Bottomfeeder 244 Posted August 23, 2006 Share Posted August 23, 2006 Man, the gold bugs are out in full force. What is one to do, trust the illegal actions of the Federal Reserve and the Banking Industry, or buy gold and hope to keep it? "Project Sunrise," they call it.Yes, we begin today's reckoning where we think we might all end up - in Zimbabwe. The wretched country is suffering the highest inflation rates in the world - over 1,000%. But don't worry, the government and central bank that caused the inflation have now decided to do something about it. Lucky Zimbabweans. Project Sunrise is billed as part of a fresh government drive to stop inflation and black market trading. As of today, you can no longer use your old Zimbabwean dollar bills. You have to use the new bills, with three fewer zeros. Billboards advertised the facts as though it would save consumers money. "More bang for your buck," is one slogan. And, an advertisement shows a loaf of bread with the caption: "Was $85,000, now only $85." You can imagine the glee with which the typical housewife anticipated the changeover. The Mogambo Guru Lives! Richard Daughty is general partner and COO for Smith Consultant Group, serving the financial and medical communities, and the writer/publisher of the Mogambo Guru economic newsletter, an avocational exercise to better heap disrespect on those who desperately deserve it. The Mogambo Guru is quoted frequently in Barron's, The Daily Reckoning, and other fine publications. Link to the entire article Link to comment Share on other sites More sharing options...
otterinbham 0 Posted August 23, 2006 Share Posted August 23, 2006 What? We are the source of inflation in Zimbabwe? Bottomfeeder, you might want to try boning up on your current events, pal, since Mugabe is the source of inflation in Zimbabwe. Let's review. 15 years ago Zimbabwe was the model for African economies. Stable, prosperous, and relatively well-governed compared to the rest of the continent. Then Zimbabwe took the land from the white farmers, who had made Zimbabwe a net exporter of food. Then they drove out all foreign capital. No capital means no investments, which means no new machinery, which means decreased productivity, which means you're out of business soon. This kleptocracy has been on a downward spiral for years now due to a ruthless corrupt government that has chosen to ignore the laws of economics. Link to comment Share on other sites More sharing options...
Bottomfeeder 244 Posted August 23, 2006 Author Share Posted August 23, 2006 What? We are the source of inflation in Zimbabwe? Bottomfeeder, you might want to try boning up on your current events, pal, since Mugabe is the source of inflation in Zimbabwe. Let's review. 15 years ago Zimbabwe was the model for African economies. Stable, prosperous, and relatively well-governed compared to the rest of the continent. Then Zimbabwe took the land from the white farmers, who had made Zimbabwe a net exporter of food. Then they drove out all foreign capital. No capital means no investments, which means no new machinery, which means decreased productivity, which means you're out of business soon. This kleptocracy has been on a downward spiral for years now due to a ruthless corrupt government that has chosen to ignore the laws of economics. Learn something new everyday. Link to comment Share on other sites More sharing options...
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