Zimbabwe’s Inflation Hits a New High
Posted on June 23, 2007
Filed Under Public Policy |
Zimbabwe’s inflation hit a chart topping 4,530% in May, meaning for all practical purposes it is incalculable as the currency no longer has value even on the black market.
Bloomberg is reporting the black market exchange rate becuase there is no other rate… the London exchange houses don’t even have a buy rate for the currency, rated as worst in the world along with Somalia, Venezuela, Iraq, and North Korea. What a club to belong to, wonder who pays the restaurant bill when they get together?
The reason I’ve been writing about Zimbabwe is that it’s a classic example of an 8 year long train wreck that will inevitably only be "discovered" by western media when more people die and guns erupt in Harare. Maybe Bob Geldof and Bono will hold a concert.
In the interim, we can watch another African refugee crisis unfold as tens of thousands of people flee Zimbabwe into South Africa, prompting a crisis in that country as illegal immigrants prompt government (in)action. Maybe they could build a fence or something…
It’s somewhat cruelly ironic that South Africa is now suffering the consequences of Zimbabwe’s collapse given that SA President Thabo Mbeki has defended and propped up Mugabe for years.
The next time someone parrots "Bush lied" or something to that effect, ask s/he what their thoughts are on Zimbabwe… or Angola… or FARC in Colombia… or Burundi… or West New Guinea… or Abu Sayyaf (Phillipines)… or Kashmir… Sudan (Darfur)… independence for Kosovo (yeah, we’re still there)… Nigeria… Uganda…
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About
My name is Jeff Nolan and I write Venture Chronicles. These are my thoughts on technology, innovation, management, public policy and pretty much anything else that I find interesting.
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