Socialist Economy Triumphs Again

Zimbabwe introduces 100 billion dollar banknote:

In a notice in the state-controlled Herald newspaper, central bank governor Gideon Gono said the Reserve Bank of Zimbabwe would introduce the new notes – known as special agro-cheques – to help consumers.

“This new $100 billion special agro-cheque will go into circulation on Monday,” the notice said.

But Zimbabwe residents say the latest note is already worthless, and does not even cover their daily lunch.

“Nowadays, for my expenses a day, I need about Z$500 billion,” one resident said.

“So Z$100 billion can’t do anything because for me to go home I need Z$250 billion, so this [note] is worthless.”

Zimbabwe was once one of the richest countries in Africa.

It amazes me that socialists still say their command economy is better than the free market.