The Australian reports that Zimbabwe’s currency is not worth the paper it’s printed on.

Let’s take a look.

When Roy Bennett, a former opposition MP, finished his jail sentence this month for shoving one of Mr Mugabe’s ministers, he received the release gratuity of $Z6 to help him “re-enter society”.

It showed how sublimely out of touch the Government is. A box of matches costs $Z1000.

Inflation hit 164 per cent last month. Economists predict it will double in five months, and again three months after that. This time last year, pound stg. 1 fetched $Z8500 on the black market, increasingly the only real exchange. Yesterday it fetched $Z54,000.

The $Z20,000 bill is the currency’s highest denomination and its most common unit. It is not a banknote, however, but a bearer cheque – and most carry a 2004 expiry date.

The Government has cut fuel prices for buses and minibuses to $Z6000 a litre, so minibus drivers fill up, drive around the corner and sell the fuel for up to $Z120,000 a litre, then rejoin the queue.

That is hyperinflation. Anyone that thinks the situation in the US will remotely look like this any time soon is nuts.

Mike Shedlock / Mish/