O/T The Ten Million Dollar Bill

[Bob_Huntley]

I was contemplating a trip this year to see my daughter in South Africa and then visit some old haunts in Zambia and possibly Zimbabwe.

I have just read that the Zim government  said it would begin issuing new currency beginning today in denominations of $1 million, $5million and $10 million dollars. The new $10 million dollar note is the equivalent of about four American dollars at the black market exchange rate used by most Zimbabweans. A hamburger at an ordinary cafe costs about $15 million in Zim money, or $6 American. A Titleist Pro V1, if you could get one, would cost you about $17 miilion.

When complainng about problems here at home, just let us think how lucky we are.


Bob

[Pete_Pittock]

I wonder what the winner's cheque will be for the Zimbabwe Open with the new currency. He xould movve ahead of TGiger in career earnings.

[Jeff_Brauer]

And if I charge in Zim dollars, I can say my design fee exceeds Tiger Woods!

[Michael Christensen]

we are well on our way....with the fed cutting rates every other month and our trade imbalance, the US$ compared to protected currencies such as the pound and euro is in pretty bad shape

[Bill_McBride]

we are well on our way....with the fed cutting rates every other month and our trade imbalance, the US$ compared to protected currencies such as the pound and euro is in pretty bad shape

Still pretty hard to compare us to Zimbabwe!  $10 million note indeed.  Sounds like the wheelbarrows of marks during the Weimar Republic.

[Sam Morrow]

That's great, I made my first million quicker than I ever expected.

[JohnV]

I remember going to Yugoslavia in 1988.  At the time, the exchange rate was about 4500 to $1.  I had intended to cash $200 of travelers checks, but decided to do $250 so I could be a millionaire in the local currency.

[JESII]

we are well on our way....with the fed cutting rates every other month and our trade imbalance, the US$ compared to protected currencies such as the pound and euro is in pretty bad shape

Michael,

How are these currencies protected?

[Michael Christensen]

Jes,

if you have to ask the question, you wouldn't understand the answer....go down to your local walmart...it should be all you need to know

[JESII]

Michael,

An answer like that implies you don't know the answer...

[Lloyd_Cole]

Jes,

if you have to ask the question, you wouldn't understand the answer....go down to your local walmart...it should be all you need to know

Wow Michael!

That is one of the most offensive posts I've seen here is quite a while. Badly written to boot.  I assume you mean that a visit to Walmart would reveal the information that JES seeks. In fact all he would see was a lot of imported goods. Not why they are here.

[JESII]

Lloyd...the ten million dollar question though is...was Michael's post offensive to everyone that doesn't know what he meant by "protected currencies such as the pound and the euro..."? or just me?

 

[Matthew Hunt]

we are well on our way....with the fed cutting rates every other month and our trade imbalance, the US$ compared to protected currencies such as the pound and euro is in pretty bad shape

As far as I know the pound hasn't been protected sine the 1929 depression and the Euro has never been based on gold standard.

Last year here in an economic predictions thread I predicted that the US would go into a recession including the weakening of Dollar I was promptly told how wrong I was but to me as an economically uneducated (well I educated myself)  14 year old a brose of the figures suggested it was sadly inevitable in the future.

I feel some Fed cuts were needed to stop a recession turning into depression but as you say they need to watch that they do not inversly affect inflation.

[Lloyd_Cole]

Lloyd...the ten million dollar question though is...was Michael's post offensive to everyone that doesn't know what he meant by "protected currencies such as the pound and the euro..."? or just me?

 

Clearly not just you.

If we are supposed to be (post Tommy N) self regulating, and pulling no punches with regard to our opinions, I think we need to call BS and bad behavior when we see it. Clearly this is OT and maybe Michael didn't want to get into an explanation, but there is no need to be condescending.

I just had a glance at the wikipedia pages for floating and fixed currencies. But I think there is more to it than that. Maybe Michael could provide a link?

[JESII]

LLoyd,

My opinion on self-regulation is to let the crap work itself out. A healthy collection of posts similar to that one by Michael does more to secure his role here than anything you or I could do...

[Lloyd_Cole]

LLoyd,

My opinion on self-regulation is to let the crap work itself out. A healthy collection of posts similar to that one by Michael does more to secure his role here than anything you or I could do...

Isn't that what we're doing?
M has an option to answer and I'm all ears.
If he chooses not to, you and I both have character worries which will inevitably colour our future dealings with him.

[JESII]

You're right.