Zimbabwe inflation soars to 2.2million%

V

Vij

Skilled
Zimbabwe's official rate of annual inflation has hit 2.2m%, the country's central bank said today – a 13-fold increase on the last official rate, in February.

Inflation has spiralled wildly amid an almost complete collapse of the Zimbabwean economy in recent years, which has prompted around 3 million people to flee the country for South Africa.

An estimated 80% of Zimbabwe's population live in poverty, and life expectancy is 37 for men and 34 for women, the world's lowest.

In May, the country's central bank tried to keep pace with galloping price rises by issuing a new Z$50bn bank note, currently worth just about 30p.

Zimbabwe inflation soars to 2.2m% | World news | guardian.co.uk

For the record, currently: 1USD=18,681,527,512.36 ZWD :O
 
mithun said:
OMG

price of GTX260 in zimbabwe is : 5585776726195.64 ZWD :rofl: :rofl: :rofl:
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I wont ridicule you, but for some reason I dont find the situation funny, and seeing the stats, where ppl cannot think of buying food, i dont think any1 wud be thinking of playing the latest games....
 
Its wrong to talk about any country in a demeaning manner...but boy...is that a shit hole or what!!!

It would probably do some good if some superpower were to rule that country for few years... but I guess no one wants to.
 
vij said:
Its wrong to talk about any country in a demeaning manner...but boy...is that a shit hole or what!!!
It would probably do some good if some superpower were to rule that country for few years... but I guess no one wants to.
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is there any oil to be found in Zimbabwe????? If no then I wont come to rule you boy, :tongue:
 
the majority of the population in africa is in dire needs anyways.....guerrillas, clan-lords and to top it all a dictator.....
 
Heh, if those idiots cannot overthrow mugabe, they had it coming. You know foreign occupation in such cases makes sense, atleast till literacy level has increased to that of a developing nation.

Heh makes countries like afghanistan seem like a marvel, atleast those buggers have an excuse of being brainwashed, what are these guys excuse having no brains ?
 
The situation is so bad that every day new currency comes up....1kg of apple sells for 15 million zimbabwe dollars....

last year i was reading an article where the journalist at zimbabwe airport saw a 1000 zimbabwe dollar note on path he told the checking guy he picked it up and dropped that in dustbin saying it has no value......

From past 5-6 years they have no gasoline stuff and if they see any public car running they loot it......

Robert mugabe lost the election but he again did his dictator trick and the opposition leader gave up becoz all his supporters were killed(genocide)...i pity them......

Thats the reason all English country have served ties with zimbabwe and they were abt to lose test status...all their great players henry olonga,etc..has left the country to play for australian counties
 
Here is a bit of information about the reason for the unbelievably high levels of inflation across the world.

Making a Profit Out of the Food Crisis: From A Brave New World Bank to Monsanto

Written by Sam Urquhart

In early June, the battle over the world's food supply moved to Rome where the UN's Food and Agriculture Organization (FAO) held an international summit to discuss rising food prices, climate change and biofuels cultivation. There was much coverage of the summit in the world's media, often focusing on the high profile appearance of Zimbabwean president Robert Mugabe or the Iranian president Mahmud Ahmedinejad, yet few commentators looked into the rotten heart of the exercise.

The Rome Summit turned out to be a sham, which resulted in a declaration that let biofuels producers off the hook, opened up space for the world-wide spread of GM seeds and for the further liberalization of agricultural markets. Alternative policy choices being proposed by a broad array of food sovereignty campaigners, peasant farmers' groups, economists and human rights organizations were not simply crowded out, they were actively suppressed.

The crisis itself certainly merited attention. Global food prices have risen 83% over the last three years while recent price rises have only accelerated this trend. According to the FAO, there has been a 45% increase in their world food price index during just the past nine months while the Economist’s own food price index puts wheat prices 130% above last year’s levels.

These developments have hit the developing world particularly hard, and not just because poorer people spend a relatively higher proportion of their income on food. Previous bouts of neoliberal structural adjustment at the request of financial institutions already placed many national economies in a precarious state and often led directly to higher food prices.

This general situation combined with recent price rises has contributed to the wave of food riots that has taken hold in countries as diverse as Haiti, Indonesia, Mexico, Bangladesh, Burkina Faso, Egypt, Senegal, Cameroon, Morocco, Yemen, Somalia and the Philippines – showing with crystal clarity the global scale of the problem.
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Source : Toward Freedom - Making a Profit Out of the Food Crisis: From A Brave New World Bank to Monsanto
 
Thats the reason all English country have served ties with zimbabwe and they were abt to lose test status...all their great players henry olonga,etc..has left the country to play for australian counties
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Hehe, and BCCI supports Zimbabwe cricket, for the vote it gets.... Lol the bloody immoral bloodsucking Indian politics
 
Aces170 said:
Hehe, and BCCI supports Zimbabwe cricket, for the vote it gets.... Lol the bloody immoral bloodsucking Indian politics
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Its All politics.....pawar will b some icc head soon....and for this stuff when voting took place zimbabwe did the deciding vote in our favour...thats the reason we backed them....
India wants to keep a player out of asian lobby but supporting them....becoz most icc decision needs approval of 7 out of 10-11 test playing memnbers(2-3rd law)
 
When a country goes to the dogs, the first thing anyone does is buy hard currency. Thats what you buy with ;)

Course now you are a little more vulnerable as you need a safe place to store it. But that might be the least of your problems.
 
its sad really sad , it leaves me wondering how would the poor, the needy surviving out there.....

@mithun: your post wasn't even remotely funny!....
 
Mugabe is not as responsible for this crysis as the great powers called the USA, and its allies. They have apparently had this agenda of making the developing nations concede to their demands by first creating the problem of food insecurity, and then offer a solution in the form of "free trade" . Countries like India, China have been leading the developing world but with many nations struggling to feed their people, there are chances of some of these nations conceding to the terms of the BIG players.

Here is an article about this:

The IMF, WTO and the rest of the neoliberal world are still pushing more trade as a cure for what ails us.

UN agencies are meeting in Berne to tackle the world food price crisis. Heads of International Financial Institutions (IFIs), including Robert Zoellick, President of the World Bank (former U.S. trade representative) and Pascal Lamy, WTO's Director General, are among the attendees. Will the "battle plan" emerging from the Swiss capital, a charming city with splendid sandstone buildings and far removed from the grinding poverty and hunger which has reduced people to eating mud cakes in Haiti and scavenging garbage heaps, be more of the same -- promote free trade to deal with the food crisis?

The growing social unrest against food prices has forced governments to take policy measures such as export bans, to fulfill domestic needs. This has created uproar among policy circles as fear of trade being undermined sets in. "The food crisis of 2008 may become a challenge to globalization," exclaims The Economist in its April 17, 2008 issue. Not surprisingly then, the "Doha Development Round" which has been in a stalemate since the collapse of the 2003 WTO Ministerial in Cancun, largely due to the hypocrisy of agricultural polices of the rich nations, is being resuscitated as a solution to rising food prices.
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Speaking at the Center for Global Development, Zoellick passionately argued that the time was "now or never" for breaking the Doha Round impasse and reaching a global trade deal. Pascal Lamy has argued, "At a time when the world economy is in rough waters, concluding the Doha Round can provide a strong anchor." Dominique Strauss-Kahn, Managing Director of the IMF, has claimed: "No one should forget that all countries rely on open trade to feed their populations. [...] Completing the Doha round would play a critically helpful role in this regard, as it would reduce trade barriers and distortions and encourage agricultural trade."
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Read the full article here : Corporate Vultures Lurk Behind the World Food Crisis | Polaris Institute

Here is the wikipedia link about the doha round of talks:

Doha Development Round - Wikipedia, the free encyclopedia
 
Everyone there is a billionaire, but its not worth much.

They need half a million ZWD for a good meal and a beer.

No wonder they are releasing 500 million dollar notes.

Importing stuff from abroad would be very costly for them...
 
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