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January 13, 2009

Zimbabwe and a Currency Zen Question

I have a currency Zen question: When every country in the world is racing to simultaneously devalue its currency, against which Platonic non-earthly currency do they imagine they are devaluing their coinage?

I’m not saying I don’t understand the instinct, because I do, but it’s worth pointing out that it’s not, you know, actually possible -- unless, of course, we’ve already made the Zimbabwe Zimdollar the trashed-currency collector system of last resort. I missed that meeting, apparently.

[Update] Eddie from CrossingWallstreet points out that The Onion has done a nice job of treading this devaluation trail. Savvy analysis.

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