Zimbabwe's Inflation Rate Hits 9 Million Percent
by Ted Slater on 07/02/2008 at 10:30 AM
That 9 million percent rate was for two weeks ago.
According to the Zimbabwe Independent, whose tagline is "The Leading Business Weekly," inflation is likely closer to 10.5 million percent now.
Paper money has become so meaningless in Zimbabwe, and the political situation so deplorable, that the company that provides the paper to print the bills, Munich-based Giesecke & Devrient, is no longer sending tons of the stuff to the Zimbabwean capital of Harare.
With no ability to pump out their Z500,000,000 bills, Mugabe's government will find it difficult to pay his thugs, and it's very possible that he's days or weeks away from losing control. That day can't come soon enough, in my opinion, though I don't think losing that one man will be enough to turn things around in the former "Breadbasket of Africa."
Please pray for the peace of Harare.
1. trying to stay balanced said the following at 10:58 AM on Jul 2
Amen and thank you for this post and for your diligent care and support of the people of Zimbabwe.
2. farmer Tom said the following at 11:58 AM on Jul 2
And we currently have a 100% chance of electing an president who follows the same financial policies of those in Zimbabwe.
Any politician who supports Keynesian economics and a fiat currency is following the same path of destruction that lead to these problems.
3. Adam said the following at 1:06 PM on Jul 2
It will be an interesting thing to experience as society basically has to go back to the bartering system. I wonder how the USA would fare if the same thing happened.
4. Samuel PG said the following at 1:12 PM on Jul 2
Amen, Ted. Let's pray for a peaceful transition, conviction for the hearts of those who have abused their power so that they might repent, and a grace and forgiveness filled rebuilding of the nation.
5. Chidozie said the following at 2:03 PM on Jul 2
Thatlast line was probably the most important sentence in the prelude. So far, the African leaders meeting now have refused to condemn him. The situation is very fragile right now as the country teeters on the brink of collapse.
Zimbabwe needs our prayers now!!!
6. Shona said the following at 9:33 PM on Jul 2
Please pray for the peace of Zimbabwe, Harare being only the capital ;)
7. Ted Slater said the following at 9:51 PM on Jul 2
Shona -- I was playing off the biblical mandate to "pray for the peace of Jerusalem." But you probably caught that. ;-)
8. Katie P. said the following at 10:58 PM on Jul 2
Ted,
Thanks so much for continuing to bring this horrible situation to attention, and being faithful to remind us all to pray for Zimbabwe! May the heart of Christ penetrate peoples' lives through these times...
9. Nicola said the following at 4:58 AM on Jul 3
Hey everyone! Can we also pray for missionaries and churches in Zimbabwe, that this situation won't stop them from carrying out the work they need to do? (One of my friends is on a short term mission in Zimbabwe until next week)
10. Amir Larijani said the following at 5:18 AM on Jul 3
Farmer Tom: I agree with you, but it's not like the alternatives are much better now that our candidate--Ron Paul--is out. He was the only one who talked any sense with respect to monetary policy.
In fact, a large part of our oil and food price spikes is the result of our bonehead monetary policies.
The U.S. dollar is in serious trouble.
11. B. Minich said the following at 10:02 AM on Jul 3
One quibble, Tom:
Pretty much currency in the world is a fiat currency (the alternative being currency backed by gold or silver). So unless you've got a huge deposit of gold on that there farm of yours ;), fiat currency is here to stay and can be managed effectively.
Definitely agreed, though, that we should pray for Zimbabwe. Horrible situation there - thanks for the reminder, Ted.
12. Boston Matt said the following at 10:08 AM on Jul 3
Nicola is right on with praying for missionaries. They are getting tossed out of their homes left and right. I just hope Mugabe gets booted and soon. This guy has some really scary potentials.
13. Saxon said the following at 9:14 PM on Jul 3
Under white rule, Rhodesia was the breadbasket of Africa. Then the United Nations and many countries (including the US and UK) declared it to be a threat to world peace and put embargos on tiny Rhodesia. At the same time the Soviets and Red Chinese were equipping and aiding the communist terrorists fighting against the Rhodesian government and murdering white civilians. Then the communists took over and Rhodesia became Zimbabwe. Many whites there have been raped and murdered. Many were forced to leave the country. Now that Mugabe forced all of the white farmers to leave Zimbabwe the country is on the brink of starvation. Talk about killing the goose that lays the golden egg. A simmilar thing is occuring in South Africa. This country was a very advanced country until the black communists and terrorist Mandela took over. Now the country is on the brink of ruin, only has 5 operable tanks in its inventory (down from 500+ in the Apartheid days), has a population of which 20% plus are admitted rapists, and has one of the highest rate of AIDS in the world. I should also note that since 1994 1% of all South Africa's whites have been murdered simply because they were guilty of bring white. Whites are truly the most hated people in the world.
14. Shawn said the following at 1:29 AM on Jul 4
An interesting question was posed; How would the world have reacted had mugabe been white? I apologize if the question is offensive, but the world leaders don't seem to care much right now. South African president mbeki even less - guess he's got something up his sleeve too.
Yes, please pray. Africa needs divine intervention.
15. Nat said the following at 1:03 PM on Jul 4
I'm praying for whoever comes after Mugabe. There are too many cases in recent African history of one dictator following another- I'm praying for a wise and good leader. Who will helpe Zimbabwe rebuild after Mugabe? How will the social and political barriers he has build up be torn down? How will the bitterness and pain caused by his nearly thirty years of rule be healed? Please join me in praying for that.