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Desmond Kwande / AFP/Getty Images
Crippling inflation in Zimbabwe led the government to issue a 100 trillion-dollar note in 2009, leading to reforms that have tamed the cost of living but left the country with almost no cash.
Before you get depressed about the state of your finances, spare a thought for the nation of Zimbabwe, which as of Tuesday had exactly $217 in the bank.
That's 217 dollars, not $217 million or $217 billion.
Finance Minister Tendai Biti said Tuesday that that was all that was left in the country's public accounts after it paid its civil servants last week, the South African Press Association reported. He told reporters in the capital, Harare, that some of them were probably better off than the state.
After a decade of inflation hit 500 billion percent in 2008 — leading to the issuance of 100 trillion-dollar bills in Zimbabwean currency — the country switched to the U.S. dollar and formed a coalition government in 2009, which the International Monetary Fund credited in September with taming inflation and stabilizing the economy.
But the debt the country built up during those years of nationalist rule by President Robert Mugabe left it with a minimal tax base and few cash reserves, the IMF said, leaving Zimbabwe vulnerable to economic "shocks."
One of those would appear to be the regular wage bill for civil servants — which accounts for 73 percent of the national budget.
Biti, an opposition member of Mugabe's coalition, said the lack of cash threatened elections that are expected some time after a March referendum on a new constitution.
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"The government finances are in a paralysis state at the present moment," he said, adding that the country might have to seek donations to stay afloat.
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Mugabe runs Zimbabwe, like Young ran Detroit...same result.
Its that stinking Obama I tell ya!
He must have a hand in this somehow.
The Teapublican/GOP should take note this is what happens when you don't raise taxes when you should and try fly by night schemes like a trillion Dollar coin.
But the libs are claiming that Obobo just lowered taxes for everyone except the rich. And the trillion dollar coin was a product of the libs, as a way to avoid congress on the debt limit debate.
Really? Is THAT the lesson you're taking from this, Liz? You think this collapse is because taxes are too low?
Do you know anything about the economics of Zimbabwe? At all? Or their history?
I think they made a mistake and looked at my bank account instead.
At least the figure is in the black!
If Zimbabwe has $217 dollars in the bank that is a lot better than the US trillion dollar debt.
I'd take $217 versus -$Trillions
Is Zimbabwe for sale? I was looking for a third world country I could turn, maybe put up some new curtains or something, and rent it out.
The government most certainly is for sale. Find the minister of your choice and slip him a few thousand. Enjoy your new country.
the good news is that they can no longer print huge amounts of money which is what led to hyperinflation and I don't want to hear anything about the Federal Reserve
Man, and I thought I was dead broke!
Robert Mugabe and his friends know where the rest of the money is. Mugabe spends about $2 million per year celebrating his birthday -- twice a year. He also lives a life of luxury while the citizens starve and die of cholera. Typical dictatorship.
maybe a billionaire will buy out the country.
I guess I didn't inherit all that money from the barrister of this country. Maybe the relative that left me 12.3 million in South Africa is a better bet. lol
I have about $700 in my checking account. Can I buy Zimbabwe? I hear it's nice this time of year.
Do you think they would loan half to the USA? They seem to have a surplus!
Relax folks Obama can print more money. He has a few more Family outings planned this year
Everybody has a Zimbabwe in the family...no big deal.
Personally. I don't believe this article one bit. Why just the other day I got an email from a prince in Zimbabwe, and he said he was going to send me $93 million US dollars if I just sent him my bank account details! :-D
I say let Zimbabwe fall. Then, maybe they'll finally oust that @!$%# Mugabe. He's evil incarnate. As are all of his government and military lackeys. Let them collapse. His people won't know the difference, anyway, because he already keeps them in absolute poverty. But, those he pays to help keep his people down will turn on him, and they (and we) can finally be rid of that corrupt piece of @!$%#.
We will be Zimbawe if our dictator does not stop spending money this country does not have ......
+ $217.00 is alot better than - $16,000,000,000,000.00
The USA has almost 16.5 TRILLION in debt ... a debt we do not have the money to pay off ... so in the REAL world if our debts were called we have MINUS 16.5 TRILLION in the bank.
Whewwww! I just knew when I checked out this headline that I would find the U.S. to be the answer. It's nice to know someone has less money than we do.
That is $217 more than we have, the U.S. is 16 trillion in the red. We should be so lucky!
One of those would appear to be the regular wage bill for civil servants — which accounts for 73 percent of the national budget
I wonder how much of our budget goes for all civil servants jobs, health insurance and retirements?
I read the other day in California the civil workers out number the private sector 2.3-1 and here in Ohio we are 1-1
The bigger the government gets the more it takes to pay for all those jobs which do not produce a sell able product.
The #1 cause of municipal bankruptcies are unpayable pension obligations.
They're also extremely difficult to fix, because some states actually have it written in their CONSTITUTIONS that those obligations cannot be reneged, absurdly enough.
I can't imagine the mentality of the union worker that it's okay to drive a city to bankruptcy as long as it keeps paying people who don't work for it anymore.
Well that is 7.35 more than me...