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Thread: Zimbabwe finance ministry has $217 left in its account

  1. #1

    Default Zimbabwe finance ministry has $217 left in its account

    http://abcnews.go.com/International/...-bare-18356346


    Zimbabwe's finance ministry said it has just $217 left in its accounts after paying the nation's civil servants and government employees earlier this month.
    Finance Minister Tendai Biti said the monthly salaries cleared out government earnings and tax revenues in January when he made an appeal Tuesday for foreign donors to help raise some $200 million for a constitutional referendum and elections later this year.
    But financial experts said Wednesday that Biti, known for his exaggerated rhetoric in the troubled economy, failed to mention quick returns from income tax, social security payments and increased taxable spending in shops and stores.
    Those daily revenues immediately replenish the country's battered coffers, experts say. Nationwide highway toll gates also separately bring in thousands of dollars a day.
    The government is the nation's biggest employer - with a work force of up to 300,000 - and salaries routinely account for more than 70 percent of its monthly spending.
    Many governments routinely pay out more than they receive, technically making their accounts empty, said Harare economist John Robertson. To fill that gap, they rely on domestic and international borrowing to which Zimbabwe has little access after years of political turmoil and economic meltdown, he said.
    January is traditionally a lean month for households in Zimbabwe after festive holiday spending and school fees needing to be paid at the start of the school year.
    Zimbabwe's world record inflation in 2008 wiped out savings held by ordinary people that were used to make ends meet, pay family expenses and that bolstered the local money market with cash that could be borrowed, Robertson said.
    A black empowerment program also scared off foreign investment and capital inflows that could have made a difference to the state's liquidity.
    "It is clear tax revenues have been limited this month but I don't think it's anything new. It has been like this before," Robertson said.

    Who has more money in their checking than the Government of Zimbabwe?



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  3. #2

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    can't they print more?
    "Integrity means having to say things that people don't want to hear & especially to say things that the regime doesn't want to hear. -Ron Paul

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  4. #3

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    I do!
    My 2016 prediction: Hillary Clinton will NOT run for president.

    Rand Paul 2016

  5. #4

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    $217 is a hell of a lot more money than what the United States has
    It's all about taking action and not being lazy. So you do the work, whether it's fitness or whatever. It's about getting up, motivating yourself and just doing it.
    - Kim Kardashian

  6. #5
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    What a terrible thing. I say we show some good will to our racist friends in Zimbabwe and send them a great foreign aid package. We can start by ging them our Federal Reserve system who can print up all the money they will ever need. Of course if they had some oil we could just liberate the shit out of them and they could take a break for awhile and just let us run things.
    "Governor, if I had foreseen the use those people
    designed to make of their victory,
    there would have been no surrender at
    Appomattox Courthouse; no sir, not by me.
    Had I foreseen these results of subjugation,
    I would have preferred to die at Appomattox
    with my brave men, my sword in my right hand." - Robert E. Lee to Governor Fletcher S. Stockdale (D-Texas), 1870


  7. #6

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    Quote Originally Posted by jdmyprez_deo_vindice View Post
    What a terrible thing. I say we show some good will to our racist friends in Zimbabwe and send them a great foreign aid package. We can start by ging them our Federal Reserve system who can print up all the money they will ever need. Of course if they had some oil we could just liberate the shit out of them and they could take a break for awhile and just let us run things.
    Yeah, if they can't figure out how to deficit spend, its their own fault. They're clearly not ready for democracy.
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    And it's all too clear we're on our own,
    Singing ashes, ashes, all fall down...

  8. #7

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    Quote Originally Posted by TheGrinchWhoStoleDC View Post
    Yeah, if they can't figure out how to deficit spend, its their own fault. They're clearly not ready for democracy.
    I dunno. They were pretty good at it last time they tried it.
    It's all about taking action and not being lazy. So you do the work, whether it's fitness or whatever. It's about getting up, motivating yourself and just doing it.
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  9. #8
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    Quote Originally Posted by sailingaway View Post
    can't they print more?
    There is no currency worth mentioning. The country uses the US dollar.
    Lifetime member of more than 1 national gun organization and the New Hampshire Liberty Alliance. Part of Young Americans for Liberty and Campaign for Liberty. Free State Project participant and multi-year Free Talk Live AMPlifier.

  10. #9

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    Quote Originally Posted by bxm042 View Post
    $217 is a hell of a lot more money than what the United States has
    I was thinking, well at least thier in the black.
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  11. #10

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    Quote Originally Posted by bxm042 View Post
    $217 is a hell of a lot more money than what the United States has
    rotfl
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  12. #11

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    not 217billion?

  13. #12

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    Good lord! Do you people know what this means? With that 217 just sitting around in a bank its not helping anyone. They need to spend it fast! On anything. Just get the money flowing. At the very least they should light it on fire so stagnant money does not become a growing trend.

    No wonder Zimbabwe sucks. They don't spend enough and just look at what has happened. And most of you fools on this site actually call for less spending. lord maynard keynes laughs at you all, laughs long and hard from his grave.
    Terminus tela viaticus!

  14. #13
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    Quote Originally Posted by Carehn View Post
    Good lord! Do you people know what this means? With that 217 just sitting around in a bank its not helping anyone. They need to spend it fast! On anything. Just get the money flowing. At the very least they should light it on fire so stagnant money does not become a growing trend.

    No wonder Zimbabwe sucks. They don't spend enough and just look at what has happened. And most of you fools on this site actually call for less spending. lord maynard keynes laughs at you all, laughs long and hard from his grave.
    That Keynes guy is starting to piss me off...

  15. #14

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    Sounds like a balanced budget. Well done Zimbabwe.

    See what a reset does? The world doesn't end. It's painful for a short time but restarts and doesn't delay the inevitable anymore. The problem is when the reset is controlled once again by the same people that brought the economy to need a reset.
    Last edited by devil21; 01-31-2013 at 01:34 AM.
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  16. #15

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    Quote Originally Posted by TheGrinchWhoStoleDC View Post
    Yeah, if they can't figure out how to deficit spend, its their own fault. They're clearly not ready for democracy.
    They have no way to deficit spend. No one will lend them money.






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