IPFS News Link • Currencies
Meanwhile, Over In Zimbabwe...
• zerohedge.com by Simon BlackYou probably remember the stories; starting in the early 2000s, the Zimbabwe central bank began printing massive quantities of money in order for the government to make ends meet.
This resulted in one of the worst episodes of hyperinflation in modern history.
Zimbabwe's rate of inflation in 2001 was more than 100%. Prices basically doubled.
But that was nothing.
By 2003, inflation was nearly 600%. By 2006, more than 1,200%. The following year, more than 66,000%.
At its peak in 2009, Zimbabwe's inflation was estimated at 89.7 sextillion percent, which looks like this:
89,700,000,000,000,000,000,000%
Eventually the government finally capitulated and chose to abandon its currency altogether.
And for the next several years, Zimbabwe had no official currency.