A Banksters Paradise: How The Globalist Colony of Zimbabwe Achieves Credibility At Davos
The estimated inflation rate of the old Zimbabwe dollar in 2008-09 reached 500 billion%… Yet the World Bank believes the same ZANU-PF government is going to deliver record economic growth this year.
by Gino for Reclaiming Rhodesia
Worthless and Useless Before It is Issued
On Thursday 24/06/2021 the Reserve Bank of Zimbabwe announced it was issuing a new $50 note. In Zimbabwe issuing a new note is code for “devaluation”. The International (there is no market) exchange rate announced was: 1 ZWD = 0.00276 USD. So the new $50 was officially worth US 13.8 cents..
The new note was useless before its release. Various Zimbabwe government and Zimbabwe news websites promoted the ZW$50 note as worth between US$0.60 and $0.30 depending who the money changer was. If its issued to the people in Zimbabwe then what´s the worth? No sensible bank or business is going to accept it. Its going to be swapped for alternative foreign currencies or traded immediately. No shop is going to want it and certainly no foreign businesses especially money changers will accept it.
On July 6, 2021 ZW$360 million was issued and equaled US$10.869 million. Ten days later on July 16, 2021 it was not even worth one million. According to XE.com currency converter, it was worth less than USD995,750. Since this amount cannot stimulate the economy one wonders what was the point?
For a comparison of effort the Australian Federal Government spent A$200 billion into the economy and the Reserve Bank of Australia (officially) bought A$36 billion government bonds in 2021 to stimulate their economy.
Zimbabwe Economic growth in 2019 was -8.1%, in 2020 it was -8%. Yet, somehow, in 2021 it is projected to be +2.9% according to the World Bank. How? Because the Zimbabwe Government claims to have a current account surplus of +4% GDP and project a growth rate of +7.4%. Apparently the World Bank believes them, the question is why? When has the Zimbabwe government ever been truthful or correct with their forecasts? (Perhaps the World Bank needs junk data to justify issuing more loans with strings?).
One justification for the miraculous turnaround in economic growth is that Zimbabwe reportedly had a bumper maize harvest of 2.5 million tonnes. According to the MSM, it was such a success that they now suffer a shortage of storage capacity hampering their ability to export and so earn forex. A media claim, that the World Bank seems happy with, and conveniently camouflages the systemic market logistics failure from the field to consumption….and will excuse another year of negative growth in a de-industrializing economy. How green and sustainable!
Astounding Records With Funny Money
In February 2021, Zimbabwe inflation slowed to 322% from its peak of 838% in July 2020. National GDP is +ZWL$1 trillion or US$24 billion. The number of extreme poor reached 7.9 million in 2020 or 49% of the population.
The estimated inflation rate of the old Zimbabwe dollar in 2008-09 reached 500 billion%. That’s not a typo, it’s a measure of something that became impossible to track. Yet the World Bank believes the same ZANU-PF government is going to deliver record economic growth this year. Who is enabling who to fail?
Zimbabwe then abandoned the domestic currency and adopted foreign currencies. Since 2009 after the currency collapse the US dollar, South African rand, Pound Sterling and almost any internationally traded currency was accepted.
It is estimated that the value of US$1 in 2009, in Zimbabwe dollars was: $2,621,984,228,675,650,147,435,579,309,984,228. Yet the World Bank believes the same ZANU-PF government is having a bumper year in the Covidian year of 2021?
In 2016 the new Bond Note was introduced and was soon worth nothing. Then the RTGS dollar was introduced as an interim currency in 2017 at 2.5 to the US dollar on 22 February immediately trading at 4.3 on the black market. Other pretend money, notes, instruments etc. were merged into this nonsense currency which constantly required rebasing, rigging, fixing…
One rebasing equation in October 2018 changed the value of the economy by 40 percent in one month to $25.8 billion. Shortly after the currency rebased again and valued the official economy at $21 billion. Numbers out of a hat.
The Finance and Economic Development Minister Prof Mthuli Ncube predicted economic growth of 3% in 2020. As mentioned, it was in fact -8% much like the year before, but never mind, a slight miscalculation any amateur could make. Except he’s not an amateur.
Prof Mthuli Ncube was also the government chief economist and Vice President of the African Development Bank and, according to Wikipedia he holds a PhD in mathematical finance from Cambridge University was a lecturer of finance at the London School of Economics. A dean and professor of finance at Wits Business School and dean of the faculty of Commerce, Law and Management at the University of the Witwatersrand (Wits). He is currently a visiting professor at the University of Oxford. We see the pattern of certain international universities qualifying, coaching and infiltrating corrupt Marxist third world leadership.
Prof Mthuli Ncube is also a regulator/board member of the South African Financial Services Board. The founding chairman of Barbican and Selwyn Capital and worked for Investec Asset Management as a Portfolio Manager and Head of Asset Allocation Strategy. In September 2018, he was managing director and head of Quantum Global Research Lab (Switzerland) part of Quantum Global Group,
“the largest Private Equity group dedicated to investing in Africa.”
In 2014 Prof Mthuli Ncube, as Professor of Public Policy, led a project at Blavatnik School of Government called The Economics of HIV (Rethink HIV) project. The US government distributed over US$200 million for health assistance, with US$163 million going to PEPFAR´s HIV and AIDS programs.
He was Chief Economist and Vice President at the Blavatnik School from the African Development Bank Group (AfDB). He is considered ‘a top economic thinker’. Chairman of the National Small Business Advisory Council. Chairman of the Board of AERC and Board member of the Global Development Network (GDN). He is on the Global Agenda Council of the World Economic Forum, on the Advisory Council for World Economic Forum (WEF) on Sustainable Infrastructure. A Commissioner of the Lancet Commission on Investing Health.
Prof. Mthli Ncube wrote to the IMF & copied the World Bank, African Development Bank, European Investment Bank and the chair of the Paris Club of sovereign creditors on 2 APRIL this year,
“The Zimbabwean authorities propose a high-level dialogue on mitigating the economic and social downfall from the COVID-19 pandemic through transformative arrears clearance …. short of which the country will suffer a health and economic catastrophe”.
In May Prof Mthli Ncube stated;
“This year we expect growth in the order of 7.8%. The currency is stable, there is macro-economic stability, inflation is falling fast and government finances are sound,”
He got one thing correct, inflation fell from 700% last year to 160% in April. Some consolation from one the most qualified economists in the world. Do you really believe this finance minister could pass high school economics in your country?
I Am Sorry, But You’ll Own Nothing, And You Will Be Happy
In June 2021 Minister Marapira, Minister of State in the Office of the President and Cabinet (in-charge of Special Agriculture-related Programmes) said (emphasis added);
“If you have a farm with water bodies and are not utilising it, know that we are coming for that piece of land. And if you are not productive, the government, is not going to backtrack on that.
We have a statutory instrument which was passed and it is going to work for the benefit of Zimbabweans and not individuals.
Zimbabwe should go back to being the regional and international food provider through productivity and those not producing, I am sorry, we are taking that land.”
Security Measures To Prevent Counterfeit Zim$50 Not Worth A Dime, Yes Really!
I am reminded of Theodore Dalrymple‘s observation that:
[T]he purpose of communist propaganda was not to persuade or convince, not to inform, but to humiliate; and therefore, the less it corresponded to reality the better. When people are forced to remain silent when they are being told the most obvious lies, or even worse when they are forced to repeat the lies themselves, they lose once and for all their sense of probity.
On this note, behold the security features of the new Zimbabwe bank note that are supposed to give it credibility and prevent its counterfeit. A joke to everyone but the Globalist’s Economist.
Imagine If The Effort To Corrupt and Loot A Nation Was Re-Directed To Its Best Interests
How would that developing nation look? Something like this? Would the World Bank and Davos crowd tolerate it?