Duc, sequere, aut de via decede!

President Mugabe to print more money

July 28th, 2007 . by Matt

President Mugabe working on his project to print more money

With a collapsing economy and an official inflation rate of 4500%, Zimbabwe’s President Mugabe has promised to print more money to pay for government projects.

HARARE, Zimbabwe (AP) — President Robert Mugabe has promised to print more money to fund municipal projects, a government newspaper reported Saturday. The pledge came despite hyperinflation that has created severe shortages of cornmeal, meat, milk and other staples.

Meanwhile, water shortages worsened due to pump breakdowns, and a senior government official said kidney patients were dying for lack of dialysis machines.

The offical Herald newspaper reported that Mugabe told a meeting of local councilors they should put more pressure on government ministers to improve services.

”Where money for projects has not been found, we will print it,” Mugabe was quoted as saying.

The printing of money is generally regarded as a recipe for inflation — which is officially at 4,500 percent in Zimbabwe, though private economists estimate it to be least twice as high. The government last month ordered sweeping price cuts of around 50 percent, accusing store owners and businesses of fueling the inflation.

Zimbabwe is in the grips of its worst crisis since independence from Britain in 1980. Power, water, health and communications systems are collapsing, and there are acute shortages of staple foods and gasoline. Unemployment is around 80 percent, and political unrest is high.

Mugabe blames Western sanctions and rejects criticism that the meltdown is the result of mismanagement and the often-violent seizures of thousands of white-owned farms he ordered beginning in 2000.

The biggest government hospital group acknowledged Friday that 10 of its 18 kidney dialysis machines were awaiting repair and imported spare parts needing scarce hard currency.

Vice President Joyce Mujuru said kidney patients had died for lack of dialysis machines, and lambasted the Ministry of Health and Child Welfare for not fixing the problem.

Mujuru accused officials at one hospital of not installing the machines in the first place, even though she personally requisitioned the equipment from abroad in 2004.

”This is the sort of ineptitude that we have always been complaining about,” she told The Herald.

Lack of hard currency for imports is crippling the health sector.

Pharmacists on Friday advised AIDS patients to stock up on their drugs after local manufacturers warned they would soon run out of imported raw materials. Some 20 percent of Zimbabweans are infected with HIV.

In a sign of other serious problems, water storage drums were sold out Friday in one main Harare hardware store as water shortages worsened. The state water utility said it suffered new breakdowns at its pumping stations.

The government-ordered price controls have denuded stores across the country, with businesses saying they can’t afford to sell at the new prices. Some 5,000 managers and gas station and store owners have been arrested and fined for defying the price controls since the order was issued June 26.

I have a suggestion for the Mugabe government. At this point the paper rolling of the printing presses is worthless, and no one can even use it for anything, much less buy anything. Therefore I suggest the the Mugabe government convert the printing presses from producing notes of hard paper money to rolls (like toilet rolls) of soft paper money. Everyone needs toilet rolls, and it could become a currency that people could trade to each other. Indeed, as people use the toilet paper currency the inflation rate is lowered as money is taken out of the system. I think this is a good idea. At this point the Zimbabwe dollar cannot even be used to wipe your bottom.

7 Responses to “President Mugabe to print more money”

  1. comment number 1 by: egg

    Just for information, from WIKI.Zimbabwe. I myself knew almost nothing about this country.

  2. comment number 2 by: pacifist

    President Mugabe working on his project to print more money

    It seems to me that he is only sleeping…

  3. comment number 3 by: tocchin

    At least Mugabe seems to be better at printing money than Kim Jong-il. Kim Jong-il should outsource printing counterfeit greenbacks to Mugabe.

  4. comment number 4 by: Ken

    No matter how Zimbabwe dollar’s value is low, there is a litte value at least.
    In China, wage is paid by fake note and those who protest about it are dismissed.

  5. comment number 5 by: goda2

    Here is article of Internet Herald Trinune Version translated into Japanese, and some related posts is also.

    Actually, No one won’t held cash in Zimbabwe, and many people are resorting to bartering.

  6. comment number 6 by: kjeff

    Where’s the good old CIA when you need it? Zimbabwe seriously needs some ‘divine’ intervention.

    No matter how Zimbabwe dollar’s value is low, there is a litte value at least.
    In China, wage is paid by fake note and those who protest about it are dismissed.

    Hmmm…someone seriously needs to learn how to read.

  7. comment number 7 by: kjeff

    Forgot to mention something…if Zimbabwe were a predominantly muslim country, Pres. Mugabe would have had a ‘heart attack’ already. Extremism feeds hungry stomach. Convert people of Zimbabwe! Be a muslim, save yourself! Then again, there’s that General Almighty Musharraf…