The everyday blog of Richard Bartle.
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10:54am on Friday, 8th May, 2009:
It's not every day you receive 1015 dollars in your mail, but look what my friend Frank sent me:
Sadly, because these are issued by the (nothing in) Reserve Bank of Zimbabwe, they won't buy me much. These are "third dollars", which were converted from "second dollars" at the rate of ten billion second dollars to one third dollar. So the 100,000,000,000 dollar note I have is worth ten of the dollars that these hundred trillion dollar notes are worth.
The Zimbabwe government has now moved on to a "fourth dollar". 10,000,000,000,000 third dollars are equivalent to one fourth dollar. My above wad is therefore worth 100 fourth dollars, or, because even the Zimbabwe government itself no longer accepts them, nothing.
This on the day the news arrives that the Bank of England has indulged in another £50,000,000,000 of quantitative easing.
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Copyright © 2009 Richard Bartle (email@example.com).