Tuesday, September 18, 2007
Celebrating the Smaller Failures
Of course, you may as well celebrate the small failures when the really really big ones have been piling up for years.
Zimbabwe’s annual inflation rate slowed in August to 6,592.8% from July’s record of 7,634.8%, according to the Central Statistical Office (CSO).
The slowdown came in the midst of a price-control programme imposed by President Robert Mugabe in June.Businesses were ordered to cut or freeze prices for items such as bread and milk.
But critics say the measures have just deepened the chronic food shortages suffered by Zimbabweans.
I certainly hope nobody actually takes this as good news, though.
Comments & Trackbacks
Why are you such a hater, David? At this rate, the inflation rate is dropping by more than 1000% a month. It’ll be just six more months until Mugabe’s noble socialist experiment brings prosperity to all, with no inflation whatsoever.
RACIST!
You’re right. With this trend, by the end of next year Mugabe might see the Zimbabwean dollar as the international standard for investors; a bedrock currency and a safe place for all of us to invest.
Who was I to question?
I mean, next month, toilet paper might cost less (on a sheet by sheet basis) than the Zim dollar. Which would be a pretty big turning point.
I’m not sure that 7000%/yr. deflation is actually a better thing than 7000%/yr. inflation. (Since we’re following trend lines and all.)
Oh, and high rag-content toilet paper sounds kind of luxurious, when you mention it. Though it’s pretty sad when you can’t even print money fast enough to pay for printing the money. At this point, emulating Weimar Germany would be a huge step up for Zim.