Current Shamrock Missive

From the Publisher's Desk
July 2008

"Dans ce meilleur des mondes possibles..tout est au mieux." or "In this best of possible worlds.all is for the best."
Voltaire (1694-1778) Candide (1759) ch. 17!"


Coming Soon To Your Country?

That's what it takes to buy a cheap dinner for four in Zimbabwe. around 25 billion Zimbabwe dollars today.
 
The Zimbabwean "government" issued its first 500 million dollar bill late last week -- a testament to the power of fiat money and government recklessness.
 
Under Robert Mugabe's watchful eye, the Zimbabwe inflation rate has reached a milestone: 165,000% since 1980. Back then, the U.S. dollar and the Zimbabwe buck were nearly equal in value. Today, your average $200,000 home in the U.S. would cost over 50 trillion Zimbabwe dollars. In other words, the latest Zimbabwe bill -- the mighty
half-billion note -- is "worth" around US$2.
 
Prices for goods in Zimbabwe nearly double every week. Note-strapped banks run out of cash by 10 every morning. And the nation's central bank has issued eight new multimillion-dollar notes this year just to keep up. The unemployment rate is estimated at 80%.
 
Kudos to President Mugabe. He's really doing a bang-up job. And. he's just received a shipment of 3 million AK-47 bullets from China to ensure that he can keep doing such a great job after his so-called election.

See you next issue

Shamrock

"The people never give up their liberties but under some delusion."
- Edmund Burke, 1784

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