The Hungry Ghosts Festival or the Feast for the Wandering Souls is held annually during the seventh month on the lunar calendar and is a month-long event in Singapore. During this month, the gates of hell are opened and spirits are free to roam the earth and visit the living (especially relatives). The Chinese typically burn ‘hell money’ and other paper offerings for the deceased, who as ghosts are able to use the money in their world. And it is in their world where inflation fears mounted today after many mainland Chinese started burning a newly-launched $1,000,000,000,000,000 note. The largest-denomination note available for burning in Singapore is only $1,000,000,000,000. In a world where even basic household items often cost millions or billions of dollars due to the large and constant influx of currency from the living, fears are that pressure from China over the new note will cause runaway inflation, and ultimately Singapore will have to respond by printing an even higher-denomination note. Local entrepreneur Kelvin Tan, however, has decided not to give into pressure, though. “I’m going to burn books this year. My deceased relatives can sell them anytime, since their value will hold in face of inflation.” Other local Chinese have written up special inflation-free bonds and derivatives to burn to afford their relatives long term financial security.
Inflation fears after launch of $1,000,000,000,000,000 note for Hungry Ghosts Festival