Has Robert “All my economic problems, and the fact that I need to govern with a firm hand, a brutal security service, and liberal use of egregious human rights violations; are the fault of racist western imperialism” Mugabe come up with a coherent justification for using US Treasury Gift Certificates yet?
Pragmatically, it’s hardly the worst response to hyperinflation; but ideologically it’s a little iffy.
Mugabe has gone so far down the rabbit hole of confirmation bias that it’s meaningless to attribute any rational motives to his actions.
ROFL I can’t wait to see how many Zimbabweans turn to counterfeiting US dollars in the future…
Thanks. Purchased. Gonna be a perfect stocking stuffer for my hubbie this year.
Remember a few years ago when people seemed to be frantic to be paid in anything but US dollars?
Dumb question: Does the phrase that appears on the bill, “I promise to pay the bearer on demand 100 trillion dollars” have any meaning? (Regardless of the worth of the currency in question.)
I’m guessing it relates back to being on the gold standard: the bearer of the note was entitled to the value of the note in gold.
But without the gold, the phrase seems meaningless. Who promises to pay the bearer on demand, and in what can they pay them?
This seems distinct from “This note is legal tender for all debts, public and private,” which appears on US bills.
I should get one. I have a one million peso Argentinean note somewhere…
To nitpick a little bit, your snarky question should read “Federal Reserve Gift Certificates.” The US Treasury hasn’t issued currency since 1971, although some are still floating around out there.
Ah, the joy of fiat currency
If you’re in India, the Governor of the Reserve Bank. His signature is on each note.
So, in the US, the Chairman of the Fed? Or more generally, the issuing agency’s head acting for that agency.
Here’s where the fun starts! You’re right in that it used to mean “I promise to pay the bearer so much gold or silver”, but obviously, with fiat currency, that’s impossible.
I think there are two choices - first, you give them a dollar they give you one back. Or, second, you give 'em a dollar and they increment your bank account by one…
Unfortunately, they blew their chance to put Amedeo Avogadro on the 602.2 sextillion dollar bill.
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