28.3.14

Inflación.

Later that week, I found this Argentine banknote at the San Telmomarket. I recognized it immediately--I knew what one million looked like. But not so fast. You see, It was issued between 1981-1983 during Argentina’s hyperinflation days. it’s out of circulation now, and has nothing to do with the 20 pesos (roughly $5) I paid for it. In fact, it didn’t even have much to do with itself over the 13-year period that particular peso-unit was in use. When Argentina introduced a new monetary unit in 1983, The New York Times put it this way: “In 1970 a new, four-door automobile cost 20,000 pesos. Today, 20,000 old pesos would purchase two sticks of chewing gum; the new car costs 993 million.” Yikes, now that’s inflation.



*http://allmyeyes.blogspot.com.ar/2009/10/what-does-million-look-like.html