Zimbabwe Currency Collapse

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The leadership in Zimbabwe finally gave in and acknowledged that it can’t print its way to prosperity. This statement makes me hopeful that things may get better for the people of Zimbabwe who have been ravaged by their government:

Company records can be in either US dollars or rands, and people can trade in “any currency that a trader wants to receive”.

However, the state also needs to allow the free market to work in the other areas that it has oppressed. Of course, the US is doing its part to keep the people of Zimbabwe in a desperate situation:

The US has extended sanctions on Zimbabwe for another year, citing insufficient evidence of effective governance and of respect for human rights and the rule of law.

H/T to Tim Swanson

2:57 pm on April 16, 2009