10-20-2017, 10:44 PM
*** 21-Oct-17 World View -- Zimbabwe bans food imports as new 'bond note' currency crashes
This morning's key headlines from GenerationalDynamics.com
****
**** Zimbabwe's people fear further starvation after food imports are banned
****
![[Image: g171020b.jpg]](http://Media.GenerationalDynamics.com/ww2010/g171020b.jpg)
Zimbabwe bond note and US dollars (New Zimbabwean)
Zimbabwe's president Robert Mugabe has banned the importation of
fruit, vegetables and other horticultural products, in order to avert
a further economic crisis.
According to Zimbabwe's agriculture minister Joseph Wade:
<QUOTE>"His Excellency [president Robert Mugabe] has directed
me and the Minister of Industry and Commerce to quickly stop the
importation of horticultural products as they waste much needed
foreign currency. This means that the importation of fruit and
vegetables will be stopped immediately. We are finalizing on the
exact list of foreign-produced fruits that are occupying shelves
in shops.
This must be a positive development for our farmers, we now want
them to improve on their production capacity and also to produce
quality produce. The foreign currency being wasted on the
importation of carrots and grapes will now be utilized towards the
purchase of more fertilizers and pesticides."<END QUOTE>
The reason that Zimbabwe's farm have such low production capacity is
because their current owners are almost all from Mugabe's Shona tribe,
and apparently are so incompetent that they don't know the difference
between a plough and a tricycle.
Robert Mugabe is a genocidal psychopath, just like Syria's Bashar
al-Assad. Mugabe is from the Shona tribe, and in the early 1980s, he
launched a massive genocide and ethnic cleansing campaign against his
traditional tribal enemies, the Ndebele tribe. During that campaign,
known as Operation Gukurahundi, accomplished with the help of training
by North Koreans, tens of thousands of people, mostly from the Ndebele
tribe, were raped, tortured and slaughtered.
In 1999, Mugabe adopted his "indigenization" program. At that time,
Zimbabwe was considered the breadbasket of Africa, second only to
Kenya in food production. Mugabe threw all the white farm owners out
of the country, and turned the farms over to his incompetent cronies
in the Shona tribe. By 2003, Zimbabwe was starving, and the number of
Zimbabweans dying of starvation continued to grow. By 2008, the
official rate of inflation was 231 million percent. ( "24-Feb-2014 World View -- Mass murderer Robert Mugabe of Zimbabwe has 90th birthday"
)
For 15 years, I've been writing these articles about what's going on
in the world, and it just never ceases to amaze me about how
psychopaths like Bashar al-Assad and Robert Mugabe can stay in power
for years and decades, despite the unbelievable amount of destruction
they cause. It's almost as if they have some magical hypnotic
capability the keeps them in power, no matter how many atrocities are
committed, no matter how many men are tortured, no matter how many
women are raped, no matter how millions of people become homeless or
are simply slaughtered. It's just a source of unending astonishment
how this goes on and on.
And now, once again, Zimbabweans are fearful that the number of people
starving to death is going to get even worse. Herald (Zimbabwe) and Reuters
and AFP
****
**** Zimbabwe's people fear hyperinflation again after last month's 'bond note' crash
****
Zimbabwe appears to be on the brink of an economic meltdown, after a
currency panic that began on September 25, resulting in a 50%
inflation of the new "bond note" currency, introduced in December of
last year, supposedly to stabilize the economy.
In 2008, the inflation rate on the Zimbabwe dollar reached 231 million
percent (231,000,000% inflation), essentially making the Zimbabwe
dollar worth less than toilet paper. The US dollar and the South
African rand became the official currencies. But Mugabe's destruction
of the economy continued, as he extended his "indigenization" program
to other businesses, shutting them down and turning them over to his
incompetent Shona cronies.
Just as Zimbabwe used to be able grow enormous amounts of food, the
country's economy should be bristling, thanks to its principal
commodity exports, gold, platinum, tobacco, ferro chrome and diamonds.
However, these businesses have been mostly turned over to Mugabe's
incompetent Shona cronies. Thanks to government corruption and
falling commodity prices, Zimbabwe's economy was in a liquidity crisis
last year, due to a lack of available US dollars.
So to solve this problem, Zimbabwe introduced a new currency called
"bond notes," each one of which is nominally the value of one US
dollar. Zimbabweans were told that the value of the bond notes would
be guaranteed by Cairo-based African Export–Import Bank (Afreximbank).
The details of how that guarantee would be executed have never been
explained, and many people have been suspicious that the bond notes
have nothing backing them at all (just like Bitcoin.
)
So there was a market panic starting on September 25 of this year, as
people feared that the new "bond notes" were going to have the same
type of hyperinflation as the old Zimbabwe dollar.
The bond notes lost 50% of their value and would have collapsed
completely, except that Afreximbank stepped in and loaned Zimbabwe
$600 million to stabilize the economy. $32 million of that money was
used to pay off the electricity company Eskom, which was threatening
to switch off electricity to the entire country for lack of payment.
The crisis appears to have eased, but bond notes are still suffering
from inflation, with 1.3 bond notes now equivalent to one US dollar.
And as long as Afreximbank is willing to continue pouring hundreds of
millions of US dollars into Zimbabwe, the economy should remain fairly
stable. Independent (Zimbabwe) and New Zimbabwe and Bulawayo (Zimbabwe)
Related Articles
KEYS: Generational Dynamics, Zimbabwe, Robert Mugabe, Joseph Wade,
Operation Gukurahundi, Shona, Ndebele, Syria, Bashar al-Assad,
indigenization, bond notes, African Export–Import Bank, Afreximbank
Permanent web link to this article
Receive daily World View columns by e-mail
Contribute to Generational Dynamics via PayPal
John J. Xenakis
100 Memorial Drive Apt 8-13A
Cambridge, MA 02142
Phone: 617-864-0010
E-mail: john@GenerationalDynamics.com
Web site: http://www.GenerationalDynamics.com
Forum: http://www.gdxforum.com/forum
Subscribe to World View: http://generationaldynamics.com/subscribe
This morning's key headlines from GenerationalDynamics.com
- Zimbabwe's people fear further starvation after food imports are banned
- Zimbabwe's people fear hyperinflation again after last month's 'bond note' crash
****
**** Zimbabwe's people fear further starvation after food imports are banned
****
Zimbabwe bond note and US dollars (New Zimbabwean)
Zimbabwe's president Robert Mugabe has banned the importation of
fruit, vegetables and other horticultural products, in order to avert
a further economic crisis.
According to Zimbabwe's agriculture minister Joseph Wade:
<QUOTE>"His Excellency [president Robert Mugabe] has directed
me and the Minister of Industry and Commerce to quickly stop the
importation of horticultural products as they waste much needed
foreign currency. This means that the importation of fruit and
vegetables will be stopped immediately. We are finalizing on the
exact list of foreign-produced fruits that are occupying shelves
in shops.
This must be a positive development for our farmers, we now want
them to improve on their production capacity and also to produce
quality produce. The foreign currency being wasted on the
importation of carrots and grapes will now be utilized towards the
purchase of more fertilizers and pesticides."<END QUOTE>
The reason that Zimbabwe's farm have such low production capacity is
because their current owners are almost all from Mugabe's Shona tribe,
and apparently are so incompetent that they don't know the difference
between a plough and a tricycle.
Robert Mugabe is a genocidal psychopath, just like Syria's Bashar
al-Assad. Mugabe is from the Shona tribe, and in the early 1980s, he
launched a massive genocide and ethnic cleansing campaign against his
traditional tribal enemies, the Ndebele tribe. During that campaign,
known as Operation Gukurahundi, accomplished with the help of training
by North Koreans, tens of thousands of people, mostly from the Ndebele
tribe, were raped, tortured and slaughtered.
In 1999, Mugabe adopted his "indigenization" program. At that time,
Zimbabwe was considered the breadbasket of Africa, second only to
Kenya in food production. Mugabe threw all the white farm owners out
of the country, and turned the farms over to his incompetent cronies
in the Shona tribe. By 2003, Zimbabwe was starving, and the number of
Zimbabweans dying of starvation continued to grow. By 2008, the
official rate of inflation was 231 million percent. ( "24-Feb-2014 World View -- Mass murderer Robert Mugabe of Zimbabwe has 90th birthday"
)
For 15 years, I've been writing these articles about what's going on
in the world, and it just never ceases to amaze me about how
psychopaths like Bashar al-Assad and Robert Mugabe can stay in power
for years and decades, despite the unbelievable amount of destruction
they cause. It's almost as if they have some magical hypnotic
capability the keeps them in power, no matter how many atrocities are
committed, no matter how many men are tortured, no matter how many
women are raped, no matter how millions of people become homeless or
are simply slaughtered. It's just a source of unending astonishment
how this goes on and on.
And now, once again, Zimbabweans are fearful that the number of people
starving to death is going to get even worse. Herald (Zimbabwe) and Reuters
and AFP
****
**** Zimbabwe's people fear hyperinflation again after last month's 'bond note' crash
****
Zimbabwe appears to be on the brink of an economic meltdown, after a
currency panic that began on September 25, resulting in a 50%
inflation of the new "bond note" currency, introduced in December of
last year, supposedly to stabilize the economy.
In 2008, the inflation rate on the Zimbabwe dollar reached 231 million
percent (231,000,000% inflation), essentially making the Zimbabwe
dollar worth less than toilet paper. The US dollar and the South
African rand became the official currencies. But Mugabe's destruction
of the economy continued, as he extended his "indigenization" program
to other businesses, shutting them down and turning them over to his
incompetent Shona cronies.
Just as Zimbabwe used to be able grow enormous amounts of food, the
country's economy should be bristling, thanks to its principal
commodity exports, gold, platinum, tobacco, ferro chrome and diamonds.
However, these businesses have been mostly turned over to Mugabe's
incompetent Shona cronies. Thanks to government corruption and
falling commodity prices, Zimbabwe's economy was in a liquidity crisis
last year, due to a lack of available US dollars.
So to solve this problem, Zimbabwe introduced a new currency called
"bond notes," each one of which is nominally the value of one US
dollar. Zimbabweans were told that the value of the bond notes would
be guaranteed by Cairo-based African Export–Import Bank (Afreximbank).
The details of how that guarantee would be executed have never been
explained, and many people have been suspicious that the bond notes
have nothing backing them at all (just like Bitcoin.
)
So there was a market panic starting on September 25 of this year, as
people feared that the new "bond notes" were going to have the same
type of hyperinflation as the old Zimbabwe dollar.
The bond notes lost 50% of their value and would have collapsed
completely, except that Afreximbank stepped in and loaned Zimbabwe
$600 million to stabilize the economy. $32 million of that money was
used to pay off the electricity company Eskom, which was threatening
to switch off electricity to the entire country for lack of payment.
The crisis appears to have eased, but bond notes are still suffering
from inflation, with 1.3 bond notes now equivalent to one US dollar.
And as long as Afreximbank is willing to continue pouring hundreds of
millions of US dollars into Zimbabwe, the economy should remain fairly
stable. Independent (Zimbabwe) and New Zimbabwe and Bulawayo (Zimbabwe)
Related Articles
- Venezuela's currency becomes worthless, as Zimbabwe introduces new currency (08-Dec-2016)
- Zimbabwe launching a Soviet style command agriculture program (20-Aug-2016)
- Zimbabwe, Venezuela, Puerto Rico - three amigos in Marxist economic destruction (01-Jul-2016)
- Mass murderer Robert Mugabe of Zimbabwe has 90th birthday (24-Feb-2014)
- Zimbabwe's 'Liberation Hero' president Robert Mugabe continues to destroy his country (04-May-2008)
KEYS: Generational Dynamics, Zimbabwe, Robert Mugabe, Joseph Wade,
Operation Gukurahundi, Shona, Ndebele, Syria, Bashar al-Assad,
indigenization, bond notes, African Export–Import Bank, Afreximbank
Permanent web link to this article
Receive daily World View columns by e-mail
Contribute to Generational Dynamics via PayPal
John J. Xenakis
100 Memorial Drive Apt 8-13A
Cambridge, MA 02142
Phone: 617-864-0010
E-mail: john@GenerationalDynamics.com
Web site: http://www.GenerationalDynamics.com
Forum: http://www.gdxforum.com/forum
Subscribe to World View: http://generationaldynamics.com/subscribe
