With all eyes on the financial markets in the last few weeks, many people around the world have largely forgotten the ongoing crisis in Zimbabwe. As Robert Mugabe, Zimbabwe’s faltering leader continues to hold on to power through force and corruption, the African country is experiencing ever increasing poverty and economic collapse.
This week, Zimbabwe’s inflation rate shot up to over 11 million percent in June. An unfathomable number that will only continue to grow as Mugabe resists a truly coalition-led government. The Central Statistical Office said year-on-year inflation in June jumped to 11.27 million percent — the highest current inflation rate in the world — from 2.2 million in May.
As noted by Reuters Africa earlier this week, economists believe that the rate is higher still and it has little meaning for Zimbabweans, who find that a loaf of bread costs almost five times more than it did one month ago — if it can be found for sale. “One of the capital’s main bakeries has been shut for over a month due to a lack of flour. A loaf of bread costs between 150 and 250 Zimbabwe dollars — 1.5-2.5 trillion Zimbabwe dollars in the old currency — almost five times more than a month ago.”
Compounding the ludicrous economic situation, it has been reported that children in Zimbabwe are eating rats and inedible roots riddled with toxic parasites to stave off hunger because of chronic food shortages, an aid agency said on Thursday. In addition, a cholera epidemic has broken out in the country leaving 16 dead so far.
As I have noted in earlier posts on Zimbabwe, the economic situation will likely determine the outcome of Mugabe’s fate. However, not unlike the Republicans in the U.S. who are fighting the bailout of the financial industry claiming its important for the people to resist the capitalist forces, this game of “chicken” will have to end. The only question is how many more Zimbabweans will be starved or killed before the disaster comes to an end.
0 Comments.