Tuesday, October 28, 2008

It Could Be Worse, A Lot Worse

Now here's a real financial crisis: 231 million percent inflation and 80% unemployment rate in Zimbabwe.

Heading to the grocery store:
The Z$1.243 billion dinner bill:
Paying the bill:
See more pictures of Zimbabwe's monetary and inflation crisis.

HT: Ben Cunningham

28 Comments:

At 10/28/2008 11:42 PM, Anonymous Anonymous said...

This comparison is nonsense. We're suffering chronic deflation. If you want an apt comparison, look at Japan, which has suffered over a decade of low interest rates, and deflation. Actually, our situation is much worse than theirs, because we're going into deflation loaded up with debt. They were a net creditor when their bubble burst.

And if you wanna see what prolonged deflation can do, just look at a chart of the nikkei

 
At 10/29/2008 1:12 AM, Anonymous Todd said...

"They were a net creditor when their bubble burst."

Zimbabwe didn't have a bubble. They elected a black president with socialist ideas and a long association with terrorists. Now they are stuck with him.

 
At 10/29/2008 8:06 AM, Anonymous Anonymous said...

"They elected a black president with socialist ideas and a long association with terrorists. Now they are stuck with him."

And him being black is relevant how exactly?

 
At 10/29/2008 8:17 AM, Blogger matt said...

Todd: Our current conservative, republican, and white administration gave us a nice head start into socialism by nationalizing Fannie, Freddie, AIG, and the banks. Good ole white boy McCain's plan to buy up bad mortgages isn't socialist, is it?

And, as the 1st poster says, values of everything is declining - DEFLATION - not inflation.

 
At 10/29/2008 8:33 AM, Anonymous Anonymous said...

"They elected a black president with socialist ideas and a long association with terrorists. Now they are stuck with him."

Oh a vague and mostly inaccurate comparison to Mr. Obama... now I get it.

 
At 10/29/2008 8:52 AM, Anonymous Anonymous said...

That nice man Mr. Bernankie and his merry makers at the FED will be out devaluing the currency today, as the fraudulent US consumer enslaved by debt economy is growth falters. It ain't gonna work but that's ok.
Have a nice day.

 
At 10/29/2008 9:02 AM, Anonymous Todd said...

"now I get it."

No, you don't. With any luck, that won't make any difference.

 
At 10/29/2008 9:11 AM, Anonymous oh my said...

Todd the racist opps redneck writes..
"Zimbabwe didn't have a bubble. They elected a black president with socialist ideas and a long association with terrorists. Now they are stuck with him."

********************

Where do we start with such a comment?

Is this the typical reader which this blog attracts?

How many closet racists comment on this blog?

 
At 10/29/2008 9:12 AM, Anonymous Anonymous said...

Don't cry next Wednesday alright buddy?

 
At 10/29/2008 9:15 AM, Anonymous qt said...

Anon.,

"We're suffering chronic deflation"

What evidence is there of a sustained fall in asset prices rather than a temporary one? There has definitely been a sharp decline in housing prices but what evidence is there to support the contention of price declines across a wide spectrum of asset classes?

Alternatively you could be using the Austrian definition for deflation, ie. a drop in the money supply and credit? If you are using this definition, M1 if anything seems to have increased although there are definitely problems with the supply of credit.

Just trying to understand what leads you to believe this is chronic deflation. Agree that the size of the national debt does not position the U.S. well heading into an economic recession or a deflationary cycle.

 
At 10/29/2008 10:53 AM, Anonymous Anonymous said...

It doesn't matter that Obama is black, I'm against socialism whatever color it comes in.

It is, however, a little hard to take the shrill cries of "racist" from the defenders of a man who spent 20 years in the pews of one of the most disgusting racists in the country - Jeremiah Wright - whom he called "a great man" and "the best the Black Church has to offer". A man whose political website featured posts from the political organization of the racist and anti-semitic Khallid Abdul Muhammad and Malik Zulu Shabazz.

Racism, is a two way street.

 
At 10/29/2008 1:27 PM, Anonymous Todd said...

I'm an equal opportunity kind of guy. I believe someone can be both black and a disaster. As Martin Luther King said, "I have a dream that my four little children will one day live in a nation where they will not be judged by the color of their skin but by the content of their character."

Somehow that has been twisted so that the color of Obama's skin precludes any judgement of his character.

 
At 10/29/2008 1:42 PM, Blogger Jack McHugh said...

This comment has been removed by the author.

 
At 10/29/2008 1:44 PM, Blogger Jack McHugh said...

The copper in US pennies is worth more than 1-cent. I wonder if the paper in Zimbabs is worth more than the nominal value of the note? (Markets in everything? Recycled paper . . .)

 
At 10/29/2008 1:54 PM, Anonymous Anonymous said...

Todd,

I believe anon @10:53 has judged his character... wouldn't you say?

You really believe nobody is trying to attack Obama's character? People are trying to claim he is a terrorist for Gods sake.

 
At 10/29/2008 1:58 PM, Anonymous djaces said...

Look on the bright side. When Obama and the Dems take over and start spreading the wealth around we'll all be billionaires.

 
At 10/29/2008 2:55 PM, Anonymous qt said...

djaces,

love it :)

Todd/Anon. 1:54,

With regard to character, isn't it more important to understand what precisely these 2 dudes are planning to do when they get into the oval office. Their character is about as relevant as whether they are 5 time winners of Witch Weekly's most charming smile award.

It's about the vision for future of the country. Obama's vision has been very inconsistent. Basically, we are getting a very smooth-talking feather merchant who has reversed himself on numerous occasions and provides little by way of specifics on his plans. Some of his ideas like wanted judges to rule on the basis of "emphathy" rather than the law really raise the eyebrows into one's hairline.

No better cure than bad government for the British disease.

 
At 10/29/2008 3:27 PM, Anonymous Anonymous said...

"You really believe nobody is trying to attack Obama's character? People are trying to claim he is a terrorist for Gods sake."

First, no one is saying that he is a terrorist. They are saying that he associates with known, unrepentant terrorists. That charge is indisputable.

Second, I think his character is suspect. Look at his associations, Jeremiah Wright, Tony Rezko, William Ayers, Rashid Khalidi, etc. By his own admission he sought out Marxist and radical leftist professors at Columbia and has refused to release his records. He lied about his commitment to campaign finance reform and has made a joke of disclosure. His association with ACORN, which is being investigated in 15 states for voter fraud, should give everyone pause.

It's clear that the media is trying to shove this guy down our throats. They have refused to vet him in any reasonable way and attack anyone who dares question his qualifications or policy prescriptions.

The world is a dangerous place and this nation, like it or not, is, in many ways, the only one in a position to confront those dangers. Obama is just not up to the task.

 
At 10/29/2008 9:45 PM, Blogger juandos said...

Well with his usual style & panache anon @ 11:42 PM makes what seems to be a very questionalble comment: "If you want an apt comparison, look at Japan, which has suffered over a decade of low interest rates, and deflation"...

But anon isn't alone thinking that deflation was an ongoing problem in Japan...

Japan has inflation, incredible inflation for quite some time now, for at least decade...

The usual culprits of food and energy are the strongest indicators the consumers feel first...

 
At 10/31/2008 9:44 AM, Blogger OBloodyHell said...

> If you want an apt comparison, look at Japan, which has suffered over a decade of low interest rates, and deflation.

But, hey! At least they've had a positive balance of trade!!

LOL. Let's just totally ignore the fact that Japan's been tweaking the economy using neoKeynesian BS for the last two decades.

THAT can't possibly have anything to do with Japan's problems. Nawww...

also:
> And him being black is relevant how exactly?

Precisely.

Besides, it's redundant.

Don't you know, todd, that "socialist" is code for "black" anyway? (snicker).

 
At 10/31/2008 9:48 AM, Blogger OBloodyHell said...

matt brilliantly notes:
> Our current conservative, republican, and white administration gave us a nice head start into socialism by nationalizing Fannie, Freddie, AIG, and the banks.

And he's right.

Well, except for the "conservative", republican" and "administration" parts.

Any "nationalization" (yet to be demonstrated, long term) was committed by Liberal Democrats in Congress.

But hey, what's a 60% error rate in a single sentence? It's close enough for libtards like matt!

 
At 10/31/2008 9:50 AM, Blogger OBloodyHell said...

> Don't cry next Wednesday alright buddy?

Why should anyone cry? Chances are, Obama's gonna lose. But we'll see. ACORN and Chicago-style politics may manage to cheat enough to get him a win. Who knows?

 
At 10/31/2008 10:00 AM, Blogger matt said...

Bloody,

The TARP was Paulson's plan. Fannie and Freddie's bailout was Paulson's plan. Despite claims to the contrary, the Treasury Department is still part of the executive branch. You can call me names and you can deny reality if you want, doesn't change the facts.

And I'm not a 'libtard'. I've never voted for a Democrat and next week isn't gonna change that.

 
At 10/31/2008 10:15 AM, Blogger OBloodyHell said...

> You really believe nobody is trying to attack Obama's character? People are trying to claim he is a terrorist for Gods sake.

OK, what PLANET of fools did you drop off of to manage THAT logical abortion?

Yes, they ARE attacking his character -- and there's NOTHING wrong with attacking his character.

NOT ONE THING.

-- because it just pretty much flat out sucks.

He's a blatant communist, and it seems to matter not a whit to him about the history AND CURRENT views of someone who is clearly a self-avowed anarchist and enemy of America. His wife apparently shares these views, given her own statement that, up until Obama was considered, that "she was never proud of America". His pastor, whom he associated with for more than 20 years, has also expressed such sentiments. All around him are these people whose expressed sentiments are antiAmerican and communist in nature.

Now, I can tell you -- if someone around me expressed such opinions, then that would be a serious stressor on our relationship. And I cannot imagine having multiple people around me who all evinced ideas and beliefs which I abhor and consider reprehensible.

So, I am led inevitably to the notion that Obama does not, in fact, find these attitudes and views reprehensible or offensive. Which means he shares and advocates them, to at least some extent (and, if he does not, and does not, regardless of that, grasp the implications of such presences, then he's an ignorant fool and has no business in the office of the President, anyway!)

And that set of views also follows along with the likely views of his mother, father, and mentor Frank Davis, because those are long-held communist attitudes, too.

I have YET to see anyone CALL him a terrorist, despite your claim.

I have seen him linked TO terrorists and antiAmericans of every stripe because it's quite clear he has no problem with ANY of these notions.

And, sad though it is to point out, neither does a percentage of people who associate with and support his candidacy for PotUS.

But many, possibly most, of us here in America are asking: "Why the hell would you want to elect an antiAmerican communist with no executive experience of any kind?"

I think todd made an error in including the "black" reference, even though I joked about it a moment ago. But the fact of the matter is, anyone supporting Obama is, almost certainly, a racist.

Not a closet one, but an open one.

Because there is no way in f***ing hell that Obama would have ANY chance of being anywhere NEAR this close to the PotUS job if he WERE NOT BLACK. And it is virtually impossible to argue that a man with his resume has ANY business being seriously considered for the top spot in this nation. He just hasn't got the chops. But he IS black, so that trumps the inadequate resume.

And that's racist, pure and simple. It doesn't matter if it's in a black man's FAVOR or to his DETRIMENT.

=================================
Anytime someone gets -- or fails to get -- a job solely because of the color of their skin*, that's racism, and it's wrong.

Period.

And F*** You if you claim otherwise, "you racist SOB".
=================================


*(I'll kinda grant a vague exception to this if you can actually relate the job to skin color, such as, perhaps, someone being an official liason to black people, but even there, it should not matter. Sorta like Hooters' Waitresses -- in a similar manner, there are possibly some jobs where I'd grant the qualification might include skin color.

But "PotUS" ain't one of them.)

 
At 10/31/2008 10:24 AM, Blogger OBloodyHell said...

> The TARP was Paulson's plan. Fannie and Freddie's bailout was Paulson's plan.

matt, that doesn't mean jack.

It still got passed by the Dem controlled Congress, or else it would not be in force.

So that means that they're BOTH at fault, at best. Liberal AND "conservative"* -- Democrat AND Republican.

So your statement, attempting to place whatever blame you want solely at the feet of "conservatives" and the GOP and the "administration" is still flat out 60% wrong.

Q.E.D. Your logic, such as it is, is a walking example of GIGO in action.

.


*(I put quotes on the "conservative" because I don't accept the notion that the psuedocons calling themselves "conservatives" are conservatives. And the number of these pseudocons attacking Palin bears that out. Because Palin is almost certainly a true Conservative, or at least far closer to it than all the RINOs floating around mucking up the name of the Republican party. She might or might not be a "good" conservative, but she's almost certainly more representative of the principles than the RINOs in question)

 
At 10/31/2008 10:34 AM, Blogger OBloodyHell said...

> With regard to character, isn't it more important to understand what precisely these 2 dudes are planning to do when they get into the oval office. Their character is about as relevant as whether they are 5 time winners of Witch Weekly's most charming smile award.

Doesn't ANYONE of you people grasp the meaning of the word "character"?

And how it's relevant to the election?

Here, let me spell it out for you using the Dictionary.com entry:

char·ac·ter [kar-ik-ter] –noun
1. the aggregate of features and traits that form the individual nature of some person or thing.
2. one such feature or trait; characteristic.
3. moral or ethical quality: a man of fine, honorable character.
4. qualities of honesty, courage, or the like; integrity: It takes character to face up to a bully.
5. reputation: a stain on one's character.
6. good repute.
7. an account of the qualities or peculiarities of a person or thing.
8. a person, esp. with reference to behavior or personality: a suspicious character.


Now, does anyone here not grasp how "qualities of honesty, courage, or the like; integrity" might apply to the person in the office of PotUS?

Is it a mental challenge, somehow, to grasp the application of "moral or ethical quality" to the office of PotUS might Be A Real Good Thing?

Can I find some agreement that "the aggregate of features and traits that form the individual nature of some person" might somehow reflect on the ability of someone to perform the job of PotUS admirably or well?


So yeah, among other things, I'm judging BOTH of the sonsabitches on their Character.

And Guess What:
I find one of them particularly wanting in that regard.

 
At 10/31/2008 11:57 AM, Blogger Arman said...

As mentioned http://www.zimbabwesituation.com/oct19_2001.html says "Zimbabwe dropped its socialist economic policies a decade after it gained independence in 1980, the story says. It embraced IMF and World Bank economic reforms." The Zimbabwe of today is the result of 18 years of open market and deliberately minimal interference. The Zimbabwe of the 80s was much more democratic with good labor laws, and as such, Zimbabwe was known as the breadbasket of the Africa. Right wing policies just do not work. Right wing idealists just will not concede to such a possibility.

 
At 11/03/2008 2:45 PM, Blogger Richard Rider, Chair, San Diego Tax Fighters said...

Arman, what "right wing" --let's be even more pejorative and call it "free market" -- advocate can you name that supports the massive printing of more and more paper currency? After all, THAT is what caused the massive inflation.

I'd sure like to know -- I'm still learning from you progressive mentors.

BTW, concerning an earlier post about the cost of printing paper money exceeding the value of the currency: I hold a couple 1922 50 million German Mark notes. The government chose to print only one side of the bills, as the cost of printing two sides almost exceeded the value of the rapidly depreciating notes.

 

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