Zimbabwe Again

So. The central bank of Zimbabwe - a country currently in economic meltdown, with a shrinking economy and inflation somewhere north of 150,000% per year - has issued a monetary policy statement. That's when the central bank, or the Fed for the USA, changes the interest rates and all the business pages make a big deal about it. Here is a small excerpt from the latest monetary policy statement from the US Fed.

"The Federal Open Market Committee decided today to lower its target for the federal funds rate 25 basis points to 2 percent.

Recent information indicates that economic activity remains weak. Household and business spending has been subdued and labor markets have softened further. Financial markets remain under considerable stress, and tight credit conditions and the deepening housing contraction are likely to weigh on economic growth over the next few quarters."

So, the US fed lowered the interest rates from 2.25% to 2.00% and issued a 6 paragraph statement to justify their actions.

Compare this to Zimbabwe. Zimbabwe has just raised interest rates from 1,500% to 4,500% and issued a 103 page statement. The ending of this statement is pretty priceless.

"11.15 In conclusion, Ladies and Gentlemen, let our economic history of tomorrow, just like our Liberation War History of yesterday, record that, at her greatest hour of need, when she was at her most vulnerable moment and at the stage when it was easier to give in and give up than to toil and sweat, Zimbabwe found herself lucky to have men and women who could stand up to defend her, who could sacrifice all they have for her till she was able to stand on her own...

11.16 Let our future history record that such men and women were You and Me, and not the other way round.

11.17 In God's hands I submit this Monetary Policy Statement."

Wow.

Update: If you want more Zimbabwe, I like this audio clip from a South African morning radio talk show host. Two DJ's "call" the Zimbabwe embassy to get information on the election results. I fear this may appeal to a limited audience.