Countries like Zimbabwe and Venezuela printed those currencies in vast quantities to pay bills instead of raising [most of] that money through taxes. Taxes owed

Countries like Zimbabwe and Venezuela printed those currencies in vast quantities to pay bills instead of raising [most of] that money through taxes. Taxes owed in previous quarters were worthless compared with the new trillion dollar notes Zimbabwe's central bank issues to pay government officials, and most private transactions were black market so they weren't seeing them returned in taxes. Zimbabwe and Venezuela are the defining example of how a currency which isn't backed by mountains of debt and taxes is reliant entirely on speculators' confidence...