Hello!
Hyperinflation in Hungary became so bad that the Hungarian government had to get rid of the pengo, and introduce a new currency - the forint.
How are you? Here is a post for our new theme of money and trade.
Before we start, here are the board notes for our class on 10/21:
The pictures above are of the front, and back, of a Hungarian pengo bill from 1946. The pengo was the old money of Hungary, and after World War II, Hungary experienced terrible hyperinflation (ハイパーインフレ).
This bill was for 100 million (100,000,000) pengos - probably worth less than one yen even at the same time Japan was going through the same kind of economic hardship!
Hyperinflation in Hungary became so bad that the Hungarian government had to get rid of the pengo, and introduce a new currency - the forint.
This has been a problem at times in some countries, especially those that have experienced war or natural disasters.
Activity/homework
Watch this video below. It's about a similar hyperinflation crisis that has happened in Zimbabwe, in Africa, several years ago. While there is a person talking on it, the most important thing is the money he is holding - Zimbabwean dollars.
Look at the valuation of the money. So much of this money was worth nothing soon after it was printed - many people in Zimbabwe needed thousands of these bills just to buy a little bread.
Make some notes as you watch. Watch it as many times as you want or need - then talk about this with your classmates.
I hope that this can help you with more background about money, trading, or the problems that can happen with them.
See you next time!
Images: Upper photograph - by Magyar Nemzeti Bank (Hungarian National Bank) - Originally from hu.wikipedia; description page is/was here. Original uploader was User:Timur lenk at hu.wikipedia, Public Domain, https://commons.wikimedia.org/w/index.php?curid=3329550/Lower photograph - By Magyar Nemzeti Bank (Hungarian National Bank) - Originally from hu.wikipedia; description page is/was here. Original uploader was User:Timur lenk at hu.wikipedia, Public Domain, https://commons.wikimedia.org/w/index.php?curid=3329554/Board notes - personal photograph. All rights reserved.
Video uploaded from YouTube. I do not own the rights to this video. All rights reserved to the copyright holder(s). Uploaded for classroom purposes only.
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