Record Inflation
Zimbabwe dumps own currency
In a move not entirely unexpected, the Zimbabwean government and the Central Bank of Zimbabwe decided over the Easter weekend to throw their own worthless currency out of the window, replacing it with foreign currency use for at least a year and possibly much longer to allow the country to recover from hitting rock bottom.
Record inflation, despite several currency "reforms," which over the years slashed dozens of zeros off the local "Zimbabwe dollar," runs at more than 230 million percent, a figure previously not seen anywhere else in the global economy.
The economic collapse of Zimbabwe, formerly a flourishing country with an intact agricultural and tourism base, was initiated by regime leader Mugabe’s failed land policies, which – instead of fairly distributing land to the landless – saw his cronies grab productive farms and destroy the basis of food production, leave alone generating export crops.
The country degenerated into a hunger society, where progressively social services, maintenance of infrastructure, and eventually the entire social fabric broke down irreparably as it turned from breadbasket to basket case.
A recent widespread cholera outbreak found the National Health Service unable to cope, leading to thousands of avoidable deaths in the absence of drugs and materials needed in health centers and clinics, while sycophants and "loyalists" for their "dear Bob" hosted a US$1 million bash. Mugabe’s rigged and stolen elections and subsequent shenanigans over a "power-sharing deal" were only aimed at keeping him and his supporters in power, creating obstacle after obstacle for Morgan Tsvangirai’s former opposition party, which now, however, holds a majority in parliament.
Trade in goods across Zimbabwe will now be conducted in US dollars, euros, British pounds, and probably South African rand, besides accepting currencies of neighboring countries. Ordinary people, however, in villages across the country will find it hard to get hold of foreign money making it arguably even more difficult to access goods and services.
The broke country had in past years spent mega millions of hard currency to print, print again, and then print some more bank notes, but even a wheelbarrow load would not have paid for a weekend’s shopping, already having lost hundreds of percent in value enroute from the bank to the shops. Mugabe’s failed policies turned the former liberation hero into an international villain who squandered the wealth of his nation in his pursuit of staying in power.
Comments
I agree that tourists could contribute to the recovery of Zimbabwe, one of the most worth-wile countries in Africa to visit. Still, as long as there are unexplained "car accidents" and incidents like Tsvangirai's grandchild "drowning" in the family pool, I can neither see a come-back of democracy nor tourism.
From ZWNEWS, 14 April
Another car crash
Giles Mutsekwa, the MDC-T Co-Home Affairs Minister was involved in a car accident on Tuesday – another in a series of car accidents in which MDC officials and their families have been involved. Mutsekwa was travelling to Harare on the Mucheke road when the car in which he was travelling was rammed from behind by a Nissan Hard Body truck. The Co-Minister survived unscathed. The driver of the Nissan is reported to be in police custody. Mutsekwa heads the Home Affairs ministry jointly with Kembo Mohadi of Zanu PF. This is the fourth accident involving MDC officials since the unity government was established. Prime Minister Tsvangirai’s wife was killed in an accident which left Tsvangirai injured. Deputy Prime Minister Thokozani Khuphe’s mother died from injuries received in an accident on the Bulwayo-Harare road last month. MDC ministers Gorden Moyo and Sam Nkomo were travelling to Harare airport last month when the vehicle in which they were travelling was also struck from behind by another vehicle.
Sirs,
it is a disgrace for us Africans to see you print such a vile comment from that hockey puck. Many of us in Africa know that Mugabe is a criminal and has looted, terrorized and dismembered his own country. Wherever this hockey puck is from, he is not African as we know ourselves.
Yours faithfully
Mukasa Fred M.
Hard words. Still, I believe that Peace through Tourism - and Zimbabwe's potential is unquestioned - will be a more valuable concept than rude revilement. Sorry, if this comment doesnt make sense, after - hopefully - the previous comment was removed from this site.
Robert Mugabe biggest crime was taking back the Black man stolen property, that is why he was economically and financially smashed by the white money lenders in Europe and AmeriKKKa and KKKanada! How dare that Negro challenge the White Supremacy and their white kin farmers in Zimbabwe, we have to make an example out of this Nigga.
He spent the first 20 years bending over for the white man and dat bitch Maggie Thatcher who promised funds to pay of the white terrorist settlers, UK then reneged on the agreement, which is standard operating procedure for the white man, just ask the red Indians of North America about the white man and his famous "Agreements". I dont see you white boys writing about that part of the story, why am I not surprise?
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