Zimbabwe Has Only $217 Left in the Bank (opens in new tab)

(newsfeed.time.com)

16 pointsDK00713y ago18 comments

18 comments

viseztrance13y ago

Using the same logic, if you have one dollar you're better off than the US.

xqyz13y ago

You do realize of course that the government has other assets than money, right?

guynamedloren13y ago

Ha, I was thinking the exact same thing. If you have a penny you're better off than the US :)

ckluis13y ago

If you are only in debt $15 trillion you'd be better off too… dumb logic.

However - the interesting thing is that his government created the problem in such a short period of time.

graeme13y ago

Also, the US can print more money or ask for more money from investors. There is a limit to how far that can go, of course.

Zimbabwe passed that limit long ago. So $217 left is a much more meaningful problem there.

Shivetya13y ago

The US simply has more depth in its economy to withstand the negative influence of her politicians. We already see the cliff without the public having much say as to how it will be corrected let alone when. Zimbabwe didn't happen overnight, their economy just didn't have the resilience of many Western ones.

devrelm13y ago

I'd imagine this is closer to the "fiscal cliff" thing. The US Govt. may be running a deficit, but they still have billions of dollars more than I do.

baak13y ago

Zimbabwe has debt too.

CapitalistCartr13y ago

After the land redistribution of President Robert Mugabe the economy collapsed, causing the crazy hyper-inflation that Zimbabwe is notorious for. They are struggling to recover from that disaster, and a government known for looting on a staggering scale, even for an African government. This is actually doing pretty good for them.

http://en.wikipedia.org/wiki/Zimbabwe#Economy

iwwr13y ago

Hyperinflation was a separate consequence of the deliberate decision by the state to print money. Yes, the economy collapsed (from that and many other decisions) and they needed more money, but capital is scarce even with infinite money.

CapitalistCartr13y ago

" . . . capital is scarce even with infinite money." You'd think that would be obvious to people running a country, and yet, so many countries have tried it, over and over.

tomwalker13y ago

It is a shame for the people. I believe that unemployment is a crazily high number - something like 90%

neeee13y ago

The article says 95%.

SingAlong13y ago

That was a joke by the Finance minister of Zimbabwe, according to Telegraph [1]. It seems they have 30-million dollars in the bank.

[1] - http://www.telegraph.co.uk/news/worldnews/africaandindianoce...

hudell13y ago

I'm poorer than Zimbabwe

arethuza13y ago

I wonder how much money the leaders of Zimbabwe have on deposit outside of Africa?

celticninja13y ago

I have more money in bitcoins than Zimbabwe has in USD

emperorcezar13y ago

That's called a balanced budget. :)

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18 comments

viseztrance13y ago

Using the same logic, if you have one dollar you're better off than the US.

xqyz13y ago

You do realize of course that the government has other assets than money, right?

guynamedloren13y ago

Ha, I was thinking the exact same thing. If you have a penny you're better off than the US :)

ckluis13y ago

If you are only in debt $15 trillion you'd be better off too… dumb logic.

However - the interesting thing is that his government created the problem in such a short period of time.

graeme13y ago

Also, the US can print more money or ask for more money from investors. There is a limit to how far that can go, of course.

Zimbabwe passed that limit long ago. So $217 left is a much more meaningful problem there.

Shivetya13y ago

devrelm13y ago

I'd imagine this is closer to the "fiscal cliff" thing. The US Govt. may be running a deficit, but they still have billions of dollars more than I do.

baak13y ago

Zimbabwe has debt too.

CapitalistCartr13y ago

http://en.wikipedia.org/wiki/Zimbabwe#Economy

iwwr13y ago

CapitalistCartr13y ago

" . . . capital is scarce even with infinite money." You'd think that would be obvious to people running a country, and yet, so many countries have tried it, over and over.

tomwalker13y ago

It is a shame for the people. I believe that unemployment is a crazily high number - something like 90%

neeee13y ago

The article says 95%.

SingAlong13y ago

That was a joke by the Finance minister of Zimbabwe, according to Telegraph [1]. It seems they have 30-million dollars in the bank.

[1] - http://www.telegraph.co.uk/news/worldnews/africaandindianoce...

hudell13y ago

I'm poorer than Zimbabwe

arethuza13y ago

I wonder how much money the leaders of Zimbabwe have on deposit outside of Africa?

celticninja13y ago

I have more money in bitcoins than Zimbabwe has in USD

emperorcezar13y ago

That's called a balanced budget. :)

j / k navigate · click thread line to collapse