Inflation // Current TV

America's Total Debt Report: $53 Trillion and Soaring!

"America has become more a debt 'junkie' - - than ever before with... more

Hawkmang
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Gas prices continue to break records -- Newsday.com

"With gas prices soaring through the roof in recent months, Kung, 77, a retiree,... more

drewthepooh
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The dirty little secret everyone in Washington knows

U.S. Comptroller General (the governments accountant), David Walker, on 60 minutes... more

Hawkmang
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Zimbabwe - How much does a newpaper cost?

This is one of the most eye opening articles on Zimbabwe I have read...

Published on The Independent online Sunday, 20 April 2008

To the casual visitor, which is what I was pretending to be in Zimbabwe, the country does not immediately appear like an impoverished autocracy. It is quite possible to drive around Harare and Bulawayo, the country's two main cities, without encountering a roadblock or seeing unusual numbers of policemen. There are potholes in the roads, sure, but unlike many parts of Africa, a 4x4 vehicle is not essential in urban areas. And at traffic lights, most of which still work, there are people selling newspapers that condemn President Robert Mugabe in the roundest of terms.

But then you notice the price of one of these papers – the weekly Zimbabwe Independent – and any semblance of normality is dispelled. The current issue costs 85 million Zimbabwean dollars, up from Z$55m last week. This Friday the vendors will probably want more than $100m.

While much of Zimbabwe's political life under Mugabe consists of pure illusion – the President blames British colonialism for anything that goes wrong, and acts as though the election defeat three weeks ago simply did not happen – nobody can escape the reality of the world's worst inflation rate. Even the Zimbabwean authorities admit it is in the region of 160,000 per cent, but independent economists believe it could be more than twice that level.

A bag of bananas costs Z$150m; a loaf Z$300m. At least, they did a couple of days ago. One housewife said she was buying groceries recently for Z$100m when there was a hitch with her cheque guarantee card. By the time she returned from sorting it out at the supervisor's desk, her bill had gone up to Z$250m. The widow of a man who worked all his life for the postal service gets a pension of Z$1,295 a month: not enough for a box of matches – possibly not even one match. A note smaller than Z$10m is small change, and anything below one million is simply scrap paper.

In most basket-case economies, paper bills are sweat-stained and rubbed to near-illegibility. Not in Zimbabwe, where the central bank's presses keep churning out crisp new notes in ever-higher denominations. The Z$50m note is a popular innovation – considerably more so than the $750,000 bill, introduced a few thousand per cent ago, which made calculations difficult – but many believe it is only government pride which is delaying the Z$100m note. Even then, Zimbabweans will have to carry sharp-edged bricks of new notes for all but the most trivial of transactions. The struggle to keep up with soaring prices – those with bank accounts can withdraw only the equivalent of a pound or two a day from the few cash machines, and often have to queue for more than a hour to do so – has driven many half-way out of the cash economy.

Above the high walls of Harare's smart northern suburbs, maize stalks often wave. Few people can afford not to grow their own food, and lawns and flowerbeds have been ploughed up for kitchen gardens. Joseph Massundah, 70, a former senior civil servant, is part of the generation that came into its own after independence in 1980. Government loans helped him buy a three-bedroom bungalow in the city's Mount Pleasant area, and both his daughters received the best education. But his pension has been drastically eroded. How does he cope?

Click the link to read the rest of the story.

http://www.independent.co.uk/news/world/africa/the-z50000000-question-how-long-will-the-world-stand-by-and-allow-this-tragedy-to-continue-812201.htmlThis is one of the most eye opening articles on Zimbabwe I have read... Published... more

TheRedOne
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Asia grapples with rice shortages

Food security fears sweep Asia as huge demand for rice outstrips supply. With rice... more

Vierotchka
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Individual bankruptcy filings up 27%

The American Bankruptcy Institute said that consumer bankruptcy filings increased 27%... more

varude
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4 years ago
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Food prices changing U.S. eating habits

Steadily rising food costs aren't just causing grocery shoppers to do a... more

smorrisey
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Is an International Financial Conspiracy Driving World Events?

I always liked big conspiracy theories. Why? First of all, i think that everything... more

varude
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“Abolish the Fed”

CNBC allowed Jim Rogers, investor and buddy to George Soros, to get on and slam the... more

varude
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Gas prices as high as Amy Winehouse on a good day

So gasoline prices are at an all-time high. But after adjusting for inflation, rising... more

woodywoodbeck
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4 years ago
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Pizza and beer now cost an arm and a leg

If you’re looking for a sure sign the U.S. economy is headed in the wrong... more

Scott_Bromley
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4 years ago
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The Federal Reserve is all dried up.

The till is empty. Empty is an understatement. If this Federal Reserve chart is right,... more

abbym0308
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4 years ago
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4 comments

Stagpanic - Forbes.com

Hundred-dollar oil prices, creeping inflation in food and other commodities, gold... more

khsing
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4 years ago
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Is the worst over for stock markets?

It's really only just begun.

TheRealEdwin
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4 years ago
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Bernake fails to halt Wall Street slide - 1000 points since the 1st of the year.

Hello but does anybody think that things are going to get worse before they get... more

jubal
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Inflation surges to its worst rate in 17 years

Higher costs for energy and food last year pushed inflation up by the largest amount... more

mirimysweet
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4 years ago
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The economic consequences of Mr. Bush

Vanity Fair offers a sobering look at the costs that we ? and our children and their... more

TheRealEdwin
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4 years ago
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US Consumer Inflation Highest In Over 2 Years

U.S. consumer inflation surged by the largest amount in more than two years in... more

woodywoodbeck
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4 years ago
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Hops Prices Hopping Up 400% Per Year

Bad news for boozers. The price of beer -- and we're talking REAL beer here, not... more

abbym0308
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4 years ago
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Save this country from bankruptcy

Dollar printing accountability hasn't been published since 1996

MennoK
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4 years ago
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