Thats almost 9000!.. but really shouldnt countries have safe guards to stop such a thing?

The official rate of inflation is 7,500% but consider that this is coming from the Zimbabwean government. Independent estimates suggest over 10,000%.

From what few things I've read on the topic it all steams from foreign exchange controls, which have created a hyper black market. Basically, you can obtain currency via official means and then make an arbitrage profit by selling it at 10 times the rate to the guy standing on the corner.

Petrol/diesel is price controlled enough to create shortages, and same goes with food at the stores. (you see, mugabe thinks that forcing people to sell their stuff for less will stop inflation... duhhhhh..)

Plus, lets kick all of the professional farmers off their land (with blatant disregard for property rights) and hand it over to a bunch of people who have no idea of farming, all based on racially motivated political stunts.

It's amazing how a single man can fuck a country up so bad. It'll take Zimbabwe decades to recover once he's gone

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A witty saying proves nothing.
-Voltaire

quote:

Originally posted by Dupz The official rate of inflation is 7,500% but consider that this is coming from the Zimbabwean government. Independent estimates suggest over 10,000%. From what few things I've read on the topic it all steams from foreign exchange controls, which have created a hyper black market. Basically, you can obtain currency via official means and then make an arbitrage profit by selling it at 10 times the rate to the guy standing on the corner. Petrol/diesel is price controlled enough to create shortages, and same goes with food at the stores. (you see, mugabe thinks that forcing people to sell their stuff for less will stop inflation... duhhhhh..) Plus, lets kick all of the professional farmers off their land (with blatant disregard for property rights) and hand it over to a bunch of people who have no idea of farming, all based on racially motivated political stunts. It's amazing how a single man can fuck a country up so bad. It'll take Zimbabwe decades to recover once he's gone

Hahah, yeah, almost forgot to notice that the 7500% value is the government's, LOL. True to what you've said. Mugabe I think lost quite a few screws. He used to be a "decent" leader I think many years back. Its time for him to step down.

True, the agricultural sector has been plagued by corruption and mismanagement since the popular move to depose most white farmers of their lands (which they managed very well, and paid people well too). We'll see, we'll see what happens. I just worry that some of the Zimbabwe's neighbours might flinch and give Mugabe some life. Hopefully the world community will seize this moment to depose the dictator.

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Whenever you go and buy something, you are affecting someone somewhere, be it environment, a person, or a community - you're making a statement with what you buy. So make it a smart choice ... Its a big picture

Does anyone else find it ironic that the Brits put him in power and now the Brits want him ousted? Reagan and Thatcher were smitten by Mugabe, but mayhaps if they had let Zimbabweans settle their own affairs from the start...

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Hyper inflation always seems to lead to trouble. Hopefully it isn't a world wide problem.

If you invested in the Zimbabwe stock market, you would have made 1000's of %.

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Originally posted by Krypton If you invested in the Zimbabwe stock market, you would have made 1000's of %.

And you'd loose it all as soon as the AK 47's start going off.

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Originally posted by atbell And you'd loose it all as soon as the AK 47's start going off.

Get out now!!

Actually, the reason stock in the ZSE has gone up is because the rich and affluent of the Zimbabwe view stocks as the only safe haven for their money. Think about it. Keeping cash on hand just means that everyday that goes by, the currency becomes more and more inflated. While the exodus of smart money going into stocks serves as the only alternative to spending money, or saving it. They have no choice but to invest in it. Which is why the ZSE is the highest performing stock market in the world. Irony isn't it?

Look at this performance!

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Despite the big economic crisis that has been facing Zimbabwe; the ZSE has managed to post very impressive performance two years in a row, 2005 and 2006, beating the high inflation rate that plagues the country according to The Africa Stock Exchanges Association (ASEA). Thanks to the on going stocks rally, the ZSE market is now worth a staggering Z$405 trillion in market capitalization, after rising a steep 275 percent in just three days this week.

http://www.africanexecutive.com/mod...hp?article=2190

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quote:

Originally posted by Magnetonium Hopefully the world community will seize this moment to depose the dictator.

We just never learn, do we?

Why depose him? Mugabe's incompetence will do that.

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