Monday, November 10, 2008

10th November 2008

I said it was ominous, and it was. Today we are told the talks have collapsed with all SADC members siding with Mugabe in trying to persuade the MDC to accept the ‘joint allocation of the Ministry of Home Affairs’ to both ZANU PF and MDC. Tsvangirayi has rejected the offer, and well he should. How mischievous, how ridiculous, how unworkable the joint allocation would be. Do the negotiators really believe that such a compromise would work in favour of the ordinary Zimbabwean people?

And the stock market has responded. Today the ‘Old Mutual Implied Rate’ (The Old Mutual Implied Rate ('OMIR') is a broad unofficial proxy for the value of the Zimbabwe Dollar to the US$ based on the relative values of shares on the London and Zimbabwe Stock Exchanges) has lost 3,278% value in one day. The year-on-year percentage loss is 8.9 sextillion. That gives the reader some idea of the real rate of inflation in this once God given, now God forsaken country. To you, the readers, the numbers are meaningless. They are to us as well. The Zimbabwe dollar has, this morning, ceased to exist except in the minds of the few.

What next? Watch this space!!!!

1 comment:

Grum's Blog said...

Why not add a link to ZimbabweanEquities.com on your site?