Posted on 05/31/2006 11:53:41 PM PDT by MadIvan
A NEW $100,000 banknote will be issued in Zimbabwe today. With a value of about 67p, it is worth only the price of a loaf of bread.
Its introduction comes as the economy buckles under the highest rate of inflation in the world, currently at 1,042 per cent. The note makes its debut barely four months after the Reserve Bank introduced the $50,000 note, the highest denomination at the time. In only two weeks the Zimbabwe dollar has lost half of its value.
Despite the hyperinflation, mass unemployment and crippling shortages of fuel and foreign currency, Zimbabwe is a country of millionaires. Shoppers have to carry huge wads of cash to buy the basic foodstuffs available in most shops.
“Last week I filled a single trolley with $30 million of groceries, and I had to count out 600 notes of $20,000 at the checkout counter,” John Robertson, an economist, said.
Despite the economic gloom, he said that at least the new note “means when we go shopping, we don’t have to take a suitcase of money: we can carry it in a shoulder bag”.
As the Government announced the introduction of the note, queues were forming outside banks that had begun to limit withdrawals because of the latest shortage of currency. All coins disappeared from circulation two years ago.
Gideon Gono, governor of the central bank, said that the note was being introduced “to ensure convenience to the public”. Although he predicted that inflation would be down to 50 per cent in a year’s time, he held out the prospect of even bigger denominations if the new note failed to ease the banking problems.
Zimbabwe used to boast one of Africa’s most robust economies, but eight years of recession and a radical programme of land redistribution has left millions in poverty.
In its relentless search for cash to fill its empty treasury, the Government last week imposed a punishing new tax on the stock market. Brokers immediately halted trading, losing the state tax revenue equal to £17,000 a day.
On Monday the Government declared potatoes a “strategic crop” after realising that “the country cannot continue depending on maize alone for its food security”.
All sales of potatoes, which cost ten times as much as maize meal, can now be handled only by the Government.
Mod, with all due respect, why is this racebaiter still a member of FR? At the very least he needs to be sat down for a week or two.
Jk4, your accusation of me of being a Nazi only deserves one response, and that response is "Grow up." But since I'm a nice guy I'll give you a second response: In post 27, when despicably accusing opinonator of racism or elitism, you refer to a "Sunday afternoon cookout after church." If you really do go to church every Sunday, you should be advised that your Pastor is not preaching the Word if you think you get to go around accusing innocent people of Nazism. Either that, or he is preaching the Word and you aren't listening.
What kind of complete drooling moron would really believe that is what the guy meant when he said "maroon?" I for one had never heard that definition before now; where did you hear it, in womyn's studies class?
Oh give me a break..everybody knows that 95% of all Black Run places are in the toilet... you wrote "black people seem incapable of governing" duhhhhh you better believe it whether it is New Orleans
or Detroit or South Africa, black run cities and countries are run like sewers, and oh BTW you don't have to be from Stormfront to see the truth, all you need to do is open your eyes, and admit the truth Just look at ZIMBABWE, and that s not a one off case. Someone named ONE country except for that example prove to me I am wrong...you can't all you can do is deny the truth
Seriously, governments cause inflation, not economic growth. Zimbabwe, and other numerous examples throughout history prove it. Until our own Federal Reserve adopts that reality as its operating principle, we will continue to have inflation, and an economy that remains below its potential.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
We have a saying here in the boondocks, "that'll never happen 'cause it makes too much sense".
Not as good as Nigeria! I got a letter from a guy that's gonna put MILLIONS in my bank account and I just have to do some good faith stuff to help him free up some money.
I figure the $18,000 I've sent him so far is small potatotes compared to what he'll be sending me pretty soon. Complications keep coming up, but it'll be worth the extra money.
I'm gonna be RICH! I'll have to buy him dinner some time.
Detroit.
>>but your query was loaded with an implicit conclusion; i.e., black people seem incapable of governing.<<
Sometimes reasonable people need to honestly reconcile the implications of their observations. He's just asking the question for crying out loud. Lighten up.
You do realize that there are differences in the races beyond what they look like. This does imply certain differences which can be proven to be relative strengths and weaknesses.
You are not kidding!!
I get lots of those. The Nigerians are so giving. Yes $100,000 a lot of cash, but nothing like the hundreds of millions I will be geting back.
I know a family who is going there soon. He is a big guy. i wrote all my ne Nigerian friends about him comming and just to give the money to him! What could be easier?
As soon as they return my e-mails, which is so unlike them....
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.