Hey buddy, can you spare 50 Billion?
JULY 9, 2008
A short profile of Gideon Gono, Zimbabwe's central-bank governor appeared in yesterday's Wall Street Journal. I caught it via moneyweb and www.zimbabwesituation.com. Gono is just one of the crazies sucking the blood out of Zimbabwe where up is down and vice versa.
The just issued 50 Billion note. Don't spend it all in one place! Some traders value 125 Billion Zimbabwe dollars at US $0.40.
"Of all the world's central bankers, Zimbabwe's gets the biggest -- or at least the longest -- salary. Mr. Gono won't say how much he earns exactly as head of the Reserve Bank of Zimbabwe but does claim to have "more digits" on his pay slip that any of his peers. He earns trillions of Zimbabwe dollars. It now takes more than 16 billion of these to buy a single U.S. dollar. U.S. Federal Reserve Chairman Ben Bernanke earns only six figures, $191,300."
The design of the bill has a certain expedient quality. Maybe the giraffes should be facing right (and running faster!)
Topical: Just thinking