Zimbabwe Discontinues Currency, Ending Era of Bags of 100 Trillion Dollar Notes

[garbon]

Did they beat the post WWII Hungarian record of hyperflation? Can't be sure with different scales used by Anglo-Saxons.

AFAIK Hungary never came remotely close to 5 billion % inflation in single year.  More like 1,000%.

Hungary went from 5.9x10^10 to the dollar in April to 4.6x10^29 in July. That's easily faster than Zimbabwe. That's like the Big Bang compared to Zimbabwe's glacial pace. 

From Wiki: Peak Month and Rate of Inflation: Jul. 1946, 41.9 quadrillion percent

Beyond a certain point, it's irrelevant.  It's like trying to calculate what 1/0 is.  You may get different answers depending on machine precision, but it's all the same thing.  Once you hit a certain point, money isn't money anymore, it's just a scrap of paper.

Or even worse than a scrap of paper as it has all that printed design taking up space.

[MadImmortalMan]

You can burn it for fuel. Do your part to reduce inflation at the same time.

[Ideologue]

Now why hasn't the US Treasury thought of this!! Could pay off the debt in days!

What could go wrong?

I think it could be a net benefit, but probably wouldn't cause too many problems.

Anyway, where's my hyperinflation? When I went to law school, I was promised hyperinflation.

[citizen k]

Anyway, where's my hyperinflation? When I went to law school, I was promised hyperinflation.

It's deflation that's the bane of the central-planners these days. Gotta keep those bubbles expanding.

[Monoriu]

Deflation will save us all 

[Josquius]

I really wonder how this worked on a practical level.
I mean,  the country is in the shitter but it hasn't collapsed. People still have jobs and do their shopping.
Wage renegotiations everyday?

[Eddie Teach]

Barter and foreign bills.

[MadImmortalMan]

Barter and foreign bills.

Yes. People started using Rands and USD instead.

[crazy canuck]

I like the 80s hair metal font for the spelled out amount.

I like the fact the spent resources trying to make it difficult to counterfeit. 

[DGuller]

I really wonder how this worked on a practical level.
I mean,  the country is in the shitter but it hasn't collapsed. People still have jobs and do their shopping.
Wage renegotiations everyday?

What happens in hyperinflation is that everyone switches to a different currency, so the official currency is more or less an artifact.  I've lived through hyperinflation in Ukraine, where the highest denomination bill went from being 100 to being 100,000 when our family left.  Everyone by that point was conducting their business in dollars, except for dealings with the government where the use of official currency was mandatory (not sure how that worked out).

[The Brain]

I really wonder how this worked on a practical level.
I mean,  the country is in the shitter but it hasn't collapsed. People still have jobs and do their shopping.
Wage renegotiations everyday?

What happens in hyperinflation is that everyone switches to a different currency, so the official currency is more or less an artifact.  I've lived through hyperinflation in Ukraine, where the highest denomination bill went from being 100 to being 100,000 when our family left.  Everyone by that point was conducting their business in dollars, except for dealings with the government where the use of official currency was mandatory (not sure how that worked out).

Why did they want bribes in official currency?