Thursday, July 19, 2007

Prices Doubling Every 35 Minutes?

The country of Zimbabwe, Africa is leading the world in inflation at the moment. Black market inflation is currently running at 20,000% and predicted to rise to 1.5 Million % or price doubling every 35 minutes. So a loaf of bread that costs 1 dollar before you watch the evening news will cost 2 dollars by the end of the evening news and tomorrow at the same time will cost $41.96 and by the end of the month $1,273.97 and by the end of the year will cost $15,000.00

The country has officially stopped calculating inflation and forced store owners to *rollback* prices to the *official* exchange rate, meaning the store owner had the choice between going to jail or selling a $30,000 dollar cars for $60. Needless to says store have no merchandise left after shoppers bought and fought for everything they could. Many store owners were arrested and many riots took place. While as fascinating as this all is from an economic side, this is a humanitarian crisis as people are having trouble finding food to eat to survive. Please pray for the people of Zimbabwe. I hope that someone can find the red stop button on the money printing press. I guess they will have to since the country is having trouble importing ink for the printing press. One cannot print money out of thin air forever.

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