531 billion percent inflation- we need new text books
I understand that the latest estimates put inflation in Zimbabwe at 531,000,000,000 %! That’s astounding even for me a Zimbo through and through. I laugh when I think of how so impossible it must be for people who have never been to Zim to understand how the bleep this is can exist in parallel with an economy that somehow still clunks along.
We need to rewrite the Economics text books, because they all say that what we are going through right now is NOT POSSIBLE.
According to Steve H. Hanke, one of the world’s “leading experts on exchange-rate regimes” who “has played a prominent role in designing and implementing monetary reforms that have stopped very high or hyperinflations in eight countries” (he should come to Zimbabwe and try his luck): This new metric is derived from market-based price data and as of 26 September 2008, Zimbabwe’s annual inflation rate was 531 billion percent.
What is happening in Zimbabwe right now is like having an ant crawl through the sun and come out on the other side, singed, but alive all the same.
If you missed the story about the 531%, you can read it here.
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