October 25, 2016
ZIMBABWE: When An Egg Cost 1 Billion Zimbabwe Dollars, It Was Replaced By US Currency. Zimbabwe Civil Servant (Marxist Government) Wages Swallow About 83% Of National Revenue.
Posted by Princess Mononoke at 5:43 PM
ZIMBABWE: Zimbabwe Abandoned It's Own Failed Currency In 2009, Has 8 Official Currencies. The Nation Ran Out of U.S. Dollars This Year. So, It Will Print Its Own U.S. Dollars. Literally. Wow! :o
Per Quartz article, Here are all the countries that don’t have a currency of their own:Zimbabwe is a special case. It abandoned its own currency in 2009 and currently has eight official currencies as legal tender: the US dollar, South African rand, Botswana pula, British pound sterling, Australian dollar, Chinese yuan, Indian rupee, and Japanese yen.
The African nation, which uses the American currency among others, ran out of physical cash. So, it’s going to print its own.
Business Insider, USAThe EconomistWho wants to be a trillionaire?
Lock up your dollars right now; Mugabenomics is back.written by StaffMay 14, 2016LIKE the governors of the Reichsbank, who kept on speeding up the printing presses as Germany plunged into ever-steepening hyperinflation in the 1920s, insisting that the real problem was a shortage of banknotes, Zimbabwe’s government claimed to have overturned the laws of economics during its own bout of hyperinflation nearly a decade ago. Gideon Gono, then governor of the Reserve Bank of Zimbabwe, claimed that “traditional economics do not fully apply in this country,” and said “I am going to print and print and sign the money…because we need money.”The result was an increase in prices so swift that it was almost impossible to calculate the rate of inflation. By some estimates it peaked at 500 billion per cent, as the government printed ever-larger denominations. Notes such as one with a face value of 100 trillion Zimbabwe dollars are worth much more now as a novelty on eBay (where they sell for about $45) than they ever were in shops in Harare.Zimbabwe finally tamed inflation in 2009, when it abandoned the Zim dollar and started using American dollars and other foreign currencies instead. (It converted bank balances to US dollars at a rate of $1 for every 35 quadrillion Zim dollars.) That brought instant relief. But the government of Robert Mugabe, a 92-year-old who has held power since the end of white rule in 1980, has again been spending more than it collects in taxes, and importing more than it exports. It does not help that Mr Mugabe destroyed the country’s main source of foreign revenue when he chased mainly white farmers off their land and handed it to ruling-party bigwigs.Without money to pay civil servants—in particular the soldiers and policemen who keep Mr Mugabe in power—the government intends to start printing it again. This time it insists it is not bringing back the reviled “new” Zim dollar, but is printing notes that are “backed” by some $200m that Zimbabwe has borrowed from the African Export-Import Bank. However, it seems unlikely that holders of these new notes will be allowed to exchange them for those real dollars.Given Mr Mugabe’s track record, that means they are likely to plummet in value very fast. Slow-motion bank runs have already started, as savers fret that their US dollars will be forcibly converted into the new notes. Banks have had to restrict dollar withdrawals, in some cases to as little as $20 a day. The last bout of hyperinflation wiped out savers and pensioners. Savers are braced to be robbed again.The governor of the Reserve Bank, John Mangudya, insists the new notes will be an “incentive” to exporters, not a return to the bad old days. Not even the government believes this. It will not, for example, be using them to pay civil servants. Instead they will be foisted onto exporters who, having paid their suppliers and workers in hard cash, will have to accept funny money for their earnings. What could go wrong? Many will go bust, so export revenues will quickly tumble. Eddie Cross, an opposition MP, says the new policy could mean “the final collapse of the economy”.
1. There has been too much reliance on the US dollar. The government moved away from the multi-currency regime and said it would conduct all of its transactions dollars. And since most of Zimbabwe's trade is with South Africa, the strong dollar (compared to the rand) has made it more difficult for Zimbabwe to compete.
2. Zimbabwe has been running a current account deficit since 2009. Zimbabwe has been exporting more dollars than its been importing, causing a shortage of dollars in the system.
"Adoption of a local currency would inevitably result in a rapid increase in the supply of broad money, as the central bank looked to inject enough liquidity into the economy to alleviate the ongoing cash shortage, caused by the current reliance on the US dollar. Without a simultaneous increase in real production, this would increase inflationary pressures."
Posted by Princess Mononoke at 4:32 PM
WORLD: Here Are All The Countries That Don’t Have A Currency Of Their Own. Wow, I Just Learned About This And Had To Share With You.
Here are all the countries that don’t have a currency of their own
written by Kabir Chibber
September 15, 2014
Posted by Princess Mononoke at 3:59 PM
EL SALVADOR: After Mining Giant, El Salvador Activists Want to Smash TPP Pushed By Obama, Hillary. El Salvador Ruling Offers a Reminder of Why the TPP Must Be Defeated.
International Business Times
State Department Blocks Release Of Hillary Clinton-Era TPP Emails Until After The Election
written by David Sirota
June 6, 2016
Update, 4:35pm ET, June 6: Following IBT's story, Donald Trump's campaign demanded that the State Department release Clinton's TPP-related emails. The Trump campaign referred to Clinton as "the outsourcing candidate" and said she was intent on "ramming TPP down the throats of the American people." Read IBT's story about Trump's statement here.
Original story: Trade is a hot issue in the 2016 U.S. presidential campaign. But correspondence from Hillary Clinton and her top State Department aides about a controversial 12-nation trade deal will not be available for public review — at least not until after the election. The Obama administration abruptly blocked the release of Clinton’s State Department correspondence about the so-called Trans-Pacific Partnership (TPP), after first saying it expected to produce the emails this spring.
The decision came in response to International Business Times' open records request for correspondence between Clinton’s State Department office and the United States Trade Representative. The request, which was submitted in July 2015, specifically asked for all such correspondence that made reference to the TPP.
The State Department originally said it estimated the request would be completed by April 2016. Last week the agency said it had completed the search process for the correspondence but also said it was delaying the completion of the request until late November 2016 — weeks after the presidential election. The delay was issued in the same week the Obama administration filed a court motion to try to kill a lawsuit aimed at forcing the federal government to more quickly comply with open records requests for Clinton-era State Department documents.
Clinton’s shifting positions on the TPP have been a source of controversy during the campaign: She repeatedly promoted the deal as secretary of state but then in 2015 said, "I did not work on TPP," even though some leaked State Department cables show that her agency was involved in diplomatic discussions about the pact. Under pressure from her Democratic primary opponent, Bernie Sanders, Clinton announced in October that she now opposes the deal — and has disputed that she ever fully backed it in the first place.
While some TPP-related emails have been released by the State Department as part of other open records requests, IBT’s request was designed to provide a comprehensive view of how involved Clinton and her top aides were in shaping the trade agreement, and whether her agency had a hand in crafting any particular provisions in the pact. Unions, environmental organizations and consumer groups say the agreement will help corporations undermine domestic labor, conservation and other public interest laws.
If IBT's open records request is fulfilled on the last day of November, as the State Department now estimates, it will have taken 489 days for the request to be fulfilled. According to Justice Department statistics, the average wait time for a State Department request is 111 days on a simple request — the longest of any federal agency the department's report analyzed. Requests classified as complex by the State Department can take years.
Earlier this year, the State Department’s inspector general issued a report slamming the agency’s handling of open records requests for documents from the Office of the Secretary. Searches of emails “do not consistently meet statutory and regulatory requirements for completeness and rarely meet requirements for timeliness,” the inspector general concluded.
Posted by Princess Mononoke at 3:07 PM
EL SALVADOR: El Salvador Beats Canadian-Australian Gold Mining Giant OceanaGold Who Sued The Government With World Bank Court For Pulling The Plug On A Proposed Gold Mine.
Posted by Princess Mononoke at 2:49 PM
October 21, 2016
Edith Piaf, Beloved French Songstress. The Sagittarian Sparrow Sings, "Non, Je Ne Regrette Rien - Means, "No, I Regret Nothing." Enjoy! ❤
okay, I just came across, 10 things you didn't know about Stalin:I was inspired to share Edith Piaf's song with you because she was mentioned in the 'Sagittarius The Hero' piece I was reading. Now, I find myself enjoying her gorgeous music on YouTube this Friday afternoon.
His birthday is up for debate
According to official accounts, Stalin was born on December 18, 1879. However, the Old Style Julian calendar (the Russian calendar) marks his birthday as December 6. Stalin himself, however, changed his birthday to December 21, as well as his birth year (allegedly) to 1881, to throw off tsarist officials.
Posted by Princess Mononoke at 4:35 PM
VENEZULA: Corpses 'Exploding' In Decrepit Venezulan Hospitals. Foreshadowing Marxist Socialism's Final Days. Super-Rich Marxist Socialists Drink Champagne, While Middle-Class And Poor Venezuelans Turn To Trash For Food.
Venezuelans voted for Maduro simply because he supported the same damn failed policies his Marxist Socialist predecessor believed in. They didn't give a damn that the only real experience Maduro has ever had was driving a fricken bus and leading a labor union protest against his employer. Yeah, that makes sense. Let's vote for more of the same crap sandwich please. Because it tastes so damn good. NOT. :/ Now the Venezuelan people are living in hell and people, mainly Chavistas, still have THE NERVE to defend the Marxist Socialist inept government and blame the US for Venezuela's nightmare. Yeah. Okay. Whatever.
Posted by Princess Mononoke at 2:46 PM