South Africa gone down the Zimbabwe route.

I know that this thread is about RSA following Zimbabwe, but here is an article from today's The Australian titled: Zimbabwe: the end game?
.................
Only took 30 odd years, that is good going, that.
Those Bloody Whites, slowing them down eh?
 
I know that this thread is about RSA following Zimbabwe, but here is an article from today's The Australian titled: Zimbabwe: the end game?

“Countries don’t go bankrupt,” he laughed dismissively. The interviewer assured him they most certainly do and his argument was persuasive – to all except Robert Mugabe. Trillions of dollar notes were printed to prove his point. The lesson was not learned in 2008.

Under new Zimbabwe President Emerson Mnangagwa, the lesson has not been learned in 2018. Two weeks ago, new Finance Minister Mthuli Ncube, a former chief economist of the African Development Bank, announced because of the scale and urgency of the challenges ahead “our plan is bold and far reaching and will have the desired effect”. Sadly, the plan has been bold and far reaching enough to have devastating consequences. Within even a marginally healthy economy, printing money might have had a chance — in Zimbabwe, it has simply tipped it over the edge.

Within a couple of days it was confirmed that Treasury stocks had risen by billions of dollars.

Lawyer Alex Magaisa in his Big Saturday Read blog said total public debt was $US16.9 billion ($23.75bn), with $US$7.4bn foreign credit and $US$9.5bn owed to locals.

The issuing of those Treasury bills — excessive enough so interest payments can no longer be met — has caused most of domestic debt, a borrowing by government of $US9.5bn in the past six years.

It was merely mentioned that the limit on the government overdraft at the central bank was three times that permitted. The bottom line is Zimbabwe has no foreign currency.

With 95 per cent of the population working in the informal economy, people struggle to survive.

Into that void comes Eco-cash. Everyone has to have a smart phone with “a line” in order to trade at all. With a pattern of numbers, asterisks and hashes, a formalised barter exists, ostensibly tied to the US dollar or South African Rand, but in reality with no relationship whatsoever. However Eco-cash and the huge returns sent back to families from the millions who have left the country have made it possible to survive — just. It has also created an enormous burden on those trying to make their way in their new homes.

The government could not get its hands on Eco-cash effectively enough. First markets in the cities were destroyed — ostensibly to prevent the spread of cholera — more likely to bring this “illegal trade” to its knees.

It didn’t work.

So the government increased the tax from US3c per Eco-cash transaction to US2c per dollar of each trade — a hike of 3900 per cent. Almost instantly the Eco-cash dollar devalued from 1.5 to the US dollar to three . Nobody knows who sets that rate. Everybody knows it has no bearing whatsoever to reality.

At the same time, it was announced punitive taxes would be applied to all monies being remitted to families and friends by relatives overseas and that if it was not paid, those relatives would no longer be eligible for Zimbabwe visas.

The pressure is rising and last week a man sporting ruling ZANU-PF insignia was chased down the road by angry vendors. As they caught up with him, he shot one of them dead.

There is no fuel. Flour has been rationed with the dictum that it is to be used only by bakers to make bread, not biscuits or cakes. Pharmacies closed early this week, unable to provide life-sustaining drugs, and as the week drew to a close, supermarkets shut their doors on empty shelves unsure when they would be able to open again.

The prevailing anguish on social media is: “Have we the strength to go through this again?”

The Zimbabwe Congress of Trades Unions had planned a massive demonstration nationwide for the weekend. On Thursday, almost 100 union leaders were arrested and detained “overnight”.

At the same time, those brave souls attempting to change money in such tourist traps as Victoria Falls were all arrested and broken up by “security”.

At the weekend, Victoria Falls — despite being the only point in the country with a regular inflow of foreign exchange — was all but in lock-down. No petrol to run tourists to the airport and certainly none for game drives.

Tomorrow — is anyone’s guess.

How tragic that so much money was spent on massive billboards after the new President’s inauguration and not on fixing the sewage pipes damaged more than 10 years ago in Harare’s teeming suburbs.

The speed at which shelves have emptied has shocked everyone.

When it happened in 2008, everyone had the odd greenback or rand to meet emergencies — this time they have nothing.

Jill Baker is the author of The Horns; Beloved African
Inject vast sums of funny money into the banking system and then claim that this means the utterly worthless Zim dollar is on a par with the US dollar.

Then clamp down on the illicit FX sources, alternative payments and alternative e-currencies which are the about only things that are allowing anything resembling a functional economy to operate.

Then get all upset when something like this inevitably happens and double down on blaming "foreign influences" for wholly self created misery.

KFC shuts its Zimbabwe restaurants; blames currency chaos - NewZimbabwe.com
 
Inject vast sums of funny money into the banking system and then claim that this means the utterly worthless Zim dollar is on a par with the US dollar.

Then clamp down on the illicit FX sources, alternative payments and alternative e-currencies which are the about only things that are allowing anything resembling a functional economy to operate.

Then get all upset when something like this inevitably happens and double down on blaming "foreign influences" for wholly self created misery.

KFC shuts its Zimbabwe restaurants; blames currency chaos - NewZimbabwe.com
The comments to that article are hilarious. I really don't know whether to add New Zimbabwe to my daily news sources.
 
The long game is about 10 seconds in Zim's case, is it not?
Well you have to speculate to accumulate so I understand, how that helps or even makes sense here I don't know. This time next year though those in Zim will be zillionaires, or maybe something higher than that, I don't know what comes after zillion though but it will be big whatever it is.
 
Western agitators learned nothing from what happened in the rest of Africa before 1980/94 and still thought it would be a good idea to put Mugabe, Zuma et al in the driving seat, so why should the successors to those arseclowns be any different to the useful idiots in the west who supported them?

You now have your own idiots who consider uncontrolled immigration from the countries they helped cock up to be a good thing. This shit is headed your way. It's possible the useful idiots will learn something from it but that's not very likely and it's already too late.
 
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The cANCer's main backers now trying to get victims of their imperialist/expansionist policy to help them out. That's going to end well.
 
Another lesson from the ANC's role model in terms of how to properly deal with allegations of grotesque corruption by central bank officials made by somebody appointed to enhance transparency four days previously

Lumumba sent packing

His error?

‘Cash barons’ get the chop

Now I wonder who the "Queen B" alleged to have been at the head of this vast fraud might be? Can't possibly begin to guess.
 
Another lesson from the ANC's role model in terms of how to properly deal with allegations of grotesque corruption by central bank officials made by somebody appointed to enhance transparency four days previously

Lumumba sent packing

His error?

‘Cash barons’ get the chop

Now I wonder who the "Queen B" alleged to have been at the head of this vast fraud might be? Can't possibly begin to guess.
He must have been getting too close to Ncube's slice of the pie.
 
Following the same old well worn path of thievery and corruption as the rest of the continent as it headed down the shitter.

Once again - What the actual barking fuck did those who agitated for this lot to be handed control of the economy think would happen...?
 
Following the same old well worn path of thievery and corruption as the rest of the continent as it headed down the shitter.

Once again - What the actual barking fuck did those who agitated for this lot to be handed control of the economy think would happen...?
I've come to the conclusion things couldn't have been worse if they had kicked off Op Quartz.
 
Couple of places but infrastructure has failed and crime is rampant. Vic Falls better viewed from the Zambian side these days and even that is dodgy.

Vic Falls Safari Lodge used to be a great place to stay about 17 years ago or so but no idea what it's like now. Just keep your windows shut to keep monkeys out. They wreck the room and shit all over the place. Having a quiet cuppa watching the sun rise while a family of suricate mongoose played about under the balcony was one of the best African experiences I've had.
 

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