Zimbabwe

Zimbabwe had been using a fiat system. Zimbabwe's fiat system collapsed. More money was printed as the money was losing its value. The money lost even more of its value. The inflation is so bad that a newspaper cost Z25 billion in July 2008. A few weeks before it cost Z200,000. Computers in banks and ATMs could not keep up with the hyperinflation in 2008. Before the inflation began, the US dollar and the Zimbabwe dollar were about equal in exchange. In July 2008, one US dollar equalled 50 billion Zimbabwe dollars. The inflation is so out of control that people's wages cannot keep up. People in Zimbabwe are aware that printing more and more money causes, or at least attributes to, inflation.