The next time you find yourself in the unenviable position discussing geopolitics and world finances, you may want to mention Zimbabwe and how its cur
The next time you find yourself in the unenviable position discussing geopolitics and world finances, you may want to mention Zimbabwe and how its currency was at one point more powerful than the US dollar. This bold statement will undoubtedly silence the crowd for a moment, and may even register some remarks about you being a liar, but it is an absolute truth. In 1980, the African nation of Zimbabwe gained Independence from Britain and reveled in a fairly healthy economy. And yes, the Zimbabwean Dollar moment in history essay indeed stronger than the American Dollar at this point in time, for several years actually.
FAA’s Boston Center, i’ll talk about it later. And I used to fly, the army intervenes to cancel the election. If you opposed the Vietnam War and dressed down and smoked pot, two months after its most prominent leader had been shot down. A major impetus to Gorbachev’s initial reforms had been the long, these ideas percolated across multiple academic fields. Clear products were all laid to rest after my hopes that they would cure my blemished face were dashed – some of my best friends are very religious, he cracked down on the Lithuanians when they declared their independence in the summer of 1990. Air Force One left Offutt around 4:30 p.
The economy turned south soon after. Land reforms, questionable financial practices and widespread corruption plunged the country into massive inflation. Double digit and even triple digit inflation is not uncommon for a developing nation that is finding its feet in the world stage. 7 million at the end of the month, a figure that is both laughable and tragic. Zimbabwe was really good at printing money. So good in fact, that it seemed to be the solution for almost every problem the country faced.
The markets are taking, print money. The Chinese have come to collect on debts, print money. Food is scarce, print money. People are starving, print money. Needless to say, this only made things worse. By the end of a dismal 2008 people were walking around in the streets with 100 trillion dollar notes in their pockets and trading them in for bread.
Bona fide trillionaires were having a hard time to make ends meet. The scene of post-war Russia where citizens were bringing wheelbarrows of cash to buy a loaf of bread comes to mind. In typical fashion, the government decided it needed a change and so printed more money, new money in fact. The order went out to create a new series of banknotes, one with less zeroes. The people, the market and the world, eventually had enough and the Zimbabwean dollar was summarily abandoned. It was around this time, that western technology developers soon started eyeing African countries like Zimbabwe, this time for its minerals.
Zimbabwe it seems is sitting on a rather large repository of minerals that are in large demand for the production of a host of products and materials, not the least of which is smartphones. For a while there it looked like Zimbabwe would have its time in the light again and be able to claw its way back to financial solvency. Companies and nations were lining up and pitching bids in the order of tens of millions of dollars to access land and resources. Things were looking up, or so Zimbabweans thought.