In the last two days, the Zimbabwe stock market has crashed almost 10% as a 'not-military-coup' has ousted 93-year-old President Mugabe - the question is, what happens next?
Bloomberg reports that Zimbabwe President Robert Mugabe’s refusal to publicly resign is stalling plans by the military to swiftly install a transitional government after seizing power on Wednesday, two people familiar with the situation said.
That uncertainty is clearly showing up in Zimbabwe stocks...
The military wants Mugabe, who’s under house arrest, to agree to step aside so it can claim its action isn’t a coup and head off tension with the Southern African Development Community, which includes Zimbabwe and South Africa, the people said. The group previously intervened when the army took over in Lesotho.
However, as a reminder, Pedzisayi Ruhanya, the director of the Zimbabwe Democracy Institute, warns,
“Mugabe wants to die in office and is not interested in seeing his successor."
“He is not a student of democratic processes.”
Bloomberg goes on to note that the new rulers, headed by armed forces commander Constantino Chiwenga, plan to try and negotiate the establishment of a transitional government with the opposition until elections can be held to restore stability, the people said.
But first they want a deal with Mugabe, whose 37-year rule left an economy that has halved in size since 2000, a severe cash shortage that’s choking businesses and a collapse in government services.
The military has declined to comment on its plans.
“The military, or the people who are now in charge, obviously they have some respect for Mugabe -- he is someone who has led them for so many years,”Alex Magaisa, a Zimbabwean law lecturer who helped design the southern African nation’s 2013 constitution, said in a interview with Bloomberg Television in London.
“I think there is still some residual sympathy for him. They wouldn’t want to be seen to be mistreating him.”
The operation to take power had been planned for weeks but was accelerated after Mugabe fired his deputy Emmerson Mnangagwa, according to the people.
Many ordinary people simply hope that the authorities can improve daily life in Zimbabwe, where an estimated 95 percent of the workforce is jobless.The country doesn’t even have its own currency and relies mainly on the dollar.
“I hope and pray this takeover will bring lasting solutions for us,” said James Saunyama, as he collected his weekly allocation of $50 in coins from a bank in Harare.
“We’ve endured enough so this takeover must give us better and improved lifestyles going forward.”
The new rulers also want to repair relations with Western countries, who used to be among the biggest investors in the country, and international lenders, the people said.
They will seek investment from the more than 3 million people who left Zimbabwe because of the economic collapse including the white farmers driven off their land, the people said.
Mark Bohlund, Africa economist with Bloomberg Intelligence in London, expects Zimbabwe’s economic challenges to persist even if there is a power shift and the country adopts more orthodox economic policies.
“Expectations for quick progress toward receiving financial support and potential debt relief should be tempered,” Bohlund said.
“The huge challenges ahead and continued political uncertainty is likely to deter inward investment for many years to come.”
We leave it to Pedzisayi Ruhanya to sum things up...
“The chaos happening in Zimbabwe and ZANU-PF is what happens when the end of an authoritarian era approaches."
I have my 100 Trillion Dollar bill I bought off of Ebay.....It is fun to carry around...and try and pay for shit.
THE FARMER AT WAR
By Trevor Grundy and Bernard Miller
Published by Modern Farming Publications
Salisbury 1979
An interesting read...
BTF Zimbabwe D
Are you fucking kidding me?
Really?
Good luck with that.
A mother, beaten to death, lay with her young baby. The baby had also been savagely beaten. Their arms stretched out to each other, their hands resting an inch apart. The child’s hand was clenched. The mother had a hand squeezed tightly around her engagement ring, turned into her palm, as she reached for her baby in her dying moments.
How you put images in comments?
Thanks. Americans of European descent should be reminded that (to 3rd Worlders) we are just as much a part of The Empire as the Rhodesian pioneers. Of course, the poor farmers never really profit from The Empire, but the (((Rothschilds))) and Royalty have, and they are still in power, more willing than ever to throw common Europeans/Americans to the hordes.
5 years ago I bought one of those for $5 US at my local coin shop.
I will buy Zimbabwe with 1 bitcoin.
MUHAHAHAHAHA
Step DOWN Franken !!!
OH WHAT A GREAT DAY!!!
http://www.kabc.com/2017/11/16/leeann-tweeden-on-senator-al-franken/
Senator Al, the Sleeping Gal's Pal
Even better than his diaper pic by X1000
Oh that is too fuckin juicy! Okay Al, what's your explanation? Fucking idiot.
Does Al have dual-citizenship? He might want to call Priceline about Tel-Aviv
Kosher Fucking Klown
What? Zimbabwe market has crashed? Damn... I knew I shouldn't have put everything in to loincloth and nose bone futures.
Long spears and war-drums.
That and stewing pots.....
Zimbabwe has a stock market? Is that where Pets.com went in 2001?
“The chaos happening in Zimbabwe and ZANU-PF is what happens when the (end) beginning of a new authoritarian era approaches." fixed it for ya ;-)
Fuck, Zimbabwe has a stock market? Wow....
i didnt know they have stocks in africa. is not what bob geldoff said...
If it weren't for those meddlesome White People
They'd STILL BE KANGZ
Zimbabwe has a stock market?
NAZBLAQ
All the zimmy's have to do is hope harder, works for our stawk mawket.
If Zimbabwe went to a gold and silver backed currency the lemons on ZH, will still laugh and ridicule, while not looking at the irony of the FED Quantitative Easing to the moon and back. Zimbabwe, Argentina and Venezuela print money and FOREX reacts.
The FED, BOE. BOJ and ECB print money and everything is just fine and dandy. No jokes of the $1 trillion U.S dollar and that is the real joke, because our money printing does not count when it comes to FOREX. The so-called "INTERNATIONAL MARKETS" just don't react. Oh please...
Financial death is coming to the USSA very soon. I just hope some of you guys, have the same sense of humour when it is you and your neighbours getting clubbed like a seal by the banksters and the international order.
TBH even if Zimbabwe had honest money and it was backed by something, FOREX would still rig it that the paper FIAT of the USSA and the west, despite being backed by nothing, having more debt and unfunded liabilities. It' all rigged and that's the tragedy of it all.
And if pigs had wings they'd be super-sonic.
Do you have a point?
They have a stock market? WOW.
I didn't even know they had a stock market.