africawinsagain...
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.
the 15000% presumably annualized rate works out to like 50% a DAY!
Meaning you have to make sure you spend money the second you get your hands on it, if you can find something to buy.
“This is Atlas Shrugged come to life.”
Yep - but the main thing is that the “masses” got to vote.
I guess the 25% interest is to cover the cost of the paper that they use to print the funny-money.
What’s incalculable is the ERA for a mid-innings Cubs pitcher.
"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
“...works out to like 50% a DAY!”
And from what I was reading somewhere, the lines are 4 to 6 hours long for bread (if they don’t run out).
"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
africawinsagain...
Total economic collapse. Economic activity will soon be based on who has the biggest round rocks to trade with. You know, the giant stones carved like discs with the hole in the middle.
"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
Last month, the central bank offered loans, known as Bacossis, to businesses at 25% interest to restore supplies to shops, AP news agency reports.so now they not only want the stores to sell below cost... they want them to take out a LOAN to sell at below cost???
sounds like klintoon economics.
Hey, at least that racist Ian Smith is dead. </s>
Can you buy ZIM money here in the States? I imagine some entrepreneur could sell sets of ZIM currency as a kind of sad collectors item. Hm. Maybe I’ll do that.
This is not normal inflation, this is a collapsing currency and an economy shifting to the barter system.
The end will come when the govt is out of resources and is unable to keep their soldiers fed.
If there was any justice in the world, Mugabe would be the lead target of every human rights group in the world.
Which of course will happen well after the pigs start flying.
If, in some fantasy world, an honest election was held voting on whether to restore the name of the country to Rhodesia, return property to the former owners and return the political system back to what it was before the revolution...
what would happen?
Not that many of the people who have lost everything they had would come back anyhow, but it would be interesting.
That level inflation means only gold, guns and gas buy anything else.
That level inflation means only gold, guns and gas buy anything else.
I actually have some Hong Kong 1¢ notes like that.
Better idea? Print them on TP. They'll always have some value...
Funny. But if you get paid for one day, you already have a year’s supply of toilet paper.
Or is it worth more as fuel for the cook fire?
Print it on edible paper instead ...
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