For those of you that have never seen inflation / currency devaluation this is the best chance to observe it on television (hopefully non of us will experience it first hand).
They have shown videos of the streets and markets in Iraq, as business and trading starts picking up steam after the war. If you look closely, when they show transactions, you will see people with wads of paper money, wrapped in bundles. Paying close attention, you will see that the stacks are not counted, but are weighed by a scale (that's what I call money by the pound / kilo).
I assume they will change currency in the near future when a government is established, but for now, whomever has the heaviest stack of Dinar's will be the winner. I would also suspect that prices are going up on a daily basis, the same as in lot of countries around WWII time frame. It was so bad in some countries that every person would get paid at the end of the day and they would have to spend all of the money the same day.
A loaf of bread would cost $1 dollar one day, the next day it was $2 dollars then the 3rd day it would cost maybe $5 dollars and so on. If you held the money too long the money you were paid with one day, would buy you absolutely nothing the next day. Eventually, new currency had to be issued and a new system established.
Satellite TV is so interesting as you can live history while it's being made vs. having to read about it 5 years afterwards.
For those of you that have never seen inflation / currency devaluation this is the best chance to observe it on television (hopefully non of us will experience it first hand).
They have shown videos of the streets and markets in Iraq, as business and trading starts picking up steam after the war. If you look closely, when they show transactions, you will see people with wads of paper money, wrapped in bundles. Paying close attention, you will see that the stacks are not counted, but are weighed by a scale (that's what I call money by the pound / kilo).
I assume they will change currency in the near future when a government is established, but for now, whomever has the heaviest stack of Dinar's will be the winner. I would also suspect that prices are going up on a daily basis, the same as in lot of countries around WWII time frame. It was so bad in some countries that every person would get paid at the end of the day and they would have to spend all of the money the same day.
A loaf of bread would cost $1 dollar one day, the next day it was $2 dollars then the 3rd day it would cost maybe $5 dollars and so on. If you held the money too long the money you were paid with one day, would buy you absolutely nothing the next day. Eventually, new currency had to be issued and a new system established.
Satellite TV is so interesting as you can live history while it's being made vs. having to read about it 5 years afterwards.
Any other interesting observations?
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