How to Tell When Your Economy is in the Dumps
May 16th, 2008 by SocProf and tagged Corruption, Economy, Human Rights, Mass Violence, Politics, Poverty, ZimbabweWhen your central bank issues a 500m note:
“The central bank has issued a 500m Zimbabwe dollar banknote, worth US$2, to try to ease cash shortages amid the world’s highest rate of inflation. The previous highest denomination note was for Z$250m, issued 10 days ago.”
Zimbabwe, of course, thanks to its wonderful leader Robert Mugabe, is caught in a vicious cycle of political unrest and from-another-universe inflation (165,000% with prices doubling practically every week). When Zimbabwe got its independence in 1980, the currency was at parity with the US dollar.
Calling it a disaster would be an understatement.
Posted in Corruption, Economy, Human Rights, Politics, Poverty |
