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In this country, inflation is 7500%
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| Magnetonium |
I've been watching the developments in Zimbabwe recently, including the alleged coup plots, the tightening controls and arrests of opponents; and I think, actually I hope that Mugabe will be toppled following the latest economic crisis in the country that has some of the most productive agricultural lands in entire South Africa (while the people are so poor) that have collapsed since being seized from white farmers in Mugabe's return to power a few years ago. There used to be a time when Zimbabwe was one of the richest and most successful countries in Africa ... The time is overdue for the African Union to do something to stop the Mugabe insanity, and though average Zimbabwe folks are suffering, it will be over soon (hopefully). Sad thing is that Mugabe has support from some African nations.
http://abc.net.au/news/stories/2007/09/18/2037004.htm
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Zimbabwe 'close to collapse'
Posted Tue Sep 18, 2007 7:29pm AEST
The latest report from the International Crisis Group has found Zimbabwe is close to complete collapse with four out of five people living below the poverty line and inflation running at 7,500 per cent.
The group is calling on the international community to close ranks behind South African President Thabo Mbeki's efforts to achieve a political settlement.
Mr Mbeki is trying to mediate between the governing Zanu-PF party and the Opposition MDC Party.
The independent think tank says the regional initiative is fragile as some Southern African leaders remain supporters of Zimbabwe President Robert Mugabe.
David Coltart, an MP with the Opposition MDC Party, wants the United Nations to do more.
"The UN attitude towards the Zimbabwean crisis has been pitiful," he said.
"We need a far more pro-active approach taken by the UN and in particular by the secretary general."
The British Foreign Office Minister with responsibility for Africa, Mark Malloch Brown, says countries other than Britain need to put pressure on Zimbabwe to bring about change.
"We will press but we can't go it alone on this," he said.
"This has got to be Africa and indeed for that matter, Europe and the rest of the world, who together combined insist on change in Zimbabwe.
"Our voice is very strong, but in a sense this point about the fact we were the former colonial power, means for our voice to be heard, others must join with us in this appeal.
"Southern African countries should also enlist a panel of retired African presidents to persuade Mr Mugabe to accept reforms and retire next year."
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| saluyamo |
| Thats almost 9000!.. but really shouldnt countries have safe guards to stop such a thing? |
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| Dupz |
The official rate of inflation is 7,500% but consider that this is coming from the Zimbabwean government. Independent estimates suggest over 10,000%.
From what few things I've read on the topic it all steams from foreign exchange controls, which have created a hyper black market. Basically, you can obtain currency via official means and then make an arbitrage profit by selling it at 10 times the rate to the guy standing on the corner.
Petrol/diesel is price controlled enough to create shortages, and same goes with food at the stores. (you see, mugabe thinks that forcing people to sell their stuff for less will stop inflation... duhhhhh..)
Plus, lets kick all of the professional farmers off their land (with blatant disregard for property rights) and hand it over to a bunch of people who have no idea of farming, all based on racially motivated political stunts.
It's amazing how a single man can a country up so bad. It'll take Zimbabwe decades to recover once he's gone |
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| Magnetonium |
| quote: | Originally posted by Dupz
The official rate of inflation is 7,500% but consider that this is coming from the Zimbabwean government. Independent estimates suggest over 10,000%.
From what few things I've read on the topic it all steams from foreign exchange controls, which have created a hyper black market. Basically, you can obtain currency via official means and then make an arbitrage profit by selling it at 10 times the rate to the guy standing on the corner.
Petrol/diesel is price controlled enough to create shortages, and same goes with food at the stores. (you see, mugabe thinks that forcing people to sell their stuff for less will stop inflation... duhhhhh..)
Plus, lets kick all of the professional farmers off their land (with blatant disregard for property rights) and hand it over to a bunch of people who have no idea of farming, all based on racially motivated political stunts.
It's amazing how a single man can a country up so bad. It'll take Zimbabwe decades to recover once he's gone |
Hahah, yeah, almost forgot to notice that the 7500% value is the government's, LOL. True to what you've said. Mugabe I think lost quite a few screws. He used to be a "decent" leader I think many years back. Its time for him to step down.
True, the agricultural sector has been plagued by corruption and mismanagement since the popular move to depose most white farmers of their lands (which they managed very well, and paid people well too). We'll see, we'll see what happens. I just worry that some of the Zimbabwe's neighbours might flinch and give Mugabe some life. Hopefully the world community will seize this moment to depose the dictator. |
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| Lebezniatnikov |
| Does anyone else find it ironic that the Brits put him in power and now the Brits want him ousted? Reagan and Thatcher were smitten by Mugabe, but mayhaps if they had let Zimbabweans settle their own affairs from the start... |
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| atbell |
| Hyper inflation always seems to lead to trouble. Hopefully it isn't a world wide problem. |
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| Krypton |
| If you invested in the Zimbabwe stock market, you would have made 1000's of %. |
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| atbell |
| quote: | Originally posted by Krypton
If you invested in the Zimbabwe stock market, you would have made 1000's of %. |
And you'd loose it all as soon as the AK 47's start going off. |
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