Feb 2009- Zimbabwe and the Horrors of Hyperinflation

[Copper Catcher]

The YouTube video link below is sobering to say the least!

Zimbabwe and the Horrors of Hyperinflation
February 17, 2009 by Mark T. Market

In Zimbabwe, where money has been reduced to worthless paper due to hyperinflation, citizens are forced to panning for gold to pay for bread to stave off hunger.

Hyperinflation is an economic phenomenon, the root of which can be complex–but generally blamed on an increase in money supply, which consequently reduces the value of the money in stock. In Zimbabwe, as of 2008, the inflation rate is estimated at 516,000,000,000,000,000,000% (516 quintillion).

The sordid history of how great increases in money supply led to hyperinflation is chronicled in the wiki entry for Hyperinflation In Zimbabwe, which started with the government printing new currency to pay off international debts in 2006.

We previously featured Glenn Beck’s hockey stick presentation of potential US inflation. Are the US and European bailouts simply another Zimbabwe?

http://www.youtube.com/watch?v=s3LdNxV0 ... r_embedded

While I'm sure there are lots of folks that would declare that hyperinflation will never happen here.

My only response is: Would you and everyone else you know be ready if it did happen here?

Below are some facts to consider when answering:

More than 50 million Americans are on Medicaid, the federal-state program aimed principally at the poor, a survey of state data by USA TODAY shows. That's up at least 17% since the recession began in December 2007.

More than 40 million people get food stamps, an increase of nearly 50% during the economic downturn, according to government data through May. The program has grown steadily for three years.

Close to 10 million receive unemployment insurance, nearly four times the number from 2007. Benefits have been extended by Congress eight times beyond the basic 26-week program, enabling the long-term unemployed to get up to 99 weeks of benefits. Caseloads peaked at nearly 12 million in January — "the highest numbers on record," says Christine Riordan of the National Employment Law Project, which advocates for low-wage workers.

Source: http://povertynewsblog.blogspot.com/201 ... tance.html

[Copper Catcher]

Oct 25, 2010 Food for work: 80, 000 register

At least 80, 000 people have registered to join the food-for-work programme in Zimbabwe's Masvingo province in the wake of acute food shortages, reports Zimbabwe's Herald Online.

Government introduced the food-for-work programme in Masvingo last week following poor harvests in most parts of the province.

Masvingo Provincial Governor and Resident Minister Titus Maluleke said that government had introduced the programme to ameliorate the effects of looming food shortages in the province.

Chivi and Mwenezi districts registered to join the programme after reports that about 40 percent of the province's population will be in need of food relief before year end.

He said more districts were expected to enlist soon.

“We have already started the food- for-work programme in Chivi and Mwenezi, which are more vulnerable in terms of food availability and we have since registered thousands of people who are receiving cash every month under the programme.

“As a province, we expect that before the end of this year, the number of people in need of food aid will balloon to about 40 percent and we expect the figure to rise. Chivi and Mwenezi are in more urgent need of food relief at the moment since the districts recorded poor harvests last year,” Maluleke said.

He added that in the first quarter of next year, the number of people in need of food aid could rise to about 80 percent of the population.

Masvingo is believed to have a population of over 1, 2 million people, meaning one million people will require food relief in the first four months of next year.

Source: http://www.timeslive.co.za/africa/artic ... 0-register