Saturday, May 24, 2008

Cruel existence

I was just amazed at how people ever survive in Africa particularly Zimbabwe. I mean I have been following their inflation situation for a long time now and I was, today, stumped when I got to know that their inflation is heading towards 5 Million% as of today. I mean how can a common man ever live with confidence. No wonder you see there are people who get out of that country and get into some other to do job.

To quote what I read from somewhere - "Weary Zimbabweans are facing a new wave of price increases that will put many basic goods even further out of their reach: A loaf of bread now costs what 12 new cars did a decade ago.

Independent finance houses said in an assessment Tuesday that annual inflation rose this month to 1,063,572 percent based on prices of a basket of basic foodstuffs. Economic analysts say unless the rate of inflation is slowed, annual inflation will likely reach about 5 million percent by October.

As stores opened for business Wednesday, a small pack of locally produced coffee beans cost just short of 1 billion Zimbabwe dollars. A decade ago, that sum would have bought 60 new cars."

To ease cash shortages, Zimbabwe recently introduced a $500 million note, see BBC report here.

In India, we are talking about a 8% (and growing) inflation. It sure needs a thinking and helping administrator who can take a stab at the situation. Sadly so this seems to be lacking in Zimbabwe and that is the reason for this atrocious situation now. But going by what is happening around, every country is going through a sad phase and it looks longingly at the people who are wearing the 'smart' hat and designated as ministers.

I feel awful at the present situation in Zimbabwe though.

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