brian Micklethwait, over at Samizdata, posted this picture. It’s a bank note from Zimbabwe. It has a pretty high face value: fifty trillion dollars. If you’d like one, you’ll have to shell out three bucks or so in US dollars to get it.
Currently, that comes out to an exchange rate of about Z$16.67 trilion to the dollar. That’s pretty unreasonable, by any stretch of the imagination, if you’re a Zimbabwean. But you know what would be worse? An exchange ratio of 1:1.
And I’m still not fully convinced it won’t happen.