Many Americans needed to wake up to the reality that the Dollar($) is following a similar pattern to Zimbabwe’s currency. With a total of 9.7 trillion dollars(and growing) we are going to see inflation rise to around 15%-25% within the next few months. In addition to that, we have to factor in the additional bailout money that will be handed out to banks.
“The death of the (Zimbabwean) dollar is a reality we have to live with,” he said during a 2009 budget presentation. “Since October 2008, our national currency has become moribund,”
Along with his remarks, Biti announced “the removal of all foreign currency surrender requirements,” New Ziana reported Friday.
Previously, Zimbabwe’s central bank required currency traders to pay 5 percent of their gross earnings at the Zimbabwe dollar’s exchange rate.
Inflation in Zimbabwe hit what has been called a “hyperinflation” rate, officially posted as 231 million percent, essentially wiping out the currency’s value.