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Africa Subsaharan
Zimbabwe: three zeros taken off money
2006-08-02
(SomaliNet) Zimbabwe's Reserve Bank has come to the rescue of Zimbabwean shoppers by slashing three zeros off Zimbabwe's currency. This will help shoppers in Zimbabwe carry less cash on their shopping sprees. "From tomorrow, the 1st of August 2006, three zeroes are being taken off every bearer cheque (bank note) which introduces a new family of bearer cheques. That makes much more sense and I hope dollars as well," Gideon Gono, Zimbabwe National bank's governor said.

Zimbabwe National Bank governor added, "It returns to us stability and convenience and of course this is just one monetary mechanism to help make commerce and everyday life more convenient. Zimbabwe is a victim of the world's highest inflation rate.
Posted by:Fred

#18  It takes intelligence, planning, hard work, and a bit of knowledge of how the world works to develop a government that will work. All it takes is one or two a$$hole dictators to screw it up. Zimbabwe is just an extreme example. Take a long look at South Africa, many of the Pacific island nations, the rest of Africa, and many parts of Asia for additional examples.
Posted by: Old Patriot   2006-08-02 21:57  

#17  No we are suggesting that free people in a market economy organize thing better than communists in a represive regime.
Posted by: kwame   2006-08-02 15:09  

#16  Are we suggesting that white people organize and operate government and various commerce better than black people ?
Heh, heh, heh, heh, heh. Whoops, there's an elephant in the room.
Posted by: wxjames   2006-08-02 14:45  

#15  Dis reg pihkalbadger, well said !
Posted by: Besoeker   2006-08-02 14:02  

#14  (myopic synopsis of Rhodesia culled)
"Thank you Great Britain"
Yes! 75 years of building infrastructure, developing such things as the judiciary, sustainable farming, communications, be PC! hand it over to your commie tribes and within 10 years you too could have a basket case state to rival North Korea.
Posted by: pihkalbadger   2006-08-02 13:56  

#13  The very definition of "fiat" money.
Posted by: mojo   2006-08-02 13:43  

#12  I'm no accountant, but if the bills have FEWER zeroes, but goods "cost" the same, then wouldn't you have to carry MORE cash? In other words, if all the sudden we didn't have $1,000 bills (but only $1 bills), but a loaf of bread still cost $1,000, then I have to carry around 1,000 $1 bills instead of 1 $1,000 bill!
Posted by: BA   2006-08-02 10:45  

#11  Since America got it's fiat currency in the 70s inflation has been roughly 1200%
Posted by: Bright Pebbles   2006-08-02 10:30  

#10  ...and if that doesn't work, don't worry. We'll just print more.
Posted by: Gideon Gono   2006-08-02 10:30  

#9  In related news, Sources said Mugabe's money will be unaffected by the change, since he has only US Dollars and International Gold currency".
Posted by: mcsegeek1   2006-08-02 10:21  

#8  Now, if they'd only get rid of the big zero running their government.
Posted by: DMFD   2006-08-02 08:26  

#7  The UK annexed Southern Rhodesia from the South Africa Company in 1923. A 1961 constitution was formulated that favored whites in power. In 1965 the government unilaterally declared its independence, but the UK did not recognize the act and demanded more complete voting rights for the black African majority in the country (then called Rhodesia). UN sanctions and a guerrilla uprising finally led to free elections in 1979 and independence (as Zimbabwe) in 1980. Robert MUGABE, the nation's first prime minister, has been the country's only ruler (as president since 1987) and has dominated the country's political system since independence.

And there you have it! Thank you Great Britain.
Posted by: Besoeker   2006-08-02 07:52  

#6  Hint to Gideon Gono: what it says on the piece of paper is NOT what determines the value of cash.
Posted by: Robert Crawford   2006-08-02 06:26  

#5  Following Mexico's lead...now there's a recipe for a successful economy.
Posted by: gromky   2006-08-02 06:17  

#4  Might as well hand out pads of blank paper, a rubber stamp, and a pen to each, er...consumer.
Posted by: Seafarious   2006-08-02 04:42  

#3  I'm very confused. Was it because they lacked space on the bills to put all the zeros? Couldn't they have made bigger bills? Bigger is better, isn't it? Or perhaps left a blank space to put the desired number of zero, as needed by inflation. It's not like it would have lessened the trust of the people into the currency or something, I mean.
Posted by: anonymous5089   2006-08-02 03:21  

#2  "rescue" and "stability". Gideon's a regular Greenspan, he is.
Posted by: PBMcL   2006-08-02 02:56  

#1  Marvelous. Only one wheel-barrow needed, instead of three.
Posted by: Fordesque   2006-08-02 00:31  

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