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07/25/10(Sun)12:49 No.1750522The
downward spiral of the economy has been attributed mainly to
mismanagement and corruption of the Mugabe regime and the eviction of
more than 4,000 white farmers in the controversial land redistribution
of 2000.
Inflation rose from an annual rate of 32% in 1998, to
an official estimated high of 11,200,000,000% in August 2008 according
to the country's Central Statistical Office. This represented a state
of hyperinflation, and the central bank introduced a new 100 billion
dollar note. As of November 2008, unofficial figures put Zimbabwe's
annual inflation rate at 516 quintillion per cent, with prices doubling
every 1.3 days. Zimbabwe's inflation crisis is now (2009) the second
worst inflation spike in history, behind the hyperinflationary crisis
of Hungary in 1946, in which prices doubled every 15.6 hours. By 2005,
the purchasing power of the average Zimbabwean had dropped to the same
levels in real terms as 1953
>inflation of 11,200,000,000%
see what happens when you steal farming land from white farmers and try to let the monkeys farm. |