Think Freely Media presents Common Sense with Paul Jacob

Groundhogs’ Day

Inflationary notes

On February 2, 1887, Punxsutawney, Pennsylvania, celebrated the first Groundhog Day. On the same day in 1976, the Groundhog Day gale hit the north-eastern United States and south-eastern Canada.

In 2009, the Reserve Bank of Zimbabwe officially devalued the Zimbabwean dollar for the third and final time, making Z$1 trillion now only Z$1 of the new currency, equivalent to Z$10 septillion before the first devaluation. Politicians in Zimbabwe looked up, saw their shadow, and realized that they had only a couple months more of their inflation binge. Indeed, the legalization of trading currencies, the previous month, had sealed the fate of Zimbabwe’s independent dollar. The Zimbabwean dollar was abandoned officially on the 9th of April, 2009.

By: Redactor

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