Lady Thatcher once said: ” The problem with socialism is that you eventually run out of other people’s money.” Well, today it’s reported that Zimabwe is down to its last $217.00:
“Last week when we paid civil servants there was $217 [left] in government coffers,” Tendai Biti told reporters. “The government finances are in paralysis state at the present moment. We are failing to meet our targets.”
Since 2000, the Zimbabwean government has seized the land of 4000 white farmers catapulting the economy into inflation the likes of which have rarely been seen. The land seized was given to those that helped Mugabe gain power, but who never had any experience in farming. Thus the stolen farms were left fallow. The store shelve barren. The people hungry. The regime printing Z$100 trillion notes- and you thought a $16 trillion debt was a problem.
We will see if the Obama administration will bail out the Communist Zimbabwe. Maybe Mugabe will be forced to give the land back so the people will have something to eat. Or maybe Obama will just write a $1 trillion dollar check.