Sunday, May 14, 2006

Zimbabwe Inflation Hits 1,000%

Zimbabwe Dollars(Harare, Zimbabwe) Imagine this. A man places 100,000 Zimbabwean dollars on the supermarket checkout counter (see pic ) to purchase a loaf of bread. Why? It's because President Robert Mugabe's dictatorial regime has devastated the country's economy and 100,000 Zimbabwean dollars are now worth less than one U.S. dollar. Inflation for the month of March was calculated at 913.6% and, in April, it was 1,042.9%.

Since Mugabe began a campaign in 2000 to seize 5,000 white-owned farms, the economy has avalanched down, resulting in grinding poverty for most of the population. Meanwhile, four million Zimbabweans are reported to have simply left the country.

Robert_MugabeNotably, the massive inflation rate of the Zimbabwean dollar reminds one of the reported devaluation of the German Reichmark experienced under Adolph Hitler. Both circumstances require using a wheelbarrow to haul enough cash for a simple shopping trip. Also worth noting is that Mugabe has, in the past, compared himself to Hitler, stating, "let me be Hitler ten-fold and that's what we stand for." It seems that he is getting what he wants. It also explains his moustache.

Unfortunately, through his tyranny, Mugabe has taken Zimbabwe to the verge of complete collapse. The gross domestic product declined by 7 percent last year, the unemployment rate is at 80 percent, and the adult HIV/AIDS prevalence is near 25 percent. By all indications, Zimbabwe is in the dumper, slowly circling the bowl. Outside assistance is necessary to prevent large-scale starvation.

Sadly, that same outside assistance is skimmed by Mugabe and his buddies who reportedly have hidden millions in foreign accounts around the globe.

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