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David Guyatt
01-16-2009, 04:05 PM
http://uk.news.yahoo.com/5/20090116/twl-zim-s-new-100-trillion-dollar-note-3fd0ae9.html

Zim's New 100 Trillion Dollar Note
Friday, January 16 03:36 pm
Sky News

Zimbabwe is set to introduce a Z$100 trillion note as hyperinflation continues to run rampant, according to state media. Skip related content

Last week the country's central bank began circulating Z$10, Z$20 and Z$50 billion notes - but they are no longer sufficient.

A political deadlock between President Robert Mugabe and opposition leader Morgan Tsvangirai over power-sharing has done little to help Zimbabwe's failing economy.

The country is also in the grip of a cholera epidemic with food and petrol prices doubling every day.

Zimbabweans often have to line up for hours outside banks to withdraw barely enough cash to buy a loaf of bread.

An official estimate put inflation at 231,000,000% in July - but some experts now believe it is much higher.

In addition to the Z$100 trillion note, the Reserve Bank of Zimbabwe plans to launch Z$10 trillion, Z$20 trillion and Z$50 trillion notes, the Herald newspaper reported.

But new bank notes issued in the past have done little to help the spiralling cost of living.

Many blame the dire state of the economy on mismanagement by Mr Mugabe's government.

Zimbabwe's agriculture industry has fallen into disrepair after the seizure and redistribution of thousands of white-owned farms.

But the veteran leader, in power since independence from Britain in 1980, says Western sanctions are the main cause of the economic crisis and worsening humanitarian picture.

Power-sharing talks are deadlocked over the control of important government ministries.

Mr Mugabe and Mr Tsvangirai are set to hold negotiations next week with key regional leaders in a bid to salvage the four-month-old unity accord.

Meanwhile, the most recent death toll from the cholera outbreak has risen to 2,201, according to the UN.

The organisation says nearly 42,000 people are now affected - with more 1,550 new cases reported every day.

Linda Minor
01-16-2009, 04:16 PM
I keep wondering what the result will be of all the debt being created in the form of government aid to bail out banks, automakers, and promised work projects, etc. In the old days, they had campaigns in the communities to sell war bonds to ensure the debt went to local "patriots" to keep it out of the hands of foreign looters. I've asked my financial adviser about how to buy the debt that will surely be issued and he knows nothing about it. I assume Obama and Robert Rubin are cooking up some secret scheme that we won't be privy to.