Headline of the Day: Zimbabwe's Million-Percent Inflation
I just love this WSJ headline:
Zimbabwe Can't Paper Over Its Million-Percent Inflation Anymore
Giesecke & Devrient -- a secretive, family-owned Bavarian company that once made its money churning out worthless cash for the doomed Weimar Republic in the 1920s -- has been airlifting tons of blank notes to the Zimbabwean capital Harare. The company, which has been doing business with the African nation since before Mr. Mugabe took power in 1980, is one of the few sources in the world for the specialized paper that is so important in an age when computers and laser printers have made forgery easy.
Germany's foreign minister, Frank-Walter Steinmeier, phoned Karsten Ottenberg, Giesecke & Devrient's chief executive, Tuesday to complain about the deliveries, according to a German diplomat. On Friday, Germany's development minister denounced the company's dealings with Zimbabwe as "terrible" and sent a fax demanding that they stop.
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Special paper? Who is going to forge a $Gazillion ZWD note? What would be the point?
Welcome to Zimbabwe - where everyone's a millionaire.
Posted by: Marcus Aurelius | Jul 2, 2008 11:46:18 AM
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