Who wants to be a billionaire? Answer - Move to Zimbabwe

I never wanted to write a blog on politics but this subject was beyond that. The desolate state of Zimbabwean economy results in emotions which varies in extremes. It amuses you at one point, makes you laugh sometimes and sometimes you feel so sad and sorrowful that you really don’t know what can be done about it.

Zimbabwe became independent on Apr 18, 1980. At that time, the Zimbabwe dollar was more valuable than the USD (Can you imagine that?). Whats the exchange rate today?
While I am writing this, the official exchange rate hovers at: $1 = Z$30bn and this keeps changing every minute. And this minute by minute changes is not just with the exchange rates. The inflation rate is 2,200,000 and by the time I finish writing this blog, it will be much higher and by the time you read this, it can be anything around 3,000,000. The prices of goods goes up every minute
Imagine, you leave the house when the loaf of bread costs Z$50bn (yes you are right... its Z$50,000,000,000) and by the time you reach the shop, its already $100bn

The central bank in Zimbabwe have been printing currency notes in denominations never heard in any other country. Z$250,000, Z$750,000, and Z$1million bank note denominations were introduced in December 2007. This was followed by a Z$10 million note bank note in Jan '08 and by a Z$50 million note in April. Then there were bank notes in denominations of Z$100 million and Z$250 million to be released. Last I knew, the most valuable banknote available was for 100 billion Zimbabwean dollars (which ironically cant even buy you a proper meal or a bus fare)

My intention of writing this blog was not to cover the economics (there are enough intellectuals in the world debating about it), but to explore the practicalities of living in such an economy. The loaf of bread was just an example. As I said, the prices of goods change every minute. When you go to a restaurant and order something. By the time you finish your meal, the bill is based on what – on the price you ordered or the current quoting price?

How do people pay for their daily expenses. (Cash?...I am sure at some point of time, the paper on which the currency is printed will be more valuable than the denomination on the same; Credit Card... naaaa... forget it)
The coins are no longer available (No guesses! Metal can be melted and made more valuable)
So many arbitrage opportunities every hour
Wouldn’t it be better to go back to the old and traditional barter system (Instead of cash, I rather stock commodities… They may be more valuable to me)…
How does the central bank runs? What systems do they use? Can the systems even afford so many zeroes? How do they take care of minute by minute changes in the economy?
Do people keep their savings in banks? How do banks charge interest rates? How do they even calculate?
What about your cash withdrawl limits?

There are enough questions in my mind that I can go on.. and I am sure each one of you would have enough on your minds as well… so let me leave it at this

To end on the lighter side (yet highly ironic and satirical) … have you been dreaming for long to be a billionaire? Now is your chance…
In fact as someone said… the country can register itself with the Guiness book of world records for the highest number of billionaires