Tuesday, January 4, 2011

Visitors snap up 100 trillion Zimbabwe bank notes - Yahoo! Finance

EXCERPTS:

"HARARE, Zimbabwe (AP) -- Western visitors to Zimbabwe are looking for zeros. They're snapping up old, defunct Zimbabwe bank notes, most notably the one hundred trillion Zimbabwe dollar bill, as an economic souvenir.

The one hundred trillion Zimbabwe dollar bill, which at 100 followed by 12 zeros is the highest denomination, now sells for $5, depending on its condition. That bill and others -- among them millions, billions and trillions, were abandoned nearly two years ago, when the American dollar became legal tender in the hopes of killing off the record inflation that caused all those zeros.

...

At the height of Zimbabwe's economic meltdown in 2008 when Zimbabwe's world record inflation was running into the billions in percent annually and prices were climbing each hour, the 100 trillion bill scarcely bought a cart of groceries.

Teachers reported the printing of bank notes from millions to billions and then trillions skewed their pupils' sense of numeracy, making them fail to grasp the realities of numbers.

On one geography field trip, students scoffed at being told granite rocks swept over Zimbabwe by ancient glaciers were 700 million years old. That time frame seemed insignificant.

Back then in 2008, 700 million Zimbabwe dollars bought a loaf of bread.

Scientists and physicists estimate the number of atoms in the universe at 10 to the power of 80 -- 10 followed by 80 zeros.

During the worst of Zimbabwe's economic meltdown and hyperinflation, Zimbabwe's highest money denominations were logged at 10 to the power of 25 -- 10 followed by 25 zeros.

The central bank then sliced off several zeros, but large transactions were still calculated in quadrillions (15 zeros) and quintillions (18 zeros) until the demise of the local currency.