|Zimbabwe Hyperinflation to Set World Record|
|by Tom McGregor||Fri, Nov 14, 2008, 02:45 pm|
Inflation levels are on pace at 13.2 billion percent a month and could surpass an all-time record within weeks. The most recent figures put the nation’s annual rate at 516 quintillion percent – 516 followed by 18 zeros – overtaking
The Daily Telegraph of London reports that, “with goods unavailable and official statistics widely distrusted, the Cato Institute in
The most notorious hyperinflation,
The consequences are appalling for ordinary Zimbabweans and they must spend the money as soon as they get it before losing its value. Yet, the dysfunctional economy reveals that goods are in desperately short supply, and they need to spend hours foraging to find things to buy.
Consequently, there comes a point where the inflation rate makes little practical difference. Supermarkets in
According to the Telegraph, the latest official figure for inflation in
An expert believes that the only way to halt the rise was to abolish the Reserve Bank of
To read the entire article from the Daily Telegraph of London, link here:
written by Steve Heath , November 14, 2008
29 nations have suffered hyper-inflation in the last century. We stand to be one of the next. It may be beyond our control. The Global economic summit this weekend could very well result in a chain of events that sets hyper-inflation in motion. It may take several months. We have some very serious problems, which require solutions that are not being put forward by either party. I hope people start realizing this. It's too late to stop the pain and consequeces. It is never too late to start preparing for the aftermath.
Hyper-inflation may or may not be in the cards. It depends on how we respond to this crisis. We need to realize that things will never be the same-at least not in the next decadeor so, maybe in our lifetimes. We are entering a new era. The present world financial system, which is based on U.S. dollar supremacy is over. I hope Obama understands this. If not, I hope Republicans begin to understand this. We have a serious period of readjustment in which we need to start the process of getting back to financial responsibility and sanity.
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