According to this article, inflation in Zimbabwe has reached 3,714 percent despite everything the “president” Robert Mugabe’s attempts to control the economy. Remember this is the country that is now head of economical reform in the U.N.
There are some amazing quotes in this article. The Reserve Bank, according to the article knocked off the last 3 digits in order to control this out of control inflation, 100,000 Zimbabwean dollars becoming 100 Zimbabwean dollars, in a failed attempt to stabilize the economy. (I’m so glad this country is helping out with the UN)
The next step the government will take is to impose a limit on wage and price controls, punishable by large fines and jail time, but already the limits and price controls that are currently in place are not working:
In recent years, the government has tried to freeze prices for corn meal, bread, cooking oil, meat, school fees and transport costs with little success. Socialist-style controls have driven a thriving black market in scarce commodities.
Sugar, unavailable in regular stores for weeks, fetches at least 10 times the government’s designated price at a dirty market in Harare’s impoverished western township of Mbare.
This country has serious issues and serious problems, and most of them come down to one man trying to implement socialist controls and failing. It’s time to get rid of Robert Mugabe.