Zim inflation zips to new daily highs

It's a shambles. But it's all too predictable.

Amazing! This must be a record first in the economic history of the world. What Mugabe's supporters don't understand is that this is not as a direct or even indirect result of sanctions currently in place as they only target a handful of ZAPU-PF elite and have not stopped Zimbabwe from trading as none of it's neighbours have closed borders or prevented ZANU-PF from sourcing goods indirectly through 3rd parties. The Smith & apartheid regimes outfoxed sanctions far more odious than these for decades and ZANU-PF could easily do the same if the sanctions where the only problem.

Rather this world record inflation rate is a resounding vote of no confidence in the policies of ZANU-PF by any and everyone handing the Zimbabwe dollar. The people of Zimbabwe are the primary decision makers when it comes to the true value of the Zim dollar as they accept or reject rates of exchange or the true value of goods.

While governments can seek to influence inflation it is the marketplace that is the real deciding force and the truth is that everyone from street traders to ZANU-PF's inner circle knows deep down that Mugabe's policies are unsustainable and will shortly leave Zimbabwes economy a mangled wreck at the side of the economic highway.

All Mugabe has going for him now is the amazing capacity of African's to stick it out with a leader who's clearly lost the plot simply out of respect for his past achievements and seniority. But how long will the remaining 20% of the population who are still working stick with him as their salaries fade to pathetic nothingness?

When i left Zimbabwe in 1983, my remitment Zimbabwean pension was $Z396 per month. I was quite happy then because one Zim dollar was worth R1.50c. In February 2002, my monthly pension had climbed to $Z17.000 and i was receiving a monthly cheque of about R2000. The following month Mugabe cancelled all Zimbabwe pensions of those people that lived outside Zimbabwe. This was in retaliation because of targeted sanctions against him and his cronies. We were told to go to Blair for our pensions. The SA government would not interfere on our behalf even though many ex Zimbabweans had overnight become destitute and now qualified to receive SA government pensions. Obviously our stolen pensions would be worth absolutely nothing today.
There is however a lesson to be learnt here and something i drum into my three sons. 'Never ever have all your money in one country'. I paid into a pension fund in Zimbabwe for 27 years only to see it stolen by crooks. The South African government refused to help me retrieve the rights of my pension by appealing to the Zimbabwean government. It has lost my trust and as i tell my sons. what is to stop it from following the same route as Zimbabwe, in respect of ones pension?