Zimbabwe's millionaires worth only $1

Posted Oct 27, 2007 by Chris V. Thangham
With the rising inflation levels, Zimbabwe’s currency has fallen to record levels, one million Zimbabwean dollars (ZWD) is worth only a single US dollar (USD). Inflation has risen 8,000 percent.
A man selling Zimbabwe currency
A man selling Zimbabwe currency
Zimbabwe gained independence in the year 1980, at that time the Zimbabwean dollar was in parity with the US Dollars but thanks to President Mugabe’s dictatorial economic policies, it has fallen from $Z2,800 beginning this year to $Z500,000 for every US Dollar.
Harare, the capital of Zimbabwe, is already facing tough problems, it is without electricity for the last three days. Many of the businesses including petrol stations have closed. The food shops have hardly any food in their shelves because of the high inflation and costs.
The National Blood Transfusion Services said that it is unable to perform blood tests. One of the doctor said they are facing serious problems.
President Mugabe is struggling to keep inflation under control and in July ordered businesses to lower prices to stem the inflation. As a result many businesses were shut down and many were arrested for selling goods above price control levels. As a result the supermarkets are empty and it is impossible for many of the citizens to buy food in the market.
Rob Davies an economist talked about the economic policies of President Mugabe and said to the media:
“It shows the lunacy of their belief they can legislate against inflation and bring it down at the barrel of a gun,”
Mugabe is not done yet, he is forcing all foreign owned companies including Barclays and Standard Chartered to sell 51 percent of their equity to black Zimbabweans. Which will not happen, they would rather leave Zimbabwe.
I don’t know how Mugabe sleeps in the night by making everyone in Zimbabwe suffer with his inane policies. Many countries are trying to help his country, but he flatly refuses them. UN representatives as usual is a bystander, probably are too busy shopping in New York City. Only one good news if you can call it, we all become multi millionaires in Zimbabwe.