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ZIMBABWE: $100,000 banknote is enough to buy a loaf
The Times ^ | June 1, 2006 | Jan Raath

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.


TOPICS: Crime/Corruption; Extended News; Foreign Affairs; Government; News/Current Events; War on Terror
KEYWORDS: africa; africawatch; inflation; mugabe; rhodesia; zimbabwe
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Comment #81 Removed by Moderator

Comment #82 Removed by Moderator

To: jk4hc4; Admin Moderator
My race is none of your business. You would probably like for anyone outside of your race to wear a STAR sewn on their clothing. How would have asked the question if you wanted to know who the successful black political leaders in the world were? Should i have said Negro leaders. I submit to you that you have a very large chip on your shoulders and i normally only deal with punks once but in your case i will make an exception.

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.

83 posted on 06/01/2006 3:32:38 PM PDT by Mr. Silverback (Try Jesus--If you don't like Him, satan will always take you back.)
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To: Harley13; Rembrandt_fan
This is racist in itself as maroon means "a fugitive black slave of the West Indies or a descendant of one". Racist people as your self will always blow their cover if given enough rope and i have an abundance of that. Keep on trucking.

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?

84 posted on 06/01/2006 3:38:52 PM PDT by Mr. Silverback (Try Jesus--If you don't like Him, satan will always take you back.)
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Comment #85 Removed by Moderator

To: Rembrandt_fan

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


86 posted on 06/01/2006 4:23:49 PM PDT by qwert (Georgia, Sweet Georgia, the whole day thru....)
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Comment #87 Removed by Moderator

To: jk4hc4
In your private note to me, you wrote:

"I deal with racist cowards such as you on a daily basis and i truly feel sorry for you. You and yours were probably brought up with black servants who had to work for their keep. People like yourself enjoy hiding behind the computer screens and preach to others as you would be afraid to speak them in public. I can assure you that you would get a good spanking if you were in my presence and you would no longer have blue eyes."

You need help, sport. For one thing, no one but you and your erstwhile allies have used inflammatory language on this thread. For another, physical threats are pointless. Calling me a coward is pointless. It's the untried, untested, insecure types who react to that sort of provocation--or who make these kinds of unwarranted attacks. Speaking for myself, if I'm in a fight, it means I'm being attacked by a stranger for no good reason and that I'm in a fight for my life. The days when I would brawl for alpha male dominance or for the adrenalin rush are long over. Further, I'm a decorated former paratrooper with nothing to prove to anyone.

Lastly, I grew up on a farm in rural Indiana. We had no servants, black or otherwise.

Like I said, get help. Should you ever take the trouble to find out my name and location, bring help.
88 posted on 06/01/2006 4:39:07 PM PDT by Rembrandt_fan
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Comment #89 Removed by Moderator

Comment #90 Removed by Moderator

To: Moonman62

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".


91 posted on 06/01/2006 4:53:12 PM PDT by RipSawyer (Growing grumpier by the minute.)
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Comment #92 Removed by Moderator

To: jk4hc4
You wrote, "...what black political leaders are successful?"

No dodging here, just a healthy suspicion of seemingly loaded questions. MadIvan, the FReeper who initially posted this article, is evidently the go-to guy for particulars on all things African; he writes with authority on the state of African affairs. However, even a quick google search--which I just conducted--furnishes GDP listings by country. Without doing extensive research, I'd guess the most successful African leaders are those who have cast off the socialist/command economy model and transitioned to free enterprise/capitalism.

Bottom line, though: it isn't about race, it's about history and culture. Folks without rule of law, honest institutions, and democratic/free enterprise traditions do badly economically regardless of skin color. Look at Russia.
93 posted on 06/01/2006 5:25:40 PM PDT by Rembrandt_fan
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To: truemiester

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.


94 posted on 06/01/2006 5:33:56 PM PDT by RobRoy
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To: jk4hc4
can anyone please tell me any country, state or municipality that you have black leadership where they are doing well financially.

Detroit.

95 posted on 06/01/2006 5:35:47 PM PDT by Alouette (Psalms of the Day: 29-34)
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To: Rembrandt_fan

>>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.


96 posted on 06/01/2006 5:36:28 PM PDT by RobRoy
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Comment #97 Removed by Moderator

Comment #98 Removed by Moderator

Comment #99 Removed by Moderator

To: RobRoy

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....


100 posted on 06/01/2006 8:56:49 PM PDT by truemiester (If the U.S. should fail, a veil of darkness will come over the Earth for a thousand years)
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