Zimbabwe introduces 100-billion-dollar note (40)

Nope,only too familiar with that.
Fellow,Pisspoor,gets appointed to the Senate,five years later he's earned the name,Mr. Ten Percent,has at least 10 million stashed away.Public Servant that claims that it is not the Public's Business how he acquired those Millions while on Public Tenure.
And that's just one of those Gangsters!!

Zimbabwe devalues currency;
10B becomes 1 dollar
By ANGUS SHAW, Associated Press

Writer
44 minutes ago



HARARE, Zimbabwe - Zimbabwe will drop 10 zeros from its hyper-inflated currency —

turning 10 billion dollars into one — the country's reserve bank said Wednesday.

President Robert Mugabe threatened a state of emergency if businesses profiteer

from the country's economic and political unraveling.



The longtime ruler issued the warning in a televised address to the nation as

South Africa's President Thabo Mbeki flew in to meet with him about stalled

power-sharing talks.

Mbeki insisted Tuesday that the talks that started last Thursday were going well

and had simply adjourned on Monday.

But several officials said Mugabe's negotiators left for home and opposition

leader Morgan Tsvangirai went to South Africa, the venue of the talks, after they

deadlocked over who would lead the "inclusive" government under negotiation. The

officials spoke on condition of anonymity because all parties agreed to a media

blackout surrounding the talks.

In his address, Mugabe said "We are still negotiating, we want to succeed." Of the

negotiations, he said "You find room for compromise but sometimes compromise is

difficult."

Mugabe and Tsvangirai, bitter rivals, met for the first time in 10 years last week

and agreed to have their negotiators hammer out a formula to share power and halt

the southern African nation's political and economic disaster. It came after three

months of state-sponsored electoral violence that killed more than 150 opposition

activists, injured thousands of people and drove tens of thousands from torched

homes.

Both men say they won elections this year and should lead the government.

A South African statement said Mbeki would meet with Mugabe and the leader of a

breakaway opposition faction, Arthur Mutambara. It said Mbeki already had met

Tuesday with Tsvangirai and his negotiators.

On Wednesday, central bank governor Gideon Gono announced he was dropping 10 zeros

from the currency, to turn 10 billion dollars into one, effective Friday. That

comes a week after he introduced a 100 billion-dollar note that was not enough to

buy a loaf of bread.

Gono said high inflation was affecting operations of the country's computer

systems. Inflation is officially running at 2.2 million percent but independent

economists say it's nearer 12.5 million percent.

Computers, electronic calculators and automated teller machines at Zimbabwe's

banks cannot handle basic transactions in billions and trillions of dollars.

Mugabe went on television immediately after Gono to warn against profiteering.

"Entrepreneurs across the board: Don't drive us further," he warned. "If you drive

us even more we will impose emergency measures."

Mugabe has blamed profiteering and sanctions by the United States and the European

Union for Zimbabwe's economic collapse.

Both Mugabe and Gono are targeted by the sanctions which impose travel bans and

asset freezes on more than 170 people, companies and farms.

CONT

"The country is under illegal sanctions. These are intended to achieve regime

change," Mugabe charged. "We must strengthen our will and resistance so we can go

through this time of difficulty."

Shop shelves are empty and there are chronic shortages of everything including

medication, food, fuel, power and water. Eighty percent of the work force is

unemployed and many with jobs do not earn enough to pay for bus fare to their work

places.

One-third of Zimbabweans have become economic and political refugees. Another

third is dependent on foreign food aid. But Mugabe barred non-governmental

organizations from handing out food last month, claiming they were feeding only

opposition supporters.

In the first major signal that companies are wary of doing business with the

government, a European firm this month stopped providing paper for the bank notes

whose prolific printing helps keep Mugabe's regime afloat.

Gono said the new money would be launched Friday with 500-dollar bills. He also

said he was reintroducing coins, which have been obsolete for years.

Both Gono and Mugabe called for unity among Zimbabweans, with Mugabe adding there

should be no interference from "outsiders."

"These are the people we must kick out completely — these outsiders," he said.

Zimbabwe's trials began when white commercial farmers who drove the economy

started supporting Tsvangirai's party. Mugabe sent war veterans and youth militias

to invade the white-owned farms, saying he was reclaiming ancestral lands for poor

black peasants.

Instead, the land went to Mugabe's Cabinet ministers and generals, who left the

fields untended. Hundreds of thousands of laborers lost their jobs and homes on

the farms.



Just found this on the News.
Dumbo is not giving up

To quote myself on 20th July. Twould be funny if it were not so tragic.

Brings a whole new meaning to the expression "black comedy" though.

Time to stop using the money altogether and just barter.
The money loses its value as soon as it changes hands.

We'll all be millionaires soon.

"We're In The Money,we're in the Money....."

Wonder if it could buy a Loaf of Brad,if it were available.

They build their Power with the Blood of the People!