In a shop in Cecil Court in London I found a bank note with a face value of one hundred trillion dollars ($100,000,000,000).

Unfortunately these are not United States Dollars. The note was not issued by the US Federal Reserve but by the Central Bank of Zimbabwe. It cost me £2.50.

When issued in 2006 the note was worth about thirty US dollars, although it rapidly became worthless.

The note caused some mirth when I tried unsuccessfully to buy a round in the pub with it. Eventually I gave it to a friend on his birthday as a joke.

I decided to send one of these hundred trillion dollar notes to the Chancellor of the Exchequer and the Governor of the Bank of England, as a reminder of what can happen when a central bank tries to solve the country’s financial problems by printing money.

So when I was next in London I visited the shop to buy some more, only to discover that the price had risen to £7.50. 

No way was I going to pay those inflated prices just to make a futile gesture to George Osborne and Mervyn King.


See also:  Millionaires

Chris Thorpe

Chris Thorpe is a respected independent lawyer in the upstream oil and gas industry, and an established lecturer and author. Chris has a LLB in law from Magdalene College, Cambridge and trained as a barrister in London. He worked for eight years' as an in-house lawyer for BP and Marathon. Since 1991, Chris has run his own upstream legal practice, CPTL, which has acted for many upstream clients. He has extensive experience of international upstream transactions, principally in the North Sea, the FSU, Africa and the Middle East. Chris has spoken at many UK and International Conferences and Seminars, both public and in-house. His most popular current lecture is Fundamental of Upstream Petroleum Agreements, a two-day course with accompanying book.