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Zimbabwe... SERIOUSLY?

FREEDO
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3/9/2011 1:48:53 AM
Posted: 5 years ago
Hyperinflation in Zimbabwe began in the early 2000s, shortly after Zimbabwe's confiscation of white-owned farmland and its repudiation of debts to the International Monetary Fund, and persisted through to 2009. Figures from November 2008 estimated Zimbabwe's annual inflation rate at 89.7 sextillion (1021) percent.[1] By December 2008, annual inflation was estimated at 6.5 quindecillion novemdecillion percent (6.5 x 10108%).[2][3] In April 2009, Zimbabwe abandoned printing of the Zimbabwean dollar, and the South African rand and US dollar became the standard currencies for exchange. As of 2011 the currency has not been reintroduced yet.
http://en.wikipedia.org...

Seriously Zimbabwe...wtf?

How does inflation like that happen?
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fnord
FREEDO
Posts: 21,057
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3/9/2011 1:55:07 AM
Posted: 5 years ago
At 3/9/2011 1:50:46 AM, Greyparrot wrote:
You don't make stuff (GDP)
And you cant get credit (Debt)

so you print it.

If it were literal money they could stack a pyramid to the moon with it.
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fnord
LaissezFaire
Posts: 2,050
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3/9/2011 2:03:55 AM
Posted: 5 years ago
Mass money printing starts the inflation. There are more dollars chasing the same amount of goods, so each dollar is worth less (in terms of goods)--that is, everything costs more in terms of dollars. When it becomes apparent that the government is throwing the currency down the toilet, everyone tries to get rid of their currency at once (a huge increase in what's called the 'velocity' of money. People don't want currency, so they're willing to accept much fewer goods for each unit of it (people are willing to pay much higher prices for goods). This rush to get rid of currency exponentially increases inflation, starting the quick decline of the currency's value down to zero--hyperinflation. The government then generally responds to this hyperinflation with more money printing, which obviously just makes the problem worse.
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: At 6/22/2011 6:57:23 PM, el-badgero wrote:
: i didn't like [Obama]. he was the only black dude in moneygall yet he claimed to be home. obvious liar is obvious liar. i bet him and bin laden are bumfvcking right now.
FREEDO
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3/9/2011 2:07:51 AM
Posted: 5 years ago
At 3/9/2011 2:03:55 AM, LaissezFaire wrote:
Mass money printing starts the inflation. There are more dollars chasing the same amount of goods, so each dollar is worth less (in terms of goods)--that is, everything costs more in terms of dollars. When it becomes apparent that the government is throwing the currency down the toilet, everyone tries to get rid of their currency at once (a huge increase in what's called the 'velocity' of money. People don't want currency, so they're willing to accept much fewer goods for each unit of it (people are willing to pay much higher prices for goods). This rush to get rid of currency exponentially increases inflation, starting the quick decline of the currency's value down to zero--hyperinflation. The government then generally responds to this hyperinflation with more money printing, which obviously just makes the problem worse.

In your opinion, was ending the currency the solution?
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fnord
askbob
Posts: 7,254
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3/9/2011 2:08:56 AM
Posted: 5 years ago
At 3/9/2011 2:07:51 AM, FREEDO wrote:
At 3/9/2011 2:03:55 AM, LaissezFaire wrote:
Mass money printing starts the inflation. There are more dollars chasing the same amount of goods, so each dollar is worth less (in terms of goods)--that is, everything costs more in terms of dollars. When it becomes apparent that the government is throwing the currency down the toilet, everyone tries to get rid of their currency at once (a huge increase in what's called the 'velocity' of money. People don't want currency, so they're willing to accept much fewer goods for each unit of it (people are willing to pay much higher prices for goods). This rush to get rid of currency exponentially increases inflation, starting the quick decline of the currency's value down to zero--hyperinflation. The government then generally responds to this hyperinflation with more money printing, which obviously just makes the problem worse.

In your opinion, was ending the currency the solution?

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LaissezFaire
Posts: 2,050
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3/9/2011 2:11:30 AM
Posted: 5 years ago
At 3/9/2011 2:07:51 AM, FREEDO wrote:
At 3/9/2011 2:03:55 AM, LaissezFaire wrote:
Mass money printing starts the inflation. There are more dollars chasing the same amount of goods, so each dollar is worth less (in terms of goods)--that is, everything costs more in terms of dollars. When it becomes apparent that the government is throwing the currency down the toilet, everyone tries to get rid of their currency at once (a huge increase in what's called the 'velocity' of money. People don't want currency, so they're willing to accept much fewer goods for each unit of it (people are willing to pay much higher prices for goods). This rush to get rid of currency exponentially increases inflation, starting the quick decline of the currency's value down to zero--hyperinflation. The government then generally responds to this hyperinflation with more money printing, which obviously just makes the problem worse.

In your opinion, was ending the currency the solution?

Well, they didn't really have a 'solution' to the problem, they just kept inflating until the currency was worthless. Ending government control over currency would be a solution to inflation problems in general, though.
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: At 6/22/2011 6:57:23 PM, el-badgero wrote:
: i didn't like [Obama]. he was the only black dude in moneygall yet he claimed to be home. obvious liar is obvious liar. i bet him and bin laden are bumfvcking right now.
m93samman
Posts: 2,685
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3/9/2011 11:34:36 AM
Posted: 5 years ago
What's even more pathetic is that I remember that it was only 1 billion% in 2008...
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Cerebral_Narcissist
Posts: 10,806
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3/10/2011 2:15:23 AM
Posted: 5 years ago
At 3/9/2011 1:48:53 AM, FREEDO wrote:
Hyperinflation in Zimbabwe began in the early 2000s, shortly after Zimbabwe's confiscation of white-owned farmland and its repudiation of debts to the International Monetary Fund, and persisted through to 2009. Figures from November 2008 estimated Zimbabwe's annual inflation rate at 89.7 sextillion (1021) percent.[1] By December 2008, annual inflation was estimated at 6.5 quindecillion novemdecillion percent (6.5 x 10108%).[2][3] In April 2009, Zimbabwe abandoned printing of the Zimbabwean dollar, and the South African rand and US dollar became the standard currencies for exchange. As of 2011 the currency has not been reintroduced yet.
http://en.wikipedia.org...


Seriously Zimbabwe...wtf?

How does inflation like that happen?

quindecillion novemdecillion... didn't he lead the Roman Legions against the Welsh?

I've never heard those words before...

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PARADIGM_L0ST
Posts: 6,958
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3/10/2011 5:45:20 AM
Posted: 5 years ago
At 3/9/2011 1:48:53 AM, FREEDO wrote:
Hyperinflation in Zimbabwe began in the early 2000s, shortly after Zimbabwe's confiscation of white-owned farmland and its repudiation of debts to the International Monetary Fund, and persisted through to 2009. Figures from November 2008 estimated Zimbabwe's annual inflation rate at 89.7 sextillion (1021) percent.[1] By December 2008, annual inflation was estimated at 6.5 quindecillion novemdecillion percent (6.5 x 10108%).[2][3] In April 2009, Zimbabwe abandoned printing of the Zimbabwean dollar, and the South African rand and US dollar became the standard currencies for exchange. As of 2011 the currency has not been reintroduced yet.
http://en.wikipedia.org...


Seriously Zimbabwe...wtf?

How does inflation like that happen?:

You just keep printing money without realizing how much is going in to circulation. If there are too many bills on the streets, it devalues the value of that currency because there is so much of it.

You see this all the time in Latin American countries where a stick of gum costs 462 pesos.
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djsherin
Posts: 343
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3/10/2011 8:42:27 AM
Posted: 5 years ago
At 3/9/2011 1:48:53 AM, FREEDO wrote:
Hyperinflation in Zimbabwe began in the early 2000s, shortly after Zimbabwe's confiscation of white-owned farmland and its repudiation of debts to the International Monetary Fund, and persisted through to 2009. Figures from November 2008 estimated Zimbabwe's annual inflation rate at 89.7 sextillion (1021) percent.[1] By December 2008, annual inflation was estimated at 6.5 quindecillion novemdecillion percent (6.5 x 10108%).[2][3] In April 2009, Zimbabwe abandoned printing of the Zimbabwean dollar, and the South African rand and US dollar became the standard currencies for exchange. As of 2011 the currency has not been reintroduced yet.
http://en.wikipedia.org...


Seriously Zimbabwe...wtf?

How does inflation like that happen?

It's important to note that it isn't just the money supply that influences prices. There is also money demand, which is what really sets off the hyper inflation. Once people begin expecting the inflation rates they've been experiencing to persist, demand for money drops like a stone and its purchasing power follows.
Ore_Ele
Posts: 25,980
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3/10/2011 6:54:06 PM
Posted: 5 years ago
Part of it is because there is no money demand for the Z$. The dollar was abandoned by the government back in 2009 and they now (the entire nation) uses foreign currency. Since everyone uses the foreign currency, no one wants the Z$, so it keeps falling. They aren't printing any more of it (so it is no longer the supply side, although that is what started it), it is now the demand issue.

The government said that they will try to bring it back if the nations industries start picking up (so that the country has stuff to back the dollar against).
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