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A worthless currency - The Zimbabwean
A great article on the economy and Zimbabwe, a country that in 1980 had a more valuable currency than the US. Now Zimbabwe, a country with an extraordinarily corrupt government and a fiat currency, is experiencing hyperinflation. The currency has become so unstable that bartering mechanisms and virtual currencies are starting to emerge.
This is the beginning of the true new economy -- the economy marked by the death of monetary policy set by nation-states, and the emergence of monetary policy created by market-states (commercial ecosystems like Google, Ebay..."platforms" in web 2.0-speak). These virtual currencies are created and "backed" by private enterprises -- not governments. -- KM
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The Zimbabwean, Africa - 1 hour ago
Petrol coupons have become a virtual currency. John Robertson, a local economist, reckons that the informal economy has probably become larger than the ...
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