Tuesday, September 21, 2010

tuesday video

Seriously, why cant we just knock a zero off? (via)


Omnipotent Poobah said...

I don't know if they still do it, but in the 80s Italy and Argentina had hyperinflation so bad they just "assumed" zeros. For example in Italy, you paid your 10,000 lira bar tab with a 1,000 lira note. Very confusing, especially when the digits extended out to 100,000 for 1,000.

In Argentina, the money devalued so quickly that taxi cabs picked up conversion tables twice a day and posted them in the cab. You looked at what was on the meter and then cross-referenced the fare card for how much you'd have to pay.

The money was so worthless that even the Argentinians didn't want it. If they were going to buy something, they converted as small a number of dollars to pesos as possible, went to buy it immediately, and then immediately headed to the cambio to put it back into dollars.

And we think our economy is bad?

daveawayfromhome said...

Fortunately, our economy isnt nearly that bad (yet). It's taken years to reach our current position, cash-wise. But it seems to me that when you cannot actually buy anything for a penny (not even gumballs from a machine!), then it's time to let the penny go, or to devalue the dollar. And, really, if you're going to do something like that, times like this seem like the right time to do it, rather than during a period of runaway inflation.