Mugabenomics in action
It appears that the government of Zimbabwe is giving the Hungarian pengő, a run for its money (literally): Cash runs out in land where the bus fare is 1.6 m dollars
Some sobering points:
- October's annualized inflation was 14,840%, up nearly double from September
- The highest paper currency, the Z$200,000 note, has almost disappeared
- Cash machines don't work because it takes only four customers to empty them
- Cash has become tradable, attracting a 20% face premium when swapped for fuel and beef
Via Infectious Greed
Comments (3)
flix
Wait for it..
"It can't happen here!"
Published: November 22, 2007 10:48 AM
Daniel M. Ryan
If you want to confound a simple-minded liberal, try slipping around a piece with the title, "Zimbabwe: How the 'best' of twentieth-century social policy led to a nineteenth-century life expectancy."
Published: November 23, 2007 12:27 PM
Tom Hurst
Though we all wince or laugh at the economic chaos in Zimbabwe, unless things in the U.S. change drastically and quickly, it is only a matter of time until the U.S. dollar will again be at parity with the Zimbabwe dollar. We're just playing catch-up right now...
Published: November 23, 2007 6:21 PM