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Zimbabwe abandons its currency (officially useless)
BBC ^ | 01/29/09

Posted on 01/29/2009 8:18:12 PM PST by 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

(Excerpt) Read more at news.bbc.co.uk ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: africa; carterlegacy; currency; gloriesofcommunism; inflation; mugabe; zimbabwe
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To: Onelifetogive

The US dollar is now being used by businesses in Zim. It must grate on the Zim govt to have all those evil white fellows on the banknotes.


21 posted on 01/29/2009 8:49:33 PM PST by xp38
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To: TigerLikesRooster

This is just really, really terrible.


22 posted on 01/29/2009 8:52:28 PM PST by The Californian (The door to the room of success swings on the hinges of opposition. Bob Jones, Sr.)
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To: TigerLikesRooster

So where do we get one of these Z$1T notes, just for a collector’s item... and how much would it cost in US$?


23 posted on 01/29/2009 8:52:44 PM PST by night reader (NRA Life Member since 1962)
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To: fhayek; katykelly

“Just how do you abandon a 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.”

Perhaps they finally realize that it’s not possible to stem the use of other currency...?
It’s become too expensive to continue to print their own...?
Their ink and paper sources have cut them off...?
Mugabe foresees his expulsion and is building up his retirement fund in exchangeable currency...?

The deal with China fell through?

I’d venture that after abandoning their populace, doing the same with their useless script is easy.


24 posted on 01/29/2009 8:54:04 PM PST by This_far
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To: ponygirl

Actually, now that they’ve quit printing the $100 trillion notes, I’m sure the value of that note will go up. I wouldn’t mind having a few of them. I’d be willing to pay as much as $5 US for one.


25 posted on 01/29/2009 8:55:51 PM PST by VanShuyten ("Ah! but it was something to have at least a choice of nightmares.")
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To: VanShuyten

“Can you break a $100 trillion note?”

“Sorry, that is the smallest denomination there is.”


26 posted on 01/29/2009 9:31:32 PM PST by tdscpa
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To: Nipplemancer

It really isn’t that hard... most people are like sheep... so it takes only a few dedicated militant supporters.


27 posted on 01/29/2009 9:39:45 PM PST by Chet 99
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To: TigerLikesRooster

Anyone know where to buy some Zimbabwe currency? I have been trying to find some (I just wand a couple for conversation pieces). All the trading houses apparently no longer have access to it...


28 posted on 01/29/2009 9:53:02 PM PST by TheBattman (Pray for our country....)
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To: TheBattman

It looks like there’s some on ebay, at premium prices.


29 posted on 01/29/2009 10:03:42 PM PST by cryptical (The early bird gets the worm, but the second mouse gets the cheese.)
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To: RegulatorCountry
Yep, the way things are going China will soon be his masa.
30 posted on 01/29/2009 10:08:51 PM PST by BBell
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To: TigerLikesRooster
Zimbabwe abandons its currency (officially useless)

Is this about Robert Mugabe being dumped by the Zimbabweans??

31 posted on 01/29/2009 10:21:17 PM PST by DustyMoment (FloriDUH - proud inventors of pregnant/hanging chads and judicide!!)
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To: TigerLikesRooster

The approximately 4 dozen senior powerbrokers inside the Mugabe regime had been using the currency manipulation as the last resort option to pay their downstream payrolls. They would exchange freshly printed Zimbabwe currency at the official exchange rate for hard cash foreign currency. If this is over there is nothing left but imminent collapse and internecine warfare to control the mines. There is now nothing but blood diamonds to pay the praetorian troops with, let alone the ragtag conscript army.


32 posted on 01/29/2009 11:24:06 PM PST by JerseyHighlander
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To: 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.

LOL!

33 posted on 01/29/2009 11:34:37 PM PST by yankeedame ("Oh, I can take it but I'd much rather dish it out.")
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To: xp38
Thank God they're dieing from Black thug corruption and incompetency, and no longer having to put up with peace and prosperity under a White colonial governance. Better they revert to cannibalism than we pollute their minds with ideals from Western civilization.
34 posted on 01/30/2009 12:02:32 AM PST by ME-262 (Stick it to the Man! - Down with Obama!)
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Comment #35 Removed by Moderator

To: Nipplemancer
"Apparently to run a successful dictatorship is to keep just enough people happy so that they’re happy killing your enemies and not you."

And pay them with:

Zimbabwe
Industries:
mining (coal, gold, platinum

yitbos

36 posted on 01/30/2009 2:24:00 AM PST by bruinbirdman ("Those who control language control minds.")
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To: TigerLikesRooster; All
I tried to warn people:

-"Pity About Africa..."--

37 posted on 01/30/2009 4:00:45 AM PST by backhoe (All across America, the Lights are going out...)
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To: TheBattman

You could always go online and get an image and print it yourself....would be worth just as much. :)


38 posted on 01/30/2009 9:55:24 AM PST by xp38
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To: TigerLikesRooster

What happened to the genius Gordon Gono?

39 posted on 01/30/2009 10:33:47 AM PST by TenthAmendmentChampion (Be prepared for tough times. FReepmail me to learn about our new survival thread!)
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To: VanShuyten; night reader; TheBattman

There was a limit on how much you could withdraw from the banks, so any currency, regardless of how degraded, disappeared as soon as it appeared. Gono even prohibited electronic transactions. I don’t know if that ban is still in place.


40 posted on 01/30/2009 10:39:23 AM PST by TenthAmendmentChampion (Be prepared for tough times. FReepmail me to learn about our new survival thread!)
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