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Strategies & Market Trends : Technology Stocks & Market Talk With Don Wolanchuk

SOXL 46.82

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Nov 5 4:00 PM EST

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To: russet who wrote (188110)	3/25/2023 9:43:30 PM
From: Winfastorlose	4 Recommendations Read Replies (2) of 206742

This is what happens when inflation goes berserk. After the 100 trillion dollar banknote, Zimbabwe reaches new economic low… Zimbabweans Are Printing Their Own Money . Citizens don’t trust local currency and there isn’t enough U.S. cash to make change, so vendors issue their own on scraps of paper It started in the early 2000s, when the government of then-President Robert Mugabe printed ever more money in an attempt to compensate for a collapse in agricultural production that followed a controversial land-redistribution effort. After monthly inflation peaked, by one measure, at 79.6 billion percent, the government in 2009 abolished the Zimbabwe dollar and began using U.S. dollars instead. That switch brought a few years of monetary stability, until the Reserve Bank of Zimbabwe could no longer meet the demand for U.S. dollars. Money stored in bank accounts couldn’t be withdrawn in cash and, in early 2019, the central bank reintroduced the Zimbabwe dollar, changing U.S. dollar-denominated savings and domestic government debts into a local currency of rapidly declining value. Today, $1 costs more than 900 Zimbabwean dollars and inflation hit 230% in January. Most businesses once again demand payments in U.S. dollars, although the Zimbabwe dollar remains the country’s official currency.

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