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HYPERINFLATION ENDS ZIMBABWE DOLLAR – 175 Quadrillion Zimbabwean Dollars Are Now Worth $5 USD
Zimbabwean dollar will be taken from circulation, formalizing a multi-currency system introduced in 2009 to help stem inflation and stabilize the economy. The central bank will offer $5 for every 175 quadrillion, or 175,000 trillion, Zimbabwean dollars, Governor John Mangudya said in an e-mailed statement from the capital, Harare. While it marks the official dropping of the currency, transactions in the southern African nation have been made using mainly the U.S. dollar and rand of neighboring South Africa for six years.
“The decommissioning of the Zimbabwean dollar has therefore been pending and long outstanding since 2009,” Mangudya said on Thursday. “We cannot have two legal currency systems. We need therefore to safeguard the integrity of the multiple-currency system or dollarization in Zimbabwe.”
The economy plunged into crisis after the government started a campaign in 2000 of violent seizures of white-owned commercial farms to distribute to black subsistence growers, slashing exports of tobacco and other crops. Inflation surged to 500 billion percent and the economy shrank during a near decade-long recession that ended in 2009. Under policies implemented by a coalition government, the economy began expanding and the recognition of foreign currencies as legal tender helped tame inflation. Consumer prices fell an annual 2.7 percent in April, according to the statistics agency.
Zimbabweans can convert their local dollars between June 15 and Sept. 30 at commercial banks, building societies and postal agencies, Mangudya said.
Savers with Zimbabwe dollars in their bank accounts will get a flat $5 for anything up to 175 quadrillion Zimbabwean dollars. They can convert any cash they have “on a no questions asked basis” at a rate of $1 to 250 trillion Zimbabwe dollars for notes printed before 2009, Mangudya said.
The move demonstrates the central bank’s “commitment to the multiple-currency system,” Mangudya said. Zimbabwe needs to increase its foreign reserves, improve its fiscal management and strengthen the financial sector before it can change the system, he said. Zimbabwe dollar “Zimbabwe dollar” currency usd “united states” money cash wealth wealthy poor poverty banking funding “bank account” savings “savings account” africa charity forex “forex trading” trading account exchange “foreign exchange” “travel money” 2015 2016 future debt loan “credit card” interest “interest rate” monopoly inflation economy shopping gold silver bullion “gold coin” “silver coin” “elite nwo agenda” old bank notes souvenir iraq dinar china rmb yuan global reserve currency fiat currency gerald celente jim rogers max keiser david icke
Last month it was revealed that former federal reserve Chairman Alan Greenspan, the architect of U.S. monetary policy under four Presidents, is anticipating a significant market event as a result of the trillions of dollars that have been pumped into the system over the last several years. According to Greenspan, something big is coming. revolutions, when governments have to print the money they need because there’s not much of an economy left to tax—which brings us to Ukraine. It had a revolution broke The price to keep a roof over your head rushed ahead of overall consumer inflation in 2014 as rents spiked up, according to data released Friday.
Nobody knows when reality will overtake the rhetoric, lies, phony statistics, wishful thinking, fake prices and tiresome poseurs pretending to be world leaders. The situation is universal, a consequence of incompetent leaders and careless (or ignorant) citizenry. Global problems are continuing to mount, along with the risk that the consequences of years of bad policies and inept leadership compound (as sometimes happens) in a short window of time. Let us start by unpacking some current examples of fakery, and then try to explore the consequences.