Zimbabwe abandons its currency (officially useless)

BBC ^ | 01/29/09

[TigerLikesRooster]

Zimbabwe abandons its currency

Zimbabweans will be allowed to conduct business in other currencies, alongside the Zimbabwe dollar, in an effort to stem the country's runaway inflation.

The announcement was made by acting Finance Minister Patrick Chinamasa.

BBC southern Africa correspondent Peter Biles says the Zimbabwean dollar has become a laughing stock. A Z$100 trillion note was recently introduced.

Until now only licensed businesses could accept foreign currencies, although it was common practice.

The country is also facing a deepening humanitarian crisis as well.

A cholera outbreak has killed over 3,000 people according to the World Health Organization (WHO).

And the World Food Programme (WFP) has revised up the number of people it says need food aid.

It now says seven million Zimbabweans are in need

[TigerLikesRooster]

A glimpse of future America?

[TigerLikesRooster]

Ping!

[RegulatorCountry]

acting Finance Minister Patrick Chinamasa

Aptly named.

[JasonC]

No, a glimpse of perennial Africa, and that is quite completely all.

[Southack]

The intriguing thing about Zimbabwe is that it is living proof that you can’t make a government bad enough to fail.

[UCFRoadWarrior]

Hate In The Time Of Cholera....Welcome to Zimbabwe

[river rat]

If Obama “the Kenyan” is allowed to follow African Rules — the dollar will also be worthless....

[fhayek]

Just how do you abandon a currency? Do you drive 15 miles into the country and leave it by the roadside, quickly look both ways and peel away? Maybe you put it in a basket and leave it at the doorstep of a kindly elderly couple.

[ponygirl]

Maybe you just set a match to it and leave it burning in a field outside of town.

[The Californian]

I’m thinking that California is going to look like Zimbabwe soon.

[TigerLikesRooster]

The rest of U.S. could bleed with California. It's not as if the rest of the country had no serious problems to deal with.:-(

[katykelly]

Please ping me when you get an answer to your question.

[LeonardFMason]

While were at it let’s bail-out Zimbabwe. What’s another $1,000,000,000,000.00.

[Voltage]

Obviously Zimbabwe's stimulus program was simply too small. Instead of spending trillion dollars in single day (enough for a few loaves of bread) they should have spent a trillion trillion dollars. Now that would be real stimulus!

I am sure our elected officials won't be so timid!

[Nipplemancer]

Mugabe is 82 and still running Zimbambe into the crapper after nearly thirty years. Castro’s had cuba almost twice as long and they still haven’t given up on him, and they’ve got sanctions against them that Zimbambe hasn’t had to face since BEFORE Mugabe’s rule.
Apparently to run a successful dictatorship is to keep just enough people happy so that they’re happy killing your enemies and not you.

[coloradan]

... although I think we’re going to take a shot at that ourselves.

[Onelifetogive]

...in an effort to stem the country's runaway inflation.

A Z$100 trillion note was recently introduced.

Ok, lemme get this straight. You are trying to stop inflation, and you are also flooding the country with Z$100 trillion notes. Right...

[squidly]

While were at it let’s bail-out Zimbabwe.

It'll be a year or three, but that's coming soon enough.

[Onelifetogive]

While were at it let’s bail-out Zimbabwe. What’s another $1,000,000,000,000.00.

I have a better idea. They can just send us a few Z$100 trillion notes and Obama can spend them on anything his heart desires.

[photodawg]

LOL!