View Full Version : Inflation reaches critical levels in Zimbabwe
Inflation reaches critical levels in Zimbabwe
German supplier cuts of African country's mint
Araminta Wordsworth, National Post
In Zimbabwe on Wednesday, a Z$100-billion note would just about buy you two loaves of bread - if you were lucky enough to find them. The country's biggest bakery was forced to shut down this month after it ran out of flour.
The new denomination banknote was issued on Monday in an attempt to keep up with the country's roaring hyperinflation, which has reached an official rate of more than 2.2 million per cent. Economists estimate it is actually closer to 12.5 million per cent.
At the beginning of June, a loaf cost Z$600-million, up from a relatively affordable Z$15-million before the March 29 presidential elections.
Things can only continue to get worse as the government of President Robert Mugabe continues to keep the printing presses running, cranking out money with which to pay civil servants and settle its debts.
But even that may no longer be possible. Last week, Giesecke & Devrient, the Bavarian-based company that supplies the special banknote paper, suspended deliveries, reportedly after pressure from the German government.
Story continued... (http://www.nationalpost.com/news/story.html?id=675199)
Lt-Col A. Tack
07-24-2008, 01:58 PM
Amazing, thanks for the post!
Amazing, thanks for the post!It does seem to be rather unusual. I'm waiting for the 'Germans are racist' whining to start up p-)
Mu-Meson
07-24-2008, 02:01 PM
So is the paper worth more then the money printed on it yet?
Laworkerbee
07-24-2008, 02:34 PM
Why is Germany stopping these poor people from printing money?
Racists!
Lt-Col A. Tack
07-24-2008, 02:56 PM
I'm waiting for the 'Germans are racist' whining to start up p-)
Well, I wasn't going to say anything, but...
miguelencanarias
07-24-2008, 04:24 PM
It does seem to be rather unusual. I'm waiting for the 'Germans are racist' whining to start up p-)
...You walked yourself into that one...
...You walked yourself into that one...
lol, true enough. Mugabe already says the Brits are racist so I'm just waiting for him to pull the race card out on Germany now, as well. :|
Mastermind
07-24-2008, 04:40 PM
Yeah...If I were a poor Zimbabwean I would vote for Mr. M. That guy is a political and economic genius. After all, under his direction, every Zimbabwean has become a Billionaire
Yeah...If I were a poor Zimbabwean I would vote for Mr. M. That guy is a political and economic genius. After all, under his direction, every Zimbabwean has become a Billionaire
My sarcasm meter just detonated...p-)
brb shrapnel
Abaddon
07-24-2008, 04:46 PM
**** 'em.
I don't care anymore. Same stuff different century, really.
Rudolph
07-24-2008, 05:16 PM
Wish I could afford not to care, but being neighbours with them. Aaarg! What to do.
armchairpundit
07-24-2008, 07:04 PM
Oddly enough they are worth much more on ebay because there is a market for 100 billion zimdollar bills as novelty items.
ren0312
07-24-2008, 10:24 PM
Story continued... (http://www.nationalpost.com/news/story.html?id=675199)
12.5 million per cent annual inflation, how is that even possible?:| I mean over here inflation is 11.4 per cent that is already unnaceptably high by Philippine standards.
Walker-69
07-25-2008, 01:10 AM
So is the paper worth more then the money printed on it yet?
I heard a long time ago already that it was better to use money for wiping your backside than pay for toilet paper over there in Zim, because you would need a huge pile of banknotes to get a roll of toilet paper. It might be that there is no more toilet paper available over there any more now though.
Cedan
07-25-2008, 08:31 AM
zimbabweans should make a buisness out of selling 100million notes on the internet, I'd buy
Stainless Steel Rat
07-25-2008, 09:08 AM
Last week, Giesecke & Devrient, the Bavarian-based company that supplies the special banknote paper, suspended deliveries, reportedly after pressure from the German government.
I had to grin, given German history in the 1920's-1930's with hyper-inflation.
In that case, it helped bring a dictator to power; perhaps this time it will help be an instrument to remove one.
We shall see.
Mastermind
07-25-2008, 09:21 AM
I had to grin, given German history in the 1920's-1930's with hyper-inflation.
In that case, it helped bring a dictator to power; perhaps this time it will help be an instrument to remove one.
We shall see.
I have to agree. But, I don't hold much hope. Dictators are seldom taken down from within by the people they oppress. It usually takes some outside help and I don't see any outside help coming over the horizon for these unfortunate people.
AS I have always said...people usually get the government they deserve. If they had been a little more endowed with wisdom, they never would have let the SOB take over in the first place.
Pille1234
07-25-2008, 09:21 AM
I had to grin, given German history in the 1920's-1930's with hyper-inflation.
In that case, it helped bring a dictator to power; perhaps this time it will help be an instrument to remove one.
We shall see.
That is not correct. The German hyperinflation was to a good part created intentionally and was stopped before 'a dictator' came to power.
http://upload.wikimedia.org/wikipedia/commons/c/ca/Inflation-1923.jpg
at least they don't have to freeze in Simbabwe. Oh wait!
PeterRJG
07-25-2008, 09:21 AM
zimbabweans should make a buisness out of selling 100million notes on the internet, I'd buy
They'd probably have to travel to the RSA just to use the Internet - their power wouldn't stay on long enough to keep anything going.
Cedan
07-25-2008, 09:34 AM
They'd probably have to travel to the RSA just to use the Internet - their power wouldn't stay on long enough to keep anything going.
just found a website selling collector currency, they charge $150USD for $5Bn Zimdolla while
50,000,000,000.00 ZWD
=
2.6764406694 USD
no zimdolla for me :-(
Yugoslavia had 10 bilion note before Zimbabwe,not dollars but dinars:
http://www-personal.umich.edu/~jbourj/images/money/addition/tesla_10000000000_12.jpg
With Tesla.......and the winner is the 500 bilion bill:
http://content.answers.com/main/content/wp/en/9/97/500000000000_dinars.jpg
Russian_dude
07-25-2008, 01:02 PM
zimbabweans should make a buisness out of selling 100million notes on the internet, I'd buy
BILLIONs, not millions.
miguelencanarias
10-09-2008, 08:47 PM
slightly off-topic: In Spanish, a 'billion' is not a thousand millions but one million millions. What other countries use the "English meaning" for billion?
budgie
10-09-2008, 10:34 PM
It does seem to be rather unusual. I'm waiting for the 'Germans are racist' whining to start up p-)
Don't be stupid, everyone knows Mugabe is a retard and that printing more worthless currency will only make things worse.
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