Zimbabwe goes from bad to worse...

[Woody]

https://www.news24.com/fin24/economy/af ... s-20200610

[Undried Plum]

Inflation in Zimbabwe reached 765.57% in April.
On the widely used parallel market the Zimbabwe dollar has depreciated to 70:1 to the US dollar from 23:1 in January.
Economists blame the currency free fall on unrestricted money supply growth

What could possibly go wrong with that strategy? Anywhere!

Let's create more Trillions of Dollars/Euros/Pounds. Yeah, that'll do nicely.

[Woody]

Economists blame the currency free fall on unrestricted money supply growth

That’s why I posted that link

[Magnus]

In light of all the BLM hoo-hah, it's interesting to note that Mandela did not take the same view of Rhodes as the Oxford entitled scumbags demanding the removal of Rhodes' statue. There is, I believe, a Mandela Rhodes Foundation supporting black African students. Will the aforementioned wuckfits now demand the removal of all Mandela statuary as he supported what was then the Rhodes Foundation?

[Rwy in Sight]

Inflation in Zimbabwe reached 765.57% in April.
On the widely used parallel market the Zimbabwe dollar has depreciated to 70:1 to the US dollar from 23:1 in January.
Economists blame the currency free fall on unrestricted money supply growth

What could possibly go wrong with that strategy? Anywhere!

Let's create more Trillions of Dollars/Euros/Pounds. Yeah, that'll do nicely.

I thought the definition of inflation was too much money chasing too few goods. And I don't recall any serious good shortage in Western Europe this century.

[Undried Plum]

I thought the definition of inflation was too much money chasing too few goods.

That's the simplistic definition.

In econometrics:

I = M*V

Where Inflation is the product of Money supply times the Velocity of money.

The velocity of money is the rate at which people spend money.

Right now, in the lockdown, people ain't spending money. Hence low V; hence low I.

[Capetonian]

Prices of cheese yesterday in ZWD. I have no idea what those prices mean in real money (earning power) as the published rate for ZWD is meaningless, but I do know that most basic commodities are unaffordable for ordinary people unless they have access to forex.

[Smeagol]

I see that the ridiculous use of the .99 in pricing is universal even where the currency makes it a nonsense. Is it even possible to get one cent change?

[Pontius Navigator]

Not in America.

[ian16th]

I see that the ridiculous use of the .99 in pricing is universal even where the currency makes it a nonsense. Is it even possible to get one cent change?

Credit and Debit Card transactions don't need change!

I remember in Cyprus in 1962, they had 1000 'mills' to the £ Cyprus. There were 1 mill coins, and the only people who used them was the Electric Board!

[fin]

Someone in US suggested a 99 cent coin. No good in Empire State though. Better to make a coin worth $1.08.

[tango15]

Not in America.

But they were probably the ones who started it. The story I was told by an American many years ago, was that the .99 idea was to ensure that shop workers had to put the tendered cash (in the days of cash only) into the till and produce a cent (or penny), and the sale would be correctly recorded, but I have no idea if this is true.

[llondel]

The UK still has a use for (old) pennies, they're used on the pendulum of Big Ben to adjust the timing.

[Capetonian]

https://www.newsday.co.zw/2020/06/army- ... ckade-byo/

This apparently gave rises to fears, or hopes, of a coup. Can't see that it would make the slightest difference if there were a coup, one evil murdering tyrant would be replaced by another.

[G-CPTN]

Zimbabwe health minister in court on corruption charges.

Surely not?

[TheGreenGoblin]

Zimbabwe health minister in court on corruption charges.

Surely not?

Quite extraordinary that he has been arrested. He must have made some big enemies in government when such graft and kleptocracy is usually de rigueur amongst the ruling party.

[G-CPTN]

He must have made some big enemies in government when such graft and kleptocracy is usually de rigueur amongst the ruling party.

Perhaps he failed to pay them their percentage?

[ricardian]

Can this really be happening?

[barkingmad]

All the more reason for Mugabe’s statue to be placed on the fourth plinth in London’s Trafalgar Square as a stark reminder to all those dreamy-eyed ‘woke’ BLM protestors, of all skin colours, as to how it should be done.

Then they can aspire to drag ‘their people’ out of the poverty and discrimination which is always the result of the white race’s evil deeds and never that of their own Homo sapiens’ innate cruelty.

[Woody]

Looking forward to the BLM march in Salisbury Harare