Where 10,000-Dollar Bills Mean Nothing
Imagine a place where you would rather use a $10,000 bill to light a fire than actually try to purchase goods.
Today, The Washington Post provides an excellent look at the Black Market in Zimbabwe, a country where 80 percent of the population lives in poverty. The article puts a very real face on the black market industry as Craig Timberg follows a trader around for the day.
The economy began its free fall when landless black peasants invaded white-owned farms in 2000 with the support of Mugabe, who said the redistribution would undo colonial inequities. The often violent process decimated the country's most crucial industry and biggest earner of foreign exchange, triggering hyperinflation that has rarely paused on its staggering ascent.
Today, it's not unusual to see a wadded-up 10,000-dollar bill lying on Harare's filthy sidewalks. Though officially worth about 33 cents in U.S. currency, the real value is about one-tenth of a penny.
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Using Gas Coupons as Currency
In the beginning of August, the government revalued the currency to try and bring financial stability back into the country. Zimbabweans, however, still do not have a lot of faith in the currency. As the Huffington Post reports, many people are instead using gas coupons as a form of currency. They believe that the gas coupons have a more stable value than the Zimbabwean Dollar.
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