The Zimbabwe dollar halved in value every five to 10 minutes on Friday as the country crumbled to depths disastrous even by its standards.
The meltdown was graphically illustrated by hyper-inflation - the Reserve Bank of Zimbabwe handed out the new Z$10 million and Z$100m notes to street traders on Friday, and is to release a Z$200 million note tomorrow. At the time of going to press, Z$100m was worth US$14.
The Reserve Bank is unable to print money fast enough to keep up with soaring prices, which double every 24 hours, and has tried to stamp out a thriving black market for US dollars.
Last week it dismissed the chief executives and senior managers at four banks, state media reported, saying they diverted large sums of Zimbabwean dollars to the black market before the notes were introduced.
Central bank governor Gideon Gono told the Herald newspaper the executives faced prosecution.
Referring to media reports that suggested the central bank itself had in the past purchased foreign currency from the black market, Gono said: "We are sick and tired of being labelled crooks."
Meanwhile British prime minister Gordon Brown added his voice to a chorus of international condemnation of Mugabe, saying the world should tell the 84-year-old ruler "enough is enough".
Brown branded the Zimbabwean government a "blood-stained regime" yesterday.
He urged co-ordinated international action to help Zimbabwe overcome food shortages and a cholera epidemic.
The US said at the weekend Mugabe's departure from office was long overdue and the food crisis and cholera epidemic meant it was now vital for the international community to act.
"It's well past time for Robert Mugabe to leave," US secretary of state Condoleezza Rice said in Copenhagen. Rice said the stalled power-sharing talks, a "sham election" earlier this year, economic meltdown and the humanitarian toll from the cholera epidemic required swift action. "Frankly the nations of the region have to lead it," she added.
Zimbabwe has declared an emergency and appealed for international help to battle a cholera outbreak that has killed 575 people with 12 700 reported cases of the disease, according to the UN. Zimbabwe does not have the funds to pay doctors and nurses or buy medicine and aid agency Oxfam said at least 300 000 people weakened by lack of food are in danger from the epidemic.
"Millions of people were already facing starvation. With unemployment over 80%, and food unavailable across the country, they now have to contend with cholera and other diseases as the water and sanitation systems break down," Peter Mutoredzanwa, director for Oxfam in Zimbabwe, said.
In the midst of the crises Zimbabweans are still being terrorised by Mugabe's regime. Fifteen Movement for Democratic Change activists were abducted six weeks ago, and are still missing.
MDC spokesman Nelson Chamisa yesterday appealed to SADC, President Kgalema Motlanthe and the African Union to "urgently intervene".
Peta Thornycroft, Basildon Peta, Stanley Gama, Eleanor Momberg and Reuters
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Some dimwits are not aware there there is an epic financial meltdown in the USA and that the effects are being felt in financial markets and economies all over the world.
It is propaganda: The self-righteous empire-builders see and harp on the speck in Africa's eyes whereas they are unable to see, or are unaware of, the log in their own eyes.
" .. "It's well past time for Robert Mugabe to leave," US secretary of state Condoleezza Rice said in Copenhagen. .."
It is noted that even those who have roots in Africa, collude with Africa's tormentors to decimate the Africans. For instance, Mobutu. Foir instance, Annan and Rice.
Consider this: Can you imagine Henry Kissinger applauding the imposition of sanction on Israel? Then can you imagine him sounding so clever and gleeful when talking about the human misery such a hostile action would unleash on the people of Israel?
But here is Rice - with an Africa beset by her eternal enemies and by her own diaspora.
And Rice will forever wonder about, and bemoan, the state of the black man in the world.
The financial crisis in the USA or rather the world has been around for less than six months. Zimbabwe has been on a decline for over six years. Anyway I though you said it was because of sanctions, not the sub prime?
Some dimwits are asking the countries involved in this epic financial meltdown for money to sort out their problems. Even worse some dimwits in the West are ssending it. Strange
It's actually very logical and has nothing to do with politics.
It's like this; pretend that Zimbabwe is a company, and that company's assets consist of all the goods and services produced in one year. To keep it easy, let's say that each share in that company is equal to $1Z, and that $1Z is also equal to $1US. Let's say there are a million shares in the company. That's $1,000,000Z or $1,000,000US. Everyone's happy because they know what their shares in the company are worth.
But then, say Mugabe decides that he needs more money to pay for some "extracurricular," activities that are not covered by the budget. So he says to the RBZ chief Gono, "I need more money, print some." So Gono does what he is told, and prints another $1,000,000Z and gives it to Mugabe. But what just happened to the value of the shares in the Zimbabwe company? Now $2,000,000Z is equal to $1,000,000US, so each share is only worth half it's value. Mugabe got the other half.
Then he does it again, this time printing $2,000,000Z. So now $4,000,000Z is equal to $1,000,000US. Now Mugabe has 75% of the shares or $3,000,000Z and the rest of the shareholders still only have $1,000,000Z.
Over time, as he continues to do this, the shares get smaller and smaller until people start raising their prices to compensate for their loss in value.
That's when Gono starts accusing people of being selfish, and so he prints more money!
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