Zimbabwe Has Only $217 Left in the Bank
newsfeed.time.comUsing the same logic, if you have one dollar you're better off than the US.
You do realize of course that the government has other assets than money, right?
Ha, I was thinking the exact same thing. If you have a penny you're better off than the US :)
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.
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.
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.
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.
Zimbabwe has debt too.
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.
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.
" . . . 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.
It is a shame for the people. I believe that unemployment is a crazily high number - something like 90%
The article says 95%.
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...
I'm poorer than Zimbabwe
I wonder how much money the leaders of Zimbabwe have on deposit outside of Africa?
I have more money in bitcoins than Zimbabwe has in USD
That's called a balanced budget. :)