Meltdown Now Happening

Zimbabwe’s beleaguered currency has lost half its value in three days, black market dealers said last night, prompting predictions that the country was plunging into an economic meltdown that its veteran leader Robert Mugabe would not survive. According to the government in Harare, one US dollar is worth 250 Zimbabwean dollars.

But the free market rate yesterday reached more than Z$300,000 to one US dollar. “It’s gone crazy,” said one illegal trader. “People are holding out for the highest bidder and mentioning as much as 400,000-1, which could be tomorrow’s price. It’s changing by the hour. Rates have doubled since the start of the week.” Zimbabwe in Meltdown As Currency Halves

One US dollar is now worth 300,000

I would not want to be in Zimbabwe right now, or South Africa. Meltdown isn’t imminent, it’s already happening.

But in South Africa — already plagued by one of the world’s highest crime rates — authorities fear it is spiralling out of control and will only worsen as the country rolls out infrastructure projects ahead of the 2010 World Cup. Cable Theft Epidemic Wreaks Havoc in South Africa

I hope to write an entry soon on what meltdown in the United States is going to mean. What we are already witnessing in other parts of the world is the same predictable path that will happen here, with a few added twist thrown in for good measure.

Currency devaluation, theft, violence, war, hunger and collapse.  I sort of doubt that the World Cup will actually be held in South Africa if this continues.  A massive police state crackdown would be predictable and necessary.


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4 thoughts on “Meltdown Now Happening

  • June 23, 2007 at 5:49 am
    A long slow melt down is what I fear the most but seems to be inevitable IMHO. In the US I think the melt down will be on steroids, like a sickening negative feedback as is happening in the hedge funds. Witness “Bear Stearns” and “Ritchie Capital Management” and “Brookstreet Securities Corp”.
  • June 24, 2007 at 12:16 am
    Huh? Meltdown in SA? I don’t see it, and I live in SA. Crime? Yes, way too high, especially violent crime. Two components to that: The drug Tic, which just makes people crazy, and organised crime — stuff like vehicle thefts/hijackings, cash-in-transit heists. What do you expect when the top cop in the country hangs out with mob bosses?

    But “crime spiralling out of control” is the same tired old story the media runs every slow-news day. Don’t believe everything you read.

  • June 26, 2007 at 11:22 am
    Those who can afford to leave are already fleeing South Africa, according to several current and soon to be S.A. expats (visit Cryptogon and read the comments).
    It will be the Zimbabwe of tomorrow.

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