Zimbabwe Inflation Rate Hits 231 Million Percent, In Crisis

Sunday, November 2, 2008

Zimbabwe Inflation Rate Hits 231 Million Percent, In Crisis

I think everyone should know about the destructiveness of runaway inflation as it gains momentum. It ruins the value of life! Zimbabwe currently is dealing with a 231 million percent inflation rate, just imagine if that happened to the US. This is the reason why Peter Schiff, Jim Rogers and the gold bugs are bringing up the inflation issue. Below is an excerpt from the 10/10/2008 telegraph.co.uk article about Zimbabwe's 231 million% inflation rate, as well as videos I found on youtube about the growing inflation problem, and a man's thoughts on a gold coin solution.

"Zimbabwe inflation hits 231 million per cent: Zimbabwe's inflation has rocketed to an astronomical 231 million per cent, Harare has admitted – an advance of more than 200 million per cent on the previous figure. In June the statistic stood at 11.2 million per cent a year, but the state-owned Herald newspaper said that in July it was more than 20 times higher. Monthly inflation was 2,600.2 per cent, it added. A loaf of bread, which cost Z$500 at the beginning of August, now costs between Z$7,000 and Z$10,000, even when it can be found. The root cause of the country's hyperinflation is the government's policy of printing ever more money to meet its own needs, which has the effect of destroying the Zimbabwe dollar's value in terms of hard currency, sending the cost of anything imported soaring....(telegraph.co.uk)

Here is a man speaking about the possibility of gold coins curing the Zimbabwe inflation problem. It's interesting, listen.

There is a crisis going on there, and it needs to be addressed immediately. Here are some recent news stories.

Zimbabwe: The grim reaper approaches : "Eddie Cross writes that without urgent action now mass starvation will become inevitable. In the past two weeks the Zimbabwe economy has seen two really significant developments. The first is the total collapse of the Zimbabwe dollar and the second is the sharp deterioration in basic food supplies." (politics.web.co.za)

Pain and suffering in Zimbabwe: "It gets worse each day for Zimbabweans struggling with shortages and escalating food prices, now denominated in US dollars.
"There is nothing you can buy in local currency, everyone now wants foreign currency and this is causing so much suffering, as people are failing to buy food because they do not have any foreign currency," said Thabani Msipa in the southern city of Bulawayo." (hararetribune.com)

Cholera Outbreak In Harare As Zimbabwe Health Care System Crashes: "Cholera has broken out in the Harare, Zimbabwe's capital, after claiming scores of lives in the Harare satellite town of Chitungwiza and Chinhoyi, capital of Mashonaland West province, the state-controlled Herald newspaper reported on Friday." Interviews in MP3 too. (voanews.com)

So, hopefully the World Bank or IMF can help stabilize the situation..

"Zimbabwe inflation hits 231 million per cent: Zimbabwe's inflation has rocketed to an astronomical 231 million per cent, Harare has admitted – an advance of more than 200 million per cent on the previous figure. In June the statistic stood at 11.2 million per cent a year, but the state-owned Herald newspaper said that in July it was more than 20 times higher. Monthly inflation was 2,600.2 per cent, it added. A loaf of bread, which cost Z$500 at the beginning of August, now costs between Z$7,000 and Z$10,000, even when it can be found. The root cause of the country's hyperinflation is the government's policy of printing ever more money to meet its own needs, which has the effect of destroying the Zimbabwe dollar's value in terms of hard currency, sending the cost of anything imported soaring....(telegraph.co.uk)

Here is a man speaking about the possibility of gold coins curing the Zimbabwe inflation problem. It's interesting, listen.

There is a crisis going on there, and it needs to be addressed immediately. Here are some recent news stories.

Zimbabwe: The grim reaper approaches : "Eddie Cross writes that without urgent action now mass starvation will become inevitable. In the past two weeks the Zimbabwe economy has seen two really significant developments. The first is the total collapse of the Zimbabwe dollar and the second is the sharp deterioration in basic food supplies." (politics.web.co.za)

Pain and suffering in Zimbabwe: "It gets worse each day for Zimbabweans struggling with shortages and escalating food prices, now denominated in US dollars.
"There is nothing you can buy in local currency, everyone now wants foreign currency and this is causing so much suffering, as people are failing to buy food because they do not have any foreign currency," said Thabani Msipa in the southern city of Bulawayo." (hararetribune.com)

Cholera Outbreak In Harare As Zimbabwe Health Care System Crashes: "Cholera has broken out in the Harare, Zimbabwe's capital, after claiming scores of lives in the Harare satellite town of Chitungwiza and Chinhoyi, capital of Mashonaland West province, the state-controlled Herald newspaper reported on Friday." Interviews in MP3 too. (voanews.com)

So, hopefully the World Bank or IMF can help stabilize the situation..