Zimbabwe currently has an annualized inflation rate of between 4,000 and 10,000 percent. The IMF is forecasting 100,000% inflation for next year. Now, I am not meaning to insult anyone's intelligence but this of course means that all prices in the economy will be going up very very fast and everyone will complain that prices are going up faster than their incomes.
Bobby M, who has singlehandedly created this situation has also proposed its cure: cutting many retail prices in half and freezing them at that level by law. Beautiful, no?
Except of course, now stores are pretty much 100% empty, and it seems when government inspectors do find merchandise and enforce the bargain pricing, it is government employees and military personnel who somehow find themselves in the front of the line. The Economist reports this week that roughly one third of the population has fled the country!
Mugabe, now 83 years young, has been the head of state in Zimbabwe for over 27 years; the exact same length of time that Zimbabwe has been an independent country. My sincere hope for Africa is that he is the last "president for life" an august group that included Daniel Arap Moi in Kenya (1978-2002) , Julius Nyerere in Tanzania (1964-1985), Mobutu in Zaire/Congo, (1965-1997), and Félix Houphouët-Boigny in Ivory Coast (1960-1993).