100 US Dollars Buys 40 Pounds of Zim Notes
This is no longer "runaway" inflation--it is Zimbabwe's economy in return to earth orbit without heat shields.
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$1 now equals 25,000,000 Zimbabwe dollars
HARARE, Zimbabwe (AP) -- It's easy being a multmillionaire in Zimbabwe these days, at least if you're counting in local dollars.
Money traders in the economically depressed African country say the Zimbabwe currency has tumbled to a record low of 25 million for a single U.S. dollar.
With Zimbabwe dollars mostly available in bundles of 100,000 and 200,000 notes, one $100 note bought nearly 20 kilograms (40 pounds) of local notes at the new market rate Wednesday.
Currency dealers said uncertainties ahead of elections scheduled March 29 and the world's highest inflation of 100,500 percent led holders of hard currency to hang on to their money at the same time as the state central bank pumped more local cash into the market for election costs.
The price of the U.S. currency was also pushed up by central bank buying on the unofficial market to pay for power, gasoline and vehicle imports ahead of the polling, said one black market dealer who could not be identified out of fear of reprisals.
Last week saw Mugabe's 84th Birthday so he threw a party:
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Mugabe ready to party in impoverished Zimbabwe
HARARE, Zimbabwe (AP) -- As many as 10,000 people were converging on a town in southern Zimbabwe for President Robert Mugabe's 84th birthday celebrations, state radio reported Friday.
Many were traveling free on commandeered buses and trains, it said.
Organizers of Saturday's ceremonies said they raised about 3 trillion Zimbabwe dollars (or the equivalent of about $250,000 at the dominant black market exchange rate) for the bash amid chronic shortages of hard currency, gasoline, food and most basic goods.
This WIll Fix Things For Sure
Another great idea....
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Zimbabwe: Blacks to control firms
(CNN) -- Zimbabwe's President Robert Mugabe has signed a new law that hands over majority ownership of all businesses to "indigenous" Zimbabweans.
The new law means that foreign- and white-owned companies operating in the country will have to surrender at least 51 percent control of their operations to blacks.
Lawmakers passed the legislation last September. But the presidential "assent" was announced Sunday in the government-controlled newspaper, The Sunday Mail.
It comes just days before Mugabe could face the most serious challenges to his decades-long rule in the March 29 presidential and parliamentary elections.
Under his rule, once-prosperous Zimbabwe has suffered an economic crisis with routine shortages of food, electricity and foreign currency.
Unless the Minister of State for Indigenisation and Empowerment alters the share allotment,
the law would mean that several banks, mining companies and phone companies -- among other foreign businesses -- will have to relinquish control.
The bill, when it was put forward last year, described "indigenous Zimbabwean" as "any person who, before the 18th April, 1980, was disadvantaged by unfair discrimination on the grounds of his or her race, and any descendant of such person."
Big Salary Increases Means No Shortage of Toilet Paper
Once again economic comedian President Robert Mugabe does his imitation of Eddy Murphy but no one laughs....
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Embattled Mugabe boosts workers' pay
(CNN) -- Zimbabwean President Robert Mugabe, battling skyrocketing inflation and a serious challenge to his decades-long rule, has announced "a huge salary increase" for his nation's government workers.
President Robert Mugabe attends a rally earlier this month ahead of elections set for March 29.
Mugabe made the announcement while stumping for votes for the March 29 general elections, state media reported.
Under his rule, once-prosperous Zimbabwe has suffered an economic crisis with routine shortages of food, electricity and foreign currency. Unemployment is estimated at about 80 percent; the inflation in the nation of 12.5 million people is in excess of 24,000 percent.
Last month, Mugabe offered a massive salary increase to soldiers. And this week, he signed a law that hands over majority control of white and foreign-owned business to blacks.
The opposition has called the latter move a cheap political gimmick.
"Just yesterday (Monday), I was signing a new salary schedule of big salaries for teachers and civil servants," the Herald newspaper quoted Mugabe as telling a campaign rally in southern Zimbabwe. "I hope they will be happy, because we have worked out very good salaries."
Today, Zimbabwe ranks last out of the 141 countries surveyed by the Fraser Institute'
From an opposition candidate. It is never good when the opposition opens with the admission that the incumbent will probably win.
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Freedom for Zimbabwe
By MORGAN TSVANGIRAI
March 21, 2008; Page A13
As the March 29 election in Zimbabwe approaches, the cards are clearly stacked in favor of President Robert Mugabe and his ZANU-PF party. Draconian legislation has curtailed freedom of expression and association. Daily, the representatives of the Movement for Democratic Change (MDC), the political party that I lead, are harassed, tortured, imprisoned without trial and even killed.
Economic mismanagement by Mr. Mugabe's government is an even more serious problem. Zimbabwe's inflation and unemployment rates are 150,000% and 80% respectively. Infrastructure is crumbling, and education and health-care systems have collapsed. Life expectancy is now among the lowest in the world, having declined, since 1994, to 34 years from 57 years for women, and to 37 years from 54 for men. Some four million of my fellow citizens have fled the country, taking with them both human and financial capital.
Out of the many reasons for Zimbabwe's decline, three stand out. First is the ruling regime's contempt for the rule of law. The government has repeatedly stole elections, and intimidated, beaten and murdered its opponents. It has confiscated private property without compensation and ignored court rulings declaring such takings illegal. Such behavior only scares away investors, domestic and international. Current circumstances make it impossible to have a growing economy that will create jobs for millions of unemployed Zimbabweans.
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One nation, one man and his vote wins
Taken from a Zimbabwean newsletter:
MUGABE CHANGES LAW TO ALLOW POLICEMEN INTO POLLING BOOTHS http://www.swradioafrica.com/news190...lice190308.htm
An electoral amendment, passed by Robert Mugabe on Monday, sparked renewed fears that Zanu PF is determined to rig the March 29 election. State radio announced Tuesday that Mugabe amended electoral laws to allow policemen into polling stations to ‘assist’ illiterate people to vote. The opposition immediately slammed the amendment saying it violated agreements reached at the SADC brokered talks. Policemen were barred from being within 100 metres of a polling station because it was felt they would intimidate voters.
SA SILENCES MPS ON SADC OBSERVER MISSION TO ZIMBABWE http://www.swradioafrica.com/news200...ence200308.htm
It appears that the policy of “quiet diplomacy” practiced by South Africa’s President Thabo Mbeki is about to be applied to the regional observer mission deployed to Zimbabwe. South African parliamentarians assigned to the SADC team that will be monitoring Zimbabwe’s elections have been ordered not to issue independent statements.
SOLDIERS AND POLICE OFFICERS FORCED TO VOTE UNDER SUPERVISION http://www.swradioafrica.com/news200...iers200308.htm
Over 75 000 members of the country’s security forces have already cast their votes, in an exercise that has been a closely guarded secret, according to information received by the MDC. In Bulawayo most police officers were allegedly forced to vote several times, while in Mutare soldiers were ordered to write their force numbers on the back of their ballot papers.
From this faraway armchair Mugabe once again finds new voting methods to retain power.
davidbfpo
Big Salary Increases Means No Shortage of Toilet Paper, part II
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Originally Posted by
Tom Odom
Once again economic comedian President Robert Mugabe does his imitation of Eddy Murphy but no one laughs....
And just in case this hike in salaries won't get folks to the market, we'll threaten the store owners to reduce prices....all things being equal, even Mobutu didn't conjure up this one :D
Zimbabwe: Govt to Meet Business Over Prices
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GOVERNMENT will meet business today to discuss the reduction of prices of goods and services to February 12 levels when teachers and other civil servants were awarded a salary increment, President Mugabe has said.
Cde Mugabe said he would read the riot act if they ignore the order.
He said officials from the Ministry of Industry and International Trade and the Reserve Bank of Zimbabwe would meet captains of industry in Harare today to slash prices which he said was a deliberate attempt to frustrate Government efforts by those pushing for regime change.
Addressing a star rally at Hwange Colliery Stadium, Cde Mugabe said companies that resisted the order to reduce prices risked being taken over by the Government because they were serving the interests of people who were keen to effect regime change in the country.
Zimbabwe announces first results
Interesting this latest report from the BBC regarding the Southern African Development Community (SADC) Poll Monitors
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Western observers were banned from the election.
...Poll monitors from the SADC said the elections had been "peaceful and credible".
But two SADC members from South Africa refused to sign a generally positive preliminary report of the mission, with one of them calling the polls "deeply flawed".
"It is called a coup d'etat and we all know how coups are handled."
A British Foreign Office minister, Mark Malloch-Brown, said it was "quite likely" that President Mugabe had lost the election in Zimbabwe, despite "massive pre-election day cheating".
VOA News - Zimbabwe Election Support Network
Few Turn Up at Many Rural Polling Stations in Zimbabwean Vote
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The independent Zimbabwe Election Support Network says that voter turnout has been good so far.
However, some commentators said they were surprised to see that so few voters lined up in rural areas where 60 percent of the population lives.
Substantial numbers of voters were turned away, perhaps as much as 15 percent, said one independent election observer Saturday.
The opposition to Mr. Mugabe has said it expects widespread rigging. But Mr. Mugabe has said his conscience does not allow him to cheat. :wry: