The U.S. dollar is a handy backup when a country’s currency loses its value. After Zimbabwe’s hyperinflation hit its peak (or its nadir) in 2009, they used U.S. dollars but didn’t have enough. So, when the cash got too gray…
Zimbabwe’s monetary crises used to create money laundering…literally. To preserve their limited supply of worn U.S. dollars, households had to wash them: Now though, they have a new solution. Going Cashless Mobile money has become increasingly popular. Wherever hyperinflation is…
Coping with hyperinflation, Zimbabwe finally had to replace their currency with the US. dollar. A low inflation rate should be their monetary policy goal.
Our CPI measure of the inflation rate has been debated because it could be calculated using a chained CPU, could be real time, and excludes some seniors.
Hearing that Zimbabweans had a limited supply of coins, I recalled one person’s response to Starbucks’ price hike to $2.01 for a tall coffee in NYC: “I can’t believe it. Now I need to walk around with pennies?” I guess…
In Zimbabwe, people are laundering money. Literally. When their U.S. dollars look too gray and faded, Zimbabweans wash and dry them. In this Wall Street Journal photo, dollar bills, shirts and sheets are suspended with clothes pins along a line. Why?…
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