My friend Warren Coats, author of One Currency for Bosnia: Creating the Central Bank of Bosnia and Herzegovina, hosted a spring party yesterday, and I was reminded of his expertise in advising governments in war torn or besieged states how to create “hard currencies”.
One government that is not his client is Zimbabwe — though much of the rest of the rogue-ish, complicated world is on his client roster.
Warren pulled out a 50 trillion dollar note from Zimbabwe from his wallet — and I was pretty shocked. I had no idea Zimbabwe’s government had had such hyperinflation. He has one of these 100 trillion dollar notes as well. Of course, they are worse less than nothing — and one wonders why they would print these unless to sell them eventually on Ebay or in glass paperweights as novelties.
Have a great Sunday. I’m going to be lurking in Chestertown, Maryland where the students of the 1782-founded Washington College will be graduating today.
— Steve Clemons