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Zimbabwe Archive

Thursday

19

March 2009

0

COMMENTS

Zimbabwe Comparison Was Appropriate

Written by , Posted in Economics & the Economy

When Mark Sanford compared Obama’s stimulus package to Zimbabwe’s banana republic, grievance-monger and House Majority Whip Jim Clyburn (D-victim) was up in arms, describing the comment as “beyond the pale.”  Why, he asked, did he pick Zimbabwe?

Now you know why, Mr. Clyburn:

The Federal Reserve yesterday escalated its massive campaign to stabilize the economy, saying it would flood the financial system with an additional $1.2 trillion.

The decision by the Fed to buy government bonds and mortgage-related securities is designed to lower borrowing costs for home mortgages and other types of loans, thereby stimulating economic activity. The central bank, effectively, will print more money to pay for the purchases.

Sound familiar?

Zimbabwe’s Leader Says He’ll Print More Cash

President Robert Mugabe has promised to print more money to fund municipal projects, a government newspaper reported Saturday. The pledge came despite hyperinflation that has created severe shortages of cornmeal, meat, milk and other staples.

So, how’s that working out for Zimbabwe?

Tuesday

20

January 2009

0

COMMENTS

Just How Dumb Is The BBC?

Written by , Posted in Foreign Affairs & Policy

Judge for yourself:

Zimbabwe is introducing a Z$100 trillion note, currently worth about US$30 (£20), state media reports.

Other notes in trillion-dollar denominations of 10, 20 and 50 are also being released to help Zimbabweans cope with hyperinflation.

However, the dollarisation of the economy means that few products are available in the local currency.

Well I guess Zimbabwe is lucky to have someone like Mugabe printing boatloads of money, otherwise their country might have no way to cope with the invasion of the dollar!

Oy.