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Our friend Gideon Gono (Governor of the Reserve Bank of Zimbabwe) has decided to tackle the ultra-hyperinflation pummeling Zimbabwe in one fell swoop. His solution? Lopping zeros off of the Zimbabwean Dollar — ten of them! That means, as of August 1st, a 10 Billion Zimbabwean Dollar (ZWD) bill will be worth one ZWD. That’s a 10 000 000 000 : 1 ratio…. or a 99.99999999% devaluation!

A report from the BBC helps to put things into perspective, 100 Billion ZWD will buy a few eggs, with a try of 24 eggs costing somewhere around Z$600bn.

The Reserve Bank of Zimbabwe has accomplished an impressive milestone. Thanks to Gideon Gono, the present Governor of the Reserve Bank and President Robert Mugabe, Zimbabwe now has the highest percentage of Billionaires per capita than any other country in the world. The billionaire ratio is even higher than a recent gathering of the Bugatti Owners Club. Ultra-wealth also attracts crime. However, Zimbabwe has also done an excellent job with crime. In fact, it is common place to see people walking down the street flashing their wealth by carrying hundreds of billions of Zimbabwean Dollars (ZWD) in open daylight. Analysts estimate that at the current pace, Zimbabwe will soon have the world’s highest concentration of Quadrillionaires. You listening Donald Trump? (more…)