Wednesday, January 5, 2011

Gono & Nero

"Then, by 2008, the inflation rate had soared to such troubling levels in Zimbabwe that economists were having trouble just figuring out how to measure it. Finally, after wearing out a few calculators, no doubt, Prof. Steve H. Hanke managed to come up with a figure. Prof. Hanke's HHIZ measure indicated that inflation had peaked at an annual rate of 89.7 sextillion percent (89,700,000,000,000,000,000,000%) in mid-November 2008. Gideon Gono, the Governor of the Reserve Bank of Zimbabwe, had achieved a feat that Nero himself could not have imagined possible."
Source: Joel Bowman, "The Daily Reckoning"

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