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October 9, 2008
Social Justice Drives Zimbabwe Inflation to 231,000,000%
Posted by Dave Blount at October 9, 2008 11:31 AM
Here's a glimpse of the future that awaits us, when the government realizes there is no way to pay off its debts and meet its entitlement obligations without devaluing the currency.
Officials in Zimbabwe report the nation's annual inflation rate rose to a record 231 million percent in July as efforts to create a unity government remain deadlocked.
The state-run Herald newspaper Thursday reports Zimbabwe's Central Statistical Office as saying higher food prices are the primary cause of the growth in inflation.
Zimbabwe was once known as the Breadbasket of Africa. Then President Robert Mugabe was elected, and implemented heavy-handed, race-based socialist policies. Sound familiar? It soon will, if Obama is elected.
Elections have consequences.
On a tip from Matt L.
