Posted on 11/27/2007 6:03:08 PM PST by goldstategop
Zimbabwe's chief statistician has said it is impossible to work out the country's latest inflation rate because of the lack of goods in shops.
"There are too many data gaps," the Central Statistical Office's Moffat Nyoni told state media.
Many staple goods are often absent from shop shelves after the government ordered prices to be halved or frozen in a bid to stem galloping inflation.
September's inflation rate was put at almost 8,000%, the world's highest.
Other reports suggest the rate could be at near 15,000% and the International Monetary Fund had warned it could reach 100,000% by the end of the year.
Black market
Mr Nyoni said the Central Statistical Office has delayed the release of the inflation figure until an accurate way of calculating it can be found.
"We went to too many shops to observe and so compilations have not been completed," he said.
Maize meal, bread, meat, cooking oil, sugar and other basic goods used to measure inflation largely disappeared from shops after Robert Mugabe's government ordered prices to be slashed.
Manufacturers have said they cannot afford to sell goods at below the cost of producing them.
Most basics are intermittently available on the black market at well over the official prices.
Last month, the central bank offered loans, known as Bacossis, to businesses at 25% interest to restore supplies to shops, AP news agency reports.
"We hope the situation will improve, especially with the availing of Bacossi funds," Mr Nyoni said.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
If per horrible chance Obama is ever elected president, we may end up living in Zimbabwe West.
First reference to Weimar Republic wins a prize.
Oh wait, that’s me!
I will pay myself ten silver coins.
Just wow.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
It’s been a barter economy for awhile.
Somewhere, Ayn Rand smiles.
Communists,socialists Marxists;they all ignore human nature and economic reality.
The biggest slavery to ever exist in the world is various forms of communism.
“in a bid to stem galloping inflation”
Well that government plan didn’t work out too well, did it?
you got that one right.
Manufacturers have said they cannot afford to sell goods at below the cost of producing them.
This is Atlas Shrugged come to life. A MUST READ for all conservatives everywhere.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
Its Bush and Americas fault.
They got the white farmers though!- that’s what the blacks wanted even more than prosperity for themselves.
They destroyed the very people that could have taught black farmers how to succeed.
A grim lesson in the effects of racial hate over cooperation.
Near the peak of the Weimar crisis, banks used rubber stamps to add 000 to the notes, trying to keep up.
The catalyst for their inflation was dwindling supply. I wish all central banks would study that phenomenon.
A person could make good money with a loan like that. Buy goods and wait a few days to sell them, pay off the loan and interest with money left over, but the profit would have to be spent quickly.
It’s almost as bad as the Planet Algon:
This is the planet Algon, fifth world in the system of Aldebaran, the Red Giant in the constellation of Sagittarius. Here an ordinary cup of drinking chocolate costs four million pounds, an immersion heater for the hot-water tank costs over six billion pounds. and a pair of split-crotch panties would be almost unobtainable. A simple rear window de-misting device for an 1100 costs eight thousand million billion pounds and a new element for an electric kettle like this would cost as much as the entire gross national product of the United States of America from 1770 to the year 2000,
“A country looking at 100,000% inflation by year’s end. In which a business loan is available at 25% interest.”
Wow. Sounds like a pretty sweet deal to me. Borrow the equivalent of $10,000 in zimbabwean currency, convert it to $10,000 immediately, and in a year convert $15 dollars back into zimbabwean currency and pay the loan back in full.
Qwinn
Printed on only one side to save money.
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