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No Financial Times:
Zimbabwe sinks into hell of hyperinflation
Images of Morgan Tsvangirai, Zimbabwe's opposition leader, his face swollen and his head visibly wounded as he faced charges of illegal protest, testify to the deepening brutality, cynicism and desperation of President Robert Mugabe's regime. Behind that desperation is an economic chain reaction that will, unless halted soon, lead to the collapse of the Zimbabwean state and turn the country into an anarchic hell.
Zimbabwe's latest official inflation rate is 1,730 per cent. The real figure - for the median household at actual market prices - is almost certainly much higher. Price rises have accelerated sharply in recent months.
Zimbabwe has entered hyperinflation. What has happened so many times, from Weimar Germany to Zaire in the early 1990s, is happening again. As people come to expect accelerating inflation they will raise prices in anticipation, creating a spiral that feeds on itself. Chronic inflation, of a few hundred per cent per annum, can continue for years. A hyperinflation cannot.
Prices are either stabilised, or the monetary system collapses, and the economy reverts to barter and the use of foreign currency. On the monetary system rests the state: when a soldier or policeman is paid in worthless currency, he will take his gun, turn bandit and live off his fellow citizens.
Zimbabwe's latest official inflation rate is 1,730 per cent. The real figure - for the median household at actual market prices - is almost certainly much higher. Price rises have accelerated sharply in recent months.
Zimbabwe has entered hyperinflation. What has happened so many times, from Weimar Germany to Zaire in the early 1990s, is happening again. As people come to expect accelerating inflation they will raise prices in anticipation, creating a spiral that feeds on itself. Chronic inflation, of a few hundred per cent per annum, can continue for years. A hyperinflation cannot.
Prices are either stabilised, or the monetary system collapses, and the economy reverts to barter and the use of foreign currency. On the monetary system rests the state: when a soldier or policeman is paid in worthless currency, he will take his gun, turn bandit and live off his fellow citizens.
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1 comentário:
Just what I need to read abut today. I think this is an excellent reason for people (like you and me) to stop fearing the big stacks... and to stop bullying the small stacks. It was quite useful reading, found some interesting viewpoints in here, - Thanks!
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