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(News24)   Zimbabwe's inflation data causes supercomputers to asplode, rifts in the space-time continuum, cats and dogs to sleep together   (fin24.co.za) divider line 97
    More: Scary  
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12074 clicks; posted to Main » on 19 Nov 2007 at 12:27 PM (7 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2007-11-19 10:00:11 AM  
A haiku...

Mugabe please die.
Die die die die Mugabe
Please die Mugabe.

/I try not to wish ill will on anyone, but for Mugabe, I'll make an exception.
 
2007-11-19 10:27:21 AM  
So this explains why my dog has been trying to hump my cat lately.

/not kidding
 
ZAZ [TotalFark]
2007-11-19 10:34:47 AM  
15000% per year inflation is only 50% per month. Not as bad as I thought.
 
2007-11-19 10:40:13 AM  
You have to wonder if the difference between 7,000% and 15,000% is really able to upset people any more, there has to be a point where your anger has reached 100% and anything after that its just more of the same BS.
 
2007-11-19 10:47:43 AM  
ZAZ: 15000% per year inflation is only 50% per month. Not as bad as I thought.

WTF? Are you part of the monolith to incompetence that is the Mugabe administration? 15,000/12= 1250%.
 
ZAZ [TotalFark]
2007-11-19 10:50:44 AM  
FLMountainMan

150^(1/12) = 1.52 = +52%

If you double prices every month (100% monthly inflation) at the end of one year the price has risen by a factor of 2^12=4096 (~400,000% annual inflation).
 
2007-11-19 10:55:12 AM  
I'm sure the people who offer this inflation were sure to denote in the closing docs whether it was monthly, annual, or continous compounding.
 
2007-11-19 12:31:26 PM  
I came here to say "Can I has textwrap plez?", but then I witnessed FLMountainMan's fail at basic eighth grade math, so I decided not to.
 
2007-11-19 12:32:12 PM  
There is no Dana, only Zulu.
 
2007-11-19 12:32:35 PM  
Zim inflation data 'not ready'


img230.imageshack.us
 
2007-11-19 12:32:45 PM  
img77.imageshack.us
 
2007-11-19 12:34:26 PM  
FTA: The CSO previously rejected suggestions by international officials that it is bowing to government pressure to suppress inflation figures that would put the 83-year-old Mugabe's government in a poor light.

I LOL'd
 
2007-11-19 12:36:19 PM  
so government seizing property and government implementing price freezes and government destroying small business didn't work?

That's strange...
 
2007-11-19 12:37:31 PM  
Gotta love a country where inflation is only limited by the price of ink to print more money.
 
2007-11-19 12:38:48 PM  
I hear they're going to start printing Meeses and Gippers soon.

/Should just use Kongbucks.
 
2007-11-19 12:40:55 PM  
This can't be possible! Mugabe banned inflation!!
 
2007-11-19 12:42:53 PM  
hiro nakamura seen fleeing the scene.
 
2007-11-19 12:43:19 PM  
I fondly recall when Zimbabwe was the breadbasket of Africa. They fed most of the Sub-continent. Then the white farmland was seized and redistributed to the poor black population - who had no clue how to run a farm.

I'm not defending the white system they had in place. However this is the textbook example of how and what not to do to correct the problem.

/just saying.
 
2007-11-19 12:43:46 PM  
TFA: "We have some problems - a computing problem - in that we have to find a formula of measuring prices of goods, some of which are not available on the (formal) market and which are in short supply in the economy"

Damn, I was hoping it was a overflow error.

/ That would be funny.
// If it wasn't so tragic
 
2007-11-19 12:43:55 PM  
I hear a Starbucks coffee costs like $3 there!!!
 
2007-11-19 12:44:09 PM  
Reading the news from Zimbabwe is like reading Atlas Shrugged, but infinitely more sad.

Still, I dare say someone will be along to say how Big Government is good any moment now!
 
2007-11-19 12:44:29 PM  
an
 
2007-11-19 12:44:43 PM  
Mugabe should just let the market correct itself.

We should send Ron Paul over there so Zimbabwe can know how to fix their economic system. Ron Paul can destroy inflation and make the average Zibabweans excrement worth as much as gold.

Only through Free-Market Capitalism will this country fix itself. Remove all regulations and let it ride!
 
2007-11-19 12:46:45 PM  
Clonod: There is no Dana, only Zulu.

Brilliant! Do wish the headline had been more faitful to the original though.

/Dogs and cats, living together.
//MASS HYSTERIA!
 
2007-11-19 12:46:55 PM  
Mass Hysteria?
 
2007-11-19 12:47:23 PM  
LGeezer: Reading the news from Zimbabwe is like reading Atlas Shrugged, but infinitely more sad.

Still, I dare say someone will be along to say how Big Government is good any moment now!


Mugabe doesn't just ignore economics, he has an active disdain for it. Most state centered politicians do - it represents a lack of control.

There used to be this belief that we could survive on 6-8% inflation annually too, because Brazil had functioned ok with it. Although a few years later they ballooned out of control with 5,000% annual inflation, but still.

But now you know why the Federal Reserve isn't under political control - you don't want politicians to have power over the money supply. Inflation more than anything else can kill a country.
 
2007-11-19 12:47:49 PM  
Sigh. So, farkwit Mugabe decided to seize white-owned, productive farms and install his cronies who knew knew next to nothing about farming in their place...

Hands up everyone who *didn't* see rampant famine and inflation as a result...

Thought so.
 
2007-11-19 12:48:07 PM  
apeman12
I fondly recall when Zimbabwe was the breadbasket of Africa. They fed most of the Sub-continent. Then the white farmland was seized and redistributed to the poor black population - who had no clue how to run a farm.

It's not that he gave them to the poor black population, it's that he gave them to his military supporters who knew JS about farming and let the fields and equipment go to ruin. Had he given it to the black farmhands who had been helping the white landowners run the farms, they might not be so totally farked right now.
 
2007-11-19 12:48:14 PM  
I know Mugabe is an older fellow, but he could use a remedial economics class or two. Printing more money doesn't actually make your country richer.
 
2007-11-19 12:48:37 PM  
The article gives you no real sense of just how bad it is.
Here's a photo from sfgates day in pictures last week (new window):

www.sfgate.com
Zimbabwean multimillionaire: At a bank in Harare, a man withdraws 40 million Zimbabwean dollars -- enough to buy one bag of Pakistani rice. The nation's inflation rate reportedly stands at 14,840 percent.
 
2007-11-19 12:48:56 PM  
Dynascape: Mugabe should just let the market correct itself.

We should send Ron Paul over there so Zimbabwe can know how to fix their economic system. Ron Paul can destroy inflation and make the average Zibabweans excrement worth as much as gold.

Only through Free-Market Capitalism will this country fix itself. Remove all regulations and let it ride!


What would you suggest? Maybe another Bono concert?
 
2007-11-19 12:50:41 PM  
Spyderqueen.

I stand corrected... I tried an overly simplistic synopsis and should know better. The end result is the same in that it took less than a decade to go from supplying Africa with food, to having your own population starve.
 
2007-11-19 12:50:43 PM  
Verily, if a cat and dog shall lie together, and they be caught lying together, they shall end up in a stew.

Well, at least in Romania they would. I'm not sure if they don't keep some sort of Kosher (M, K, or Halal?) in Zimbabwe--they might not eat cats or dogs even during a famine.

Invader Zim--you can buy the boxed set for $19.99 now here in Ottawa (Ontario). A gift idea for Christmas if your nieces and nephews are not total morons, or Christians, or something. I always console myself with the thought that yes, I could have waited until the price droped to a third or a quarter of what I paid, but I would have missed watching the movie or series in the interim. For example, I bought the complete Monty Python show for about $24 a VHS tape (3 episodes per tape) and then the same thing for $99.99 on DVD. And worth every penny.

Now what was the subject of this thread?
 
2007-11-19 12:53:35 PM  
apeman12:
I'm not defending the white system they had in place.


fair enough, if you wont, i will.

it managed to make enough food to feed the population, in my book thats a win.
 
2007-11-19 12:53:36 PM  
I don't know very much (ok, anything) about Zimbabwean economics, do they use a foreign currency in a black market? The Zimbabwe dollar must be worth less than the paper it is printed on
 
2007-11-19 12:54:04 PM  
Been here before?

wildthing.co.in

Hyperinflation. Not much use in buying single bags of Pakistani Rice.
 
2007-11-19 12:55:49 PM  
Basically, Monopoly money is actually more valuable than the Zimbabwean currency right now.

/not exaggerating
//FLMountainMan ow
 
2007-11-19 12:57:48 PM  
Zimbabwe, the new Detroit...
 
2007-11-19 12:59:10 PM  
theuntested: Zimbabwe, the new Detroit...

Hey now! Detroit just passed St. Louis as of this morning as the most dangerous city, according to FBI crime stats. Let them bask in the glory of that for awhile before crowning a new king.
 
2007-11-19 01:00:20 PM  
apeman12: I fondly recall when Zimbabwe was the breadbasket of Africa. They fed most of the Sub-continent. Then the white farmland was seized and redistributed to the poor black population - who had no clue how to run a farm.

I'm not defending the white system they had in place. However this is the textbook example of how and what not to do to correct the problem.

/just saying.


That would be bad, but it's actually worse than that. He gave away the farms to cabinet members and friends, who proceeded to throw parties on the land, and eat all the livestock immediately. These are people that not only lacked the knowledge to farm, but also lacked any incentive to farm.
 
2007-11-19 01:04:40 PM  
Everybody knows the criticisms of him are just Bookish Economics (pop). Unlike super-Macro-Mugabenomics which are used to free Zimbabwe from the vestiges of White Colonialism. Yup that rumbling sound in peoples stomachs --thats the sound of freedom.
 
2007-11-19 01:05:01 PM  
The reason why the stores are empty of food, is because Mugabe legislated fixed prices for common staples, like bread, rice, fruit, etc. The stores won't sell food at a loss, so there isn't any food to buy (on the "formal" market).
 
2007-11-19 01:05:23 PM  
They could try the $1 menu.
i173.photobucket.com
 
2007-11-19 01:11:49 PM  
Rational Exuberance: But now you know why the Federal Reserve isn't under political control - you don't want politicians to have power over the money supply. Inflation more than anything else can kill a country.

I think that political corruption is what really kills nations in most cases, including Zimbabwe's. Runaway inflation is just the mechanism.
 
2007-11-19 01:12:53 PM  
Rational Exuberance: LGeezer: Reading the news from Zimbabwe is like reading Atlas Shrugged, but infinitely more sad.

Mugabe doesn't just ignore economics, he has an active disdain for it. Most state centered politicians do - it represents a lack of control.


They've not had economies to control since Black Wednesday in the UK. And without an economy to control, where is all that bureaucratic energy to be directed? Bugging the rubbish put in bins for a start. It's enough to make me hanker for the cold war...!

But now you know why the Federal Reserve isn't under political control - you don't want politicians to have power over the money supply.


FTFY -- power only encourages them
 
2007-11-19 01:16:20 PM  
That would be bad, but it's actually worse than that. He gave away the farms to cabinet members and friends, who proceeded to throw parties on the land, and eat all the livestock immediately. These are people that not only lacked the knowledge to farm, but also lacked any incentive to farm.

bastet.uncg.edu

Man, I don't think there's going to be any hope for that country anytime soon. It could've been a model for the continent, and now... well, it's just best to see if anything will be left after it all crumbles.

http://en.wikipedia.org/wiki/Mugabe#Farm_seizures_and_starvation
 
2007-11-19 01:26:29 PM  
But now you know why the Federal Reserve isn't under political control - you don't want politicians to have power over the money supply. Inflation more than anything else can kill a country.

That is the craziest thing I have ever heard of. You know, in representative governments people can VOTE OUT leaders who bankrupt the country via inflation. That is hardly the case with the federal reserve. What is worse is you are justifying something that is unconstitutional. Only congress has the power to regulate the value of money, not the federal reserve or any other non-political entity.
 
2007-11-19 01:27:54 PM  
Yay! Commies!
 
2007-11-19 01:30:10 PM  
Eryximachus: But now you know why the Federal Reserve isn't under political control - you don't want politicians to have power over the money supply. Inflation more than anything else can kill a country.

That is the craziest thing I have ever heard of. You know, in representative governments people can VOTE OUT leaders who bankrupt the country via inflation. That is hardly the case with the federal reserve. What is worse is you are justifying something that is unconstitutional. Only congress has the power to regulate the value of money, not the federal reserve or any other non-political entity.


Inflataion can happen far too quickly for the political mechanism to work. And once hyperinflation happens, there is really nothing stopping it. Congress delegated that power to the Fed; they still get to confirm appointments.

The history of government controlled currency is so poor that no one even disagrees with this. It's like this in the EU as well.

And the unconstitutional thing makes you sound like a conspiracy theorist.
 
2007-11-19 01:30:32 PM  
BioGuy741: I came here to say "Can I has textwrap plez?", but then I witnessed FLMountainMan's fail at basic eighth grade math, so I decided not to.

Florida State University...enough said

/FLMountainMan FAIL
//Go Gators
 
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