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Zimbabwe Inflation "Incalculable" (100,000% Inflation By Year's End Alert)
http://news.bbc.co.uk/2/hi/africa/7115651.stm ^ | 11/27/2007 | BBC News

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.


TOPICS: Business/Economy; Crime/Corruption; Foreign Affairs; News/Current Events
KEYWORDS: bbcnews; economiccollapse; megainflation; zimbabwe
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A country looking at 100,000% inflation by year's end. In which a business loan is available at 25% interest. Zimbabwe's mega-inflation is not only statistically incalculable, its a portrait of a nation that is in a state of economic collapse. Basic goods are not available at any price there.

"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

1 posted on 11/27/2007 6:03:09 PM PST by goldstategop
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To: goldstategop

If per horrible chance Obama is ever elected president, we may end up living in Zimbabwe West.


2 posted on 11/27/2007 6:04:49 PM PST by lapster
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To: goldstategop

First reference to Weimar Republic wins a prize.

Oh wait, that’s me!

I will pay myself ten silver coins.


3 posted on 11/27/2007 6:06:16 PM PST by Petronski (Reject the liberal troika: romney, giuliani, mccain)
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To: goldstategop

Just wow.


4 posted on 11/27/2007 6:08:02 PM PST by onja ("The government of England is a limited mockery.") (France is a complete mockery.)
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To: onja
15,000% a month. The Zimbabwean dollar is worthless - even the bricks people used to carry. Its just as well since there is nothing to buy in the country.

"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

5 posted on 11/27/2007 6:09:28 PM PST by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: Petronski
The Germans were pikers compared to the Zim thugs.

Photo Sharing and Video Hosting at Photobucket

6 posted on 11/27/2007 6:11:39 PM PST by dynachrome (Immigration without assimilation means the death of this nation~Captainpaintball)
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To: goldstategop

It’s been a barter economy for awhile.

Somewhere, Ayn Rand smiles.


7 posted on 11/27/2007 6:12:58 PM PST by dynachrome (Immigration without assimilation means the death of this nation~Captainpaintball)
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To: goldstategop
It will improve as soon as Mugabe and his thugs are gone.

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.

8 posted on 11/27/2007 6:13:27 PM PST by hoosierham (Waddaya mean Freedom isn't free ?;will you take a creditcard?)
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To: goldstategop

“in a bid to stem galloping inflation”

Well that government plan didn’t work out too well, did it?


9 posted on 11/27/2007 6:14:00 PM PST by canuck_conservative
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To: lapster

you got that one right.


10 posted on 11/27/2007 6:14:18 PM PST by television is just wrong (deport all illegal aliens NOW. Put all AMERICANS TO WORK FIRST. END Welfare)
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To: goldstategop
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.

This is Atlas Shrugged come to life. A MUST READ for all conservatives everywhere.

11 posted on 11/27/2007 6:14:47 PM PST by Blood of Tyrants (G-d is not a Republican. But Satan is definitely a Democrat.)
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To: canuck_conservative
Price controls don't work. They don't even treat the symptoms that made the patient sick. The patient isn't sick but is near death.

"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

12 posted on 11/27/2007 6:15:15 PM PST by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: goldstategop

Its Bush and Americas fault.


13 posted on 11/27/2007 6:16:46 PM PST by edcoil (Reality doesn't say much - doesn't need too)
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To: goldstategop

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.


14 posted on 11/27/2007 6:19:19 PM PST by Finalapproach29er (Dems will impeach Bush in 2008; mark my words.)
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To: dynachrome

Near the peak of the Weimar crisis, banks used rubber stamps to add 000 to the notes, trying to keep up.


15 posted on 11/27/2007 6:19:20 PM PST by Petronski (Reject the liberal troika: romney, giuliani, mccain)
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To: goldstategop

The catalyst for their inflation was dwindling supply. I wish all central banks would study that phenomenon.


16 posted on 11/27/2007 6:23:17 PM PST by Moonman62 (The issue of whether cheap labor makes America great should have been settled by the Civil War.)
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To: goldstategop
Last month, the central bank offered loans, known as Bacossis, to businesses at 25% interest to restore supplies to shops, AP news agency reports.

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.

17 posted on 11/27/2007 6:24:55 PM PST by Moonman62 (The issue of whether cheap labor makes America great should have been settled by the Civil War.)
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To: goldstategop

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,


18 posted on 11/27/2007 6:29:20 PM PST by dfwgator (RIP Dr. Cade)
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To: goldstategop

“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


19 posted on 11/27/2007 6:30:25 PM PST by Qwinn
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To: Petronski

Printed on only one side to save money.


20 posted on 11/27/2007 6:30:54 PM PST by dynachrome (Immigration without assimilation means the death of this nation~Captainpaintball)
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To: goldstategop

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.


21 posted on 11/27/2007 6:31:12 PM PST by WoofDog123
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To: Blood of Tyrants

“This is Atlas Shrugged come to life.”

Yep - but the main thing is that the “masses” got to vote.


22 posted on 11/27/2007 6:31:12 PM PST by geopyg (Don't wish for peace, pray for Victory.)
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To: goldstategop
Last month, the central bank (located at your friendly Kinko's Printing Shop in downtown Salisbury - oops make that Harare), offered loans, known as Bacossis, to businesses at 25% interest to restore supplies to shops, AP news agency reports.

I guess the 25% interest is to cover the cost of the paper that they use to print the funny-money.

23 posted on 11/27/2007 6:32:13 PM PST by InterceptPoint
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To: goldstategop

What’s incalculable is the ERA for a mid-innings Cubs pitcher.


24 posted on 11/27/2007 6:32:52 PM PST by InvisibleChurch (Tempus Fidget - The time between the final hymn and recessional.)
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To: WoofDog123
No! That 15,000% A MONTH. That's the unofficial inflation estimate. In truth, no one knows what the real rate is there.

"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

25 posted on 11/27/2007 6:33:41 PM PST by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: WoofDog123

“...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).


26 posted on 11/27/2007 6:34:42 PM PST by geopyg (Don't wish for peace, pray for Victory.)
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To: geopyg
Most people cannot buy anything. Its a country starving to death. Its a social experiment on a scale unseen in history. There's no precedent for what's happening in Zimbabwe.

"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

27 posted on 11/27/2007 6:36:06 PM PST by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: goldstategop
Image hosted by Photobucket.com africawinsagain...
28 posted on 11/27/2007 6:38:11 PM PST by Chode (American Hedonist)
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To: goldstategop
"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."

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.

29 posted on 11/27/2007 6:39:09 PM PST by StormEye
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To: StormEye
Yep. The only way to survive is to barter. That's the only way to even carry on the bare semblance of a society. I wouldn't call it living.

"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

30 posted on 11/27/2007 6:40:42 PM PST by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: goldstategop
Image hosted by Photobucket.com 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.

31 posted on 11/27/2007 6:41:39 PM PST by Chode (American Hedonist)
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To: Chode

Hey, at least that racist Ian Smith is dead. </s>


32 posted on 11/27/2007 6:44:04 PM PST by Comparative Advantage
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To: goldstategop

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.


33 posted on 11/27/2007 6:51:27 PM PST by Theo (Global warming "scientists." Pro-evolution "scientists." They're both wrong.)
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To: goldstategop

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.


34 posted on 11/27/2007 6:53:27 PM PST by Free Vulcan (No prisoners. No mercy.)
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To: goldstategop

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.


35 posted on 11/27/2007 6:53:57 PM PST by Steelerfan
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To: goldstategop

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.


36 posted on 11/27/2007 7:00:01 PM PST by Ronin (Bushed out!!! Another tragic victim of BDS.)
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To: goldstategop

That level inflation means only gold, guns and gas buy anything else.


37 posted on 11/27/2007 7:32:13 PM PST by tbw2 (Science fiction with real science - "Humanity's Edge" - on amazon.com)
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To: Free Vulcan

That level inflation means only gold, guns and gas buy anything else.


38 posted on 11/27/2007 7:37:36 PM PST by tbw2 (Science fiction with real science - "Humanity's Edge" - on amazon.com)
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To: dynachrome
Printed on only one side to save money.

I actually have some Hong Kong 1¢ notes like that.

Better idea? Print them on TP. They'll always have some value...

39 posted on 11/27/2007 7:37:52 PM PST by null and void (No more Bushes/No more Clintons)
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To: null and void

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 ...


40 posted on 11/27/2007 7:38:58 PM PST by tbw2 (Science fiction with real science - "Humanity's Edge" - on amazon.com)
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To: StormEye

Yap, yap, yap...


41 posted on 11/27/2007 7:39:42 PM PST by null and void (No more Bushes/No more Clintons)
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To: Qwinn

Who’s going to give you $$$ for zimbabwean currency?


42 posted on 11/27/2007 7:42:39 PM PST by DB
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To: StormEye

No, it is those with the most bullets.


43 posted on 11/27/2007 7:43:59 PM PST by DB
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To: Steelerfan
If there was any justice in the world, Mugabe would be the lead target of every human rights group in the world.

I think he is. They are all after him to give him awards...

44 posted on 11/27/2007 7:44:22 PM PST by Onelifetogive (* Sarcasm tag ALWAYS required. For some FReepers, sarcasm can NEVER be obvious enough.)
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To: goldstategop

Ah, Zimbabwe.

Jimmy Carter’s legacy.


45 posted on 11/27/2007 7:48:53 PM PST by twntaipan (To say someone is a liar and a Democrat is to be redundant.)
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To: Chode

Preview of America under a hildabeast administration.


46 posted on 11/27/2007 7:52:03 PM PST by hdstmf
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To: null and void
"Yap, yap, yap..."

????????????????????????? yap

47 posted on 11/27/2007 7:59:39 PM PST by StormEye
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To: goldstategop

This is all quite predictable and fortunately consistent.

Venezuela is next. The intriguing part to me is how someone new comes along every few years and decide that they are going to defy the previous years and years of economic law.


48 posted on 11/27/2007 8:02:24 PM PST by cowtowney
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To: StormEye

Yap stone money...

49 posted on 11/27/2007 8:04:40 PM PST by null and void (No more Bushes/No more Clintons)
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To: StormEye

It was a joke, sort of...


50 posted on 11/27/2007 8:06:36 PM PST by null and void (No more Bushes/No more Clintons)
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