The real economic crisis

[poidda]

This is quite interesting.
http://pimpinturtle.com/2008/10/31/3-eggs-for-100-billion-zimbabwe-dollars-lots-of-pics-in-post.aspx

Imagine you savings being worth nothing within no time....

[sms316]

And it's not like you have any sort of nest-egg owning a house there either.

[kev]

If the POMS had kept their noses out (http://en.wikipedia.org/wiki/Lancaster_House_Agreement) of things this wouldn't have happened.

Rhodesia used to be considered the breadbasket of Africa.

History in Africa shows time and time again that giving the indigenous people control over the country just reduces it to 3rd world status.

[virge666]

Anyone remember Germany after the war. The currency was worthe less in the afternoon on some days . . . people just abolished the currency and went back to bartering.

And Kev is very right . . . the POMS seem to ruin countries every now and then.

Funky shit indeed.

[mikezone13]

It really is that bad over there. I was in South Africa and Mozambique for a month earlier this year visiting my girlfriend's parents. Their gardener is from Zimbabwe and smuggles cash and food from South Africa across the border to help his family still there.

The pictures of seeing people take a few million $ to buy a loaf of bread is just amazing (and sad).

[markTHEblake]

Anyone remember Germany after the war.
nah I am too young, and anyone else that might have is dead now. Funny thing that, these economic cycles turn full circle in a lifetime so people dont learn from past mistakes

Here is a picture showing a woman burning money cos that was cheaper than buying firewood. And who says money doesn't grow on trees?

http://img209.imageshack.us/img209/8357/250pxinflation1923zz4.jpg

This is from the Wikipedia entry on Hyperinflation (http://en.wikipedia.org/wiki/Hyperinflation). But of course this will never happen to us, our economies are far more stable, and the likes of Bernanke and co will save us all by throwing another 800 Trillion of worthless paper out of his helicopter, and everyone worships him :roll:

Does anyone remember what is written on our money? Without lookin, I am sure you will think it says something like "the Reserve bank promises to pay the bearer the sum on this note" - cos thats what it always said. BUT it aint there any more. The only value that our currency notes have is based on trust. And when that trust fails, Weimar, Brazil, Zimbabwe, all over again.

[Johnny Canuck]

Great find Poidda. I wouldn't mind getting my hands on one of those hundred billion dollar notes!

[poidda]

Great find Poidda. I wouldn't mind getting my hands on one of those hundred billion dollar notes!

Umm, and I bet you could easily buy one for a fiver of some poor Zimbabwe.

[PeteyD]

Kev, what would have happened if the Poms had done nothing? Civil war situation like Seirra Leone?

[poidda]

Great find Poidda. I wouldn't mind getting my hands on one of those hundred billion dollar notes!

Gotta love ebay! (http://coins.shop.ebay.com.au/items/World__zimbabwe_W0QQ_catrefZ1QQ_flnZ1QQ_sacatZ1531 44QQ_trksidZp3286Q2ec0Q2em282?_trksid=p3286.c0.m28 2)

If I could be guaranteed the proceeds would go to a family that needs it, I'd be tempted to buy a set of notes.

[OMG]

nah I am too young, and anyone else that might have is dead now. Funny thing that, these economic cycles turn full circle in a lifetime so people dont learn from past mistakes

Here is a picture showing a woman burning money cos that was cheaper than buying firewood. And who says money doesn't grow on trees?

http://img209.imageshack.us/img209/8357/250pxinflation1923zz4.jpg

This is from the Wikipedia entry on Hyperinflation (http://en.wikipedia.org/wiki/Hyperinflation). But of course this will never happen to us, our economies are far more stable, and the likes of Bernanke and co will save us all by throwing another 800 Trillion of worthless paper out of his helicopter, and everyone worships him :roll:

Does anyone remember what is written on our money? Without lookin, I am sure you will think it says something like "the Reserve bank promises to pay the bearer the sum on this note" - cos thats what it always said. BUT it aint there any more. The only value that our currency notes have is based on trust. And when that trust fails, Weimar, Brazil, Zimbabwe, all over again.

Surely you aren't suggesting that Australia will encounter this type of situation?

[kev]

Kev, what would have happened if the Poms had done nothing? Civil war situation like Seirra Leone?

There was a war on anyway when there was a White government. Government of the day fighting ZANLA (Mugabe), Chinese backed, and ZIPRA (Nkomo), Russian backed. Whilst the Whites weren't winning, per-se, they were more than holding their own.

This then turned into a Civil War when the Africans took over, with the Mugabe led Shona persecuting the Matabele.

Whilst under White rule and with the war going on, Rhodesia was still basically self sufficient, with oil being the only major import. South Africa supplied the oil. There were never shortages of food or petrol requiring rationing.

[PeteyD]

I think the removal of British rule was inevitable. Unfortunately, as you have noted, it tends to lead to 3rd world status etc. I have known a number of people who have fled Zimbabwe (and South Africa now) always makes me glad we live here.