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Can This Be The Future Of The US Dollar?
"In a move meant to ensure that the public has access to their money from banks, the Reserve Bank of Zimbabwe has introduced a new bank note which will gradually come into circulation" the bank said in its announcement.
The new 100 trillion dollar bill would be worth about $30 in U.S. currency. A loaf of bread in Zimbabwe now costs about 300 billion Zimbabwean dollars -- and like most commodities, the price increases every day.
This note represents world's highest inflation rate. The official inflation rate was 231 million percent as of July.
The currency is in free fall, forcing traders to peg their prices to international currency to hedge against losses. The Zimbabwean dollar is facing extinction, with most traders now accepting other countries' notes, claiming that they import their products.
Most workers now demand their salaries in foreign currency. Doctors and nurses have been on strike since last September, demanding salaries in U.S. dollars.
The state media reported that most teachers had left their jobs. As a result, the end-of-year examinations taken in November are yet to be graded after the markers demanded their wages in foreign currency.
What Is Inflation?
No term in the “dismal science” of economics is more misunderstood than “inflation.” The word means “rising prices,” but is used at different times by different people to describe totally different phenomena.
The most predominant type of inflation is natural and occurs as raw materials are used up and must be replenished. It’s akin to the law of diminishing returns, or entropy, and is overcome by technological innovation. Another type of inflation is expressed through constantly changing conditions of supply and demand, including the fluctuating cost of labor. Yet another type results from the predatory pricing practices of monopolies such as the worldwide oil cartel which has jacked up the cost of petroleum to over $80 a barrel.
Of an entirely different order is the inflation induced by central banks such as the Federal Reserve in creating financial, housing, and other bubbles thus destroying the value of citizens’ property.
Unfortunately, the present course of affairs as defined by the current Federal Reserve System which oversees our monetary system falls short of the rightful uses of money. With the participation of the financial industry, the Federal Reserve mainly assures as its first priority that the wealth held by the banks will never be relinquished by them and, if possible, will not be diminished.
Rather this wealth will perpetually increase through the interest charged for its use. Of course money borrowed from the banks may be used by debtors to create new assets or may simply be spent on consumer goods. But the wealth of the banks themselves must never be compromised.
Thus the banks have become the primary focus of power within our nation. This is implied whenever the word “stability” is used with reference to the financial system. Businesses, households, and individuals may be subjected to the “creative destruction” of market forces, but not the banks. Also, given compound interest, a monetary system based on lending must result in the migration of all a nation’s wealth into the hands of the lenders within a few generations. This is what is happening in the U.S. today.
Richard C. Cook
Global Research, October 2, 2007
"Finance is the art of passing currency from hand to hand until it finally disappears."
Quotations by Robert W. Sarnoff
“Gentlemen, I have had men watching you (bankers) for a long time, and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I intend to rout you out, and by the
eternal God, I will rout you out.”
President Andrew Jackson to a group of bankers in 1832!
Did you Know?
One Oz. of gold bought about 300 loaves of bread in King Herod's time. Today the same amount of gold will still buy about 300 loaves of bread!