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Thursday, February 21, 2008
How about a cheeseburger for Ten Million?
The new $10 million bill is the equivalent of about $1 at the dominant black market exchange rate, which will buy you a small cheeseburger. According to official statistics (says the BBC),Zimbabwean inflation is now past 100,000%. Recently the government introduced the latest bank note, for Zim $10,000,000. On the black market they are worth about US $1.
So we have Zimbabwe, a land that is approaching its inevitable conclusion. Once it was known as Rhodesia, the Breadbasket of Africa. Then socialists took over and expropriated the white-owned farms that constituted the backbone of the economy.