Zimbabwe Bank Issues $10million Bill

Just when you think it could not get any worse in Zimbabwe (Rhodesia) the central bank has issues a 10 million dollar bill. The country or what is left of it is prime example of what happens when a communist thug dictator takes over. Zimbabwe, which used to be known as the breadbasket of Africa has suffered hyperinflation for years as Robert Mugabe and his henchmen destroy the country from within. It’s too bad the left in the west refused to support Ian Smiths minority government. If the rest of the world had worked for a true democratic transfer of power were everyone’s right were respected the long suffering of the people could have been avoided. This is has happened country after country in Africa when left wing communist backed guerillas seize power after the Europeans left.

Below is the article from the Daily Mail.
Last updated at 12:47pm on 19th January 2008
Forget the glitzy restaurants of New York and London: only in Zimbabwe would a hamburger actually cost millions of dollars. The central bank of the southern African country has a issued a 10million Zimbabwe dollar note. The move increases the denomination of the nation's highest bank note more than tenfold.
Even so, a hamburger in an ordinary cafe in Zimbabwe costs 15 million Zimbabwe dollars. The hope is that such a move will help end chronic cash shortages and disperse long, chaotic lines at banks and automated teller machines. Reserve Bank Governor Gideon Gono said in a statement the 10 million Zimbabwe dollars notes will be issued along with 1 million and 5 million Zimbabwe dollars bills. Previously, the highest existing note, introduced last month, was for 750,000 Zimbabwe dollars. The new 10 million note is the equivalent of about £2 at the dominant black market exchange rate. A hamburger at an ordinary cafe costs about 15 million Zimbabwe dollars (£3). That hamburger has trebled in price this month amid shortages of bread, meat and most basic goods. Zimbabwe faces the world's highest official inflation of an estimated 25,000 per cent. Independent financial institutions say real inflation is closer to 150,000 per cent.
Acknowledging the inflation crisis, Gono said individuals would be allowed to withdraw an increased limit of 500 million Zimbabwe dollars (£100) in a single daily withdrawal, up from 50 million (£10). He said special arrangements were being made to pay soldiers, police and other uniformed services "because it is not desirable to see them queuing for cash". Gono said with higher denomination bills businesses might be tempted to again raise prices of scarce goods. "If this happens the whole objective of solving the cash shortages and to bring convenience to the people will be defeated," he said. In August 2006, the central bank slashed three zeros from the nation's old currency