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HARARE, Zimbabwe, April 25 — How bad is inflation in Zimbabwe? Well, consider this: at a supermarket near the center of this tatterdemalion capital, toilet paper costs $417.
No, not per roll. Four hundred seventeen Zimbabwean dollars is the value of a single two-ply sheet. A roll costs $145,750 — in American currency, about 69 cents.
The price of toilet paper, like everything else here, soars almost daily, spawning jokes about an impending better use for Zimbabwe's $500 bill, now the smallest in circulation.
At the same time, Mr. Mugabe's government has printed trillions of new Zimbabwean dollars to keep ministries functioning and to shield the salaries of key supporters — and potential enemies — against further erosion. Supplemental spending proposed early in April would increase the 2006 spending limits approved last November by fully 40 percent, and more such emergency spending measures are all but certain before the year ends.
and we wonder prices go up???
injecting more money is an attempt at maintaining the status quo and keeping house prices high.
well what we were doing before wasn't working. why continue it?
__________________ "There are two categories of superbowl participants that nobody remembers:
The team that lost the game and the team that only won one." Dwight White- Steelers
Last edited by MrBigglesWorth; 09-28-2008 at 07:08 PM..
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Re: Injecting more money into the economy worked for Zimbabwee
Originally Posted by MrSparkle
Just how overvalued is the housing market right now?
Where is it the worst?
It is difficult to answer that question because it depend on a lot of factors. First, how difficult it will be to get a mortgage, what the interest rates will be and finally, how the economy fairs moving forward.
Home values must reflect the average household income in a given market. So let's say the average HH income in Plymouth is $60K. That means a family earning $60K has to be able to afford an entry level home.
Right now, $60k is enough to afford a $230-$250K home. So when the average entry level home in plymouth, MA falls in that range, the market will start moving again.
Keep in mind, there is no way to stop real estate from continuing to decline unless they go back to subprime mortgages...and we know that isn't going to happen. "Pumping money" into the economy will have no impact upon home values.
The ONLY thing that will help real estate is to make homes more affordable. And that means prices still have to come down a bit. In eastern MA, I'd say about another 10-15% will do it.