100 Billion Dollar Zimbabwe Notes Selling on Ebay
In Zimbabwe, a 100 billion dollar Zimbabwe note isn't even enough to buy a loaf of bread, and is equal to only about $1USD (see related CD post here). But on Ebay, the 100 billion Zimbabwe notes (pictured above) are selling for as much as $71, see completed Ebay auctions below:Ebay Auction 1 - $49.72
Ebay Auction 2 - $56.00
Ebay Auction 3 - $71.00
From The Economist, a chart of the highest-denomination banknotes in history - the 100 billion Zimbabwe dollars ranks #4:
4 Comments:
hey prof perry, i get it. printing too much money is no good. why don't you attack bush? seems like he's going down that same road.
yeah, i know. you won't answer.
Bush and U.S. presidents don't control the money supply, that's the job of the Federal Reserve. The large increase in U.S. money supply happened under Greenspan from 2001-2003. I blame Greenspan.
prof perry. thanks for responding.
one *quintillion*.
Wow.
That should be making the rounds everywhere. We think we've got it bad, some people don't know what bad is.
> The large increase in U.S. money supply happened under Greenspan from 2001-2003. I blame Greenspan.
1) You did not point out that, while Bush has some appointment powers, the body itself is semi-autonomous. They don't take direct instructions from the PotUS.
2) I seem to recall Greenspan was doing the same thing in the middle of the Clinton admin, prior to the IT boom, with similar results*, albeit in a different arena.
OTOH, in Greenspan's defense, the economy has been going like gangbusters under his, what, 20-year(?) watch, and I don't think it would be fair to deny him some credit for that. There's a lot of stuff that might not have happened if credit were tight.
P.S. Doc: I don't think I've ever heard you indicate if you were Austrian or Monetarist. I assume by the above that you are Austrian, but not certain. Is GM an Austrian school? I sorta have gathered it is but not sure of that, either, and never really decided to investigate to settle the matter.
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* Assuming you consider the IT explosion to be a bubble, that is, so in one case it was a corporate-IT valuation bubble, and the other is the current housing bubble.
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