Zimbabwe to cut 10 zeros off currency
Arizona Coin Collector
http://www.presstv.ir/detail.aspx?id=84380§ionid=351020506
Zimbabwe to cut 10 zeros off currency
Sun, 01 Feb 2009 19:00:42 GMT
Zimbabwe's central bank is to slash 10 zeros from
its banknotes due to trouble it has caused to
computer systems and among businessmen.
(STORY IMAGE PHOTO)
http://www.presstv.ir/photo/20090201/pirhayati20090201201153046.jpg
The newly unveiled Zimabawe's
hundred trillion dollar note
The Governor of the Reserve Bank of Zimbabwe,
Gideon Gono, will present the first quarter of
the year monetary policy statement on Monday
amid calls by businesses for the slashing of
zeros they say are collapsing their computers,
Press TV correspondent Pindai Dube reported.
"The zeros are too many for our machines to
handle," the chairman of the Zimbabwe National
Chamber of Commerce (ZNCC), Obert Sibanda, told
Press TV.
Sibanda added, "It's hard to count zeros and
slashing the zeros is the only way to make it
easy for business to transact in local currency
in our hyper-inflationary environment."
Currently the country's highest currency
denomination is a 100 trillion dollar Zimbabwean
note which buys two loaves of bread.
In mid 2008, Zimbabwe slashed 10 zeros off the
country's valueless currency and introduced
coins. Ten billion Zimbabwean dollars which was
the highest currency denomination by then
became one dollar.
Inflation is currently at 231 million percent
but independent finance institutions put it
over a quintillion.
Zimbabwe's government last week dumped the
local currency in its 2009 national budget
presentation and opened up to multiple foreign
currencies, in a clear sign of lack of
confidence in the local unit.
Acting Finance Minister Patrick Chinamasa in
the national budget presentation on Thursday
hinted that the central bank will revalue
the currency.
"As the Zimbabwean dollar trades concurrently
with other currencies; it will be critical
that it be revalued and thereafter maintain
stability," he said.
..
Slime Lowlife
WTF????
I mean... you gotta work AWFULLY HARD to inflate your currency so
quickly.
In article <IoidnRut75WIkhvU...@earthlink.com>, Arizona
Jim Higgins
Full employment for Crayola Crayons.
--
Civis Romanus Sum
Michael Benveniste
> Taking off 10 zeros... for the second time in just a few months?
>
> WTF????
Nope. 12 zeroes this time:
http://www.rbz.co.zw/pdfs/2009%20mps/mpsjan2009.pdf
(Mirrored at: http://www.dossier.us/zimbabwe.pdf)
> I mean... you gotta work AWFULLY HARD to inflate your currency so
> quickly.
Not really, all you have to do is keep printing the stuff.
--
Michael Benveniste -- m...@murkyether.com (Clarification required)
Legalize Updoc.
Mike Marotta
Congo drained hundreds of millions of dollars from the economy. The
government's land reform program, characterized by chaos and violence,
has badly damaged the commercial farming sector, the traditional
source of exports and foreign exchange and the provider of 400,000
jobs, turning Zimbabwe into a net importer of food products.
-- CIA World Factbook -- Zimbabwe
Follow that with --
"... it directly involved eight African nations, as well as about 25
armed groups. By 2008 the war and its aftermath had killed 5.4 million
people, mostly from disease and starvation, making the Second Congo
War the deadliest conflict worldwide since World War II.
Second Congo War -- From Wikipedia, the free encyclopedia
When it comes to Africa, Americans are attention-deficit. This war
was deadliest conflict since World War II. Did you even know about
it? This was the first time since Vietnam that France and the USA co-
operated in an armed conflict. Did you know about that? When you
meet a soldier, you expect them to say, "First Gulf War" or
"Iraq" ... You ever meet one that said, "Congo..."?
In today's news, Secretary of State Clinton will "break with
tradition" by going to Asia instead of Europe on her first overseas
mission. What do you think it would take to get her to go to Africa?
Zimbabwe's inflation started immediately after Mugabe took power. He
exponentially spiraled the country into chaos with one unrealistic
decree after another... until "unrealistic" devolved into "insane."
The government prints money because it has no resources. Unemployment
is 80%. No one is paying taxes. There are no revenues and have not
been for a decade. What hard currency they had, they spent on the
Second Congo War.
Lest you write this all off, consider that it means for the USA...
Have you not noticed the 50-cent price increases on all the
convenience goods you buy? The war in Iraq was a huge drain.
Remember the $12 BILLION -- 40 pallets of cash: See this Guardian
story http://www.guardian.co.uk/world/2007/feb/08/usa.iraq1
We are an economy only 8% cash... so $12 billion is like $100 billion
in actual terms....
Then, the series of Bailouts and Buy-Outs. One Trillion Dollars makes
the $12 billion a mere 1.2% of the pie.
You're a numismatist. Ever see a bronze antoninianus from the
military anarchy of Rome? This is no surprise.
It was an expected outcome... both for Zimbabwe and, lest we get a
collective grip on ourselves... for the USA...
In 1900 when the dollar was gold and the government was small
Statistical Incomes
Average of all Industries $ 438/year
State and Local Government Workers $ 590/year
Public School Teacher $ 328/year
Building Trades 37 ¢/hour Working week: 48.3 h.
Medical/Health Services Worker $ 256/year
In 1900, the national debt was
$ 2,136,961,091.67
US Pop was
76,094,000
Average per capita government debt:
$28 per person or about one month's wages, a bit less for most...
Right now the national debt is $10 trillion for 300 million people
or about $30,000 per person, a bit less than one YEAR'S income,
Mike M.
Michael E. Marotta
"Read the history. Do the math."
RWF
have to say they were better off under colonial rule.
"Mike Marotta" <mer...@torchlake.com> wrote in message
news:d8f8f8c0-d703-4e53...@r41g2000prr.googlegroups.com...
Mike Marotta
> Based on what's happened in Africa over the last 40 years or so, I'd
> have to say they were better off under colonial rule.
Yeah, well, Africa is a big place with a lot of textures and contours,
so generalizations are problematic.
More to the point, your caveat might prove to be true about the USA..
Mike M.
Michael E. Marotta
"Tory sympathiser."
RWF
On Feb 3, 4:45 pm, "RWF" <R...@200902.invalid> wrote:
> Yeah, well, Africa is a big place with a lot of textures and contours,
> so generalizations are problematic.
Quick now - name 3 countries in sub-Saharan Africa that have stable
governments.
The majority of the continent lives in poverty, war, genocide, famine
and disease.
Conditions, I may add, which didn't exist under Euopean rule.
>More to the point, your caveat might prove to be true about the USA..
Is it possible for you to make a more inane remark?
I didn't think so...
Mike Marotta
> Quick now - name 3 countries in sub-Saharan Africa that have stable
> governments.
#1. Botswana -- http://news.bbc.co.uk/2/hi/africa/country_profiles/1068674.stm
#2, Gabon
"Despite political conditions, a small population, abundant natural
resources, and considerable foreign support have helped make Gabon one
of the more prosperous and stable African countries." --
https://www.cia.gov/library/publications/the-world-factbook/geos/gb.html
#3. Kenya
#4 South Africa
#5 Mozambique -- "The ruling Front for the Liberation of Mozambique
(FRELIMO) party formally abandoned Marxism in 1989, ... Armando
Emilio GUEBUZA, promised to continue the sound economic policies that
have encouraged foreign investment. Mozambique has seen very strong
economic growth since the end of the civil war largely due to post-
conflict reconstruction." -- https://www.cia.gov/library/publications/the-world-factbook/geos/mz.html
MEM >More to the point, your caveat might prove to be true about the
USA..
RWF> Is it possible for you to make a more inane remark? I didn't
think so...
In colonial America, patriots were angered to have taxes reach tithing
level, one-tenth or 10%.
See Benjamin Franklin's "The Way to Wealth" (1758)
"It would be thought a hard government, that should tax its people one-
tenth part of their time, to be employed in its service ..."
Mike M,
Michael E. Marotta
"Independent Whig and Friend of Mr. Pitt"