Monday, February 1, 2010
Inflation- and corruption-proof currency?
I just learned that an Indian NGO, 5th Pillar, has been distributing zero rupee notes since 2007. The Economist has a brief write-up about them in the Jan. 30th issue. The front of the notes looks like a real banknote; the back has information about its inspiration. The idea is to shame corrupt officials demanding bribes into doing their jobs. Anecdotally it appears to work, the Economist suggests. Perhaps an idea for other countries rife with corruption?
Additional benefit: no amount of inflation is going to reduce the value of this banknote! Perhaps Zimbabweans could use some of their old, now worthless, banknotes the same way?