Not worth a Penny

The European Central Bank has found another way to create money out of nothing.

Not worth a Penny

By Dr. Klaus L.E. Kaiser 

Specifically, I’m talking about official “Bank of Somewhere” notes, redeemable for whatever, and so forth. The world of highfalutin financial systems seems to have found new high and low points.

Just a few years ago, the government of the sovereign state of Zimbabwe thought it could create money out of nothing. What difference does it make to simply add a few zeros here or there, as long as it’s “FREE?”

Wouldn’t you like to be a TRILLIONAIRE, owning a few of those pretty picture bank notes printed on real paper? Like the one from the Reserve Bank of Zimbabwe, that minted plenty of 100 TRILLION (Zimbabwe) DOLLAR notes, a reverse side picture of one is nearby.

European Central Bank has found another way to create money out of nothing

However, the European Central Bank has found another way to create money out of nothing, namely by printing bank notes of ZERO VALUE.  In case you think that’s crazy, think again. These things actually do exist, with all the security and anti-counterfeit features common to other denominations of that currency unit. One example (of several dozen designs) is also shown nearby.

Z$100 Trillion, or €0 — what’s the difference?

Good question!

The answer is: Except for some collectors’ value in the eye of the beholder, absolutely nothing.  You can get any of those, in quantities, at any place dealing with such curiosities. However, you cannot go shopping with either one.  They are akin to the pretty postage stamps issued by many countries in recent decades, sold to collectors around the world for real, hard-earned money. Simply put:

They are pretty to look at but “not worth a penny”.


Dr Klaus L E KaiserDr. Klaus L.E. Kaiser is a professional scientist with a Ph.D. in chemistry from the Technical University, Munich, Germany. He has worked as a research scientist and project chief at Environment Canada‘s Canada Centre for Inland Waters for over 30 years and is currently Director of Research at TerraBase Inc. He is author of nearly 300 publications in scientific journals, government and agency reports, books, computer programs, trade magazines, and newspaper articles.

Dr. Kaiser has been president of the International Association for Great Lakes Research, a peer reviewer of numerous scientific papers for several journals, Editor-in-Chief of the Water Quality Research Journal of Canada for nearly a decade, and an adjunct professor. He has contributed to a variety of scientific projects and reports and has made many presentations at national and international conferences.

Dr. Kaiser is author of CONVENIENT MYTHS, the green revolution – perceptions, politics, and facts

Dr. Kaiser can be reached at:

12 thoughts on “Not worth a Penny”

  1. Too easy-going and cheap to compare Angela Merkel with Robert Mugabe . How about Barack Obama who let others misuse the (printing)press ?

    • try wayback in time when they dissed the gold standard in ussa and elsewhere followed- creature from jeykll island G E Griffin tells the story
      you have your govt collusion with bankers families becoming the FED to thank.

  2. We were in Turkey in 2004 and we changed one Australian dollar – worth about 75 US cents at the time – for well over 1 million Turkish lira – perhaps more than 2,000,000.

    It was so valueless that no-one outside of Turkey would accept them. Don’t think I’m knocking Turkey – I’ve been there 3 times and loved every minute.

    We changed about $20 AU and were multi millionaires for the day.

    I now see that through some sort of magic the Turkish lira is worth about 37 Australian cents – somehow in the 13 years since then the Turkish lira has appreciated about 10,000% !

    Now that is magic I’d like to master !

    • Unfortunately, if you still have one of those old Turkish Lira notes, they are still worthless. In 2005, if I recall correctly, Turkey “revalued” it’s Lira, and hacked six zeros off the end of the denomination. I suppose to save on paper ink, or something like that.

      The old notes, if not turned in for new notes, were declared void, and so became valueless except as curiosities and collectors items. They aren’t even worth the price of the paper they are printed on.

    • You can have it both ways, the Turkish lira has appreciated and the Australian Dollar has depreciated.
      The Turks are a hardworking industrialised power coupled with lots of subs from German Turks.
      With latter, the separate Australian states have made energy so expensive you can’t afford to make things at a price other people want to buy them for.
      Others have suggested that South Australia biggest export beside Sheep meat is whole companies doing the great escape to cheaper energy countries who haven’t been hoodwinked into trashing their base load energy supplies by the Green nutters the Australian people voted into power.
      That said the UK is just as bad, living on tick, and voting money tree politicians into leadership positions, within two years of Labour taking power the IMF will have to bail us out again that should be around 2020.

    • A thousand billion is sometimes referred to as a trillion. That’s what that note shows.
      1 000 (thousand)

      1 000 000 (million)

      1 000 000 000 (billion)

      1 000 000 000 000 (trillion)

      100 000 000 000 000 (one hundred trillion)

      1 000 000 000 000 000 (one quadrillion or one brazillion or one gazillion or whatever we choose to call it when we get there)
      100 000 000 000 000 000 (one hundred of those)

  3. …does it really take 18 cents to make an American penny? In 1966, minimum wage was $1.65 an hour. Beer was a $1.65 a six-pack. Now minimum wage is what, $9.00 an hr? Can you buy a six pack of beer for that? …we’re good!

  4. Why is this here on an ice age site? This guy is not an economist and his text shows it. Currencies backed by shiny stones are just as valueless – can you eat the shinny stones? Live in them? Keep you warm or cold? NO!. But if you tie your currency to them, your economy cannot expand. new goods cannot be bought or sold since there is no gold to buy them. Children are born into slavery since there will never be any gold for them since it is all owned.

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