NO JOKE: Zimbabwe Has $217 Left In The Bank

Zimbabwe Is Down to Its Last $217 - No Joke

There are cash-strapped governments and there are broke governments.  And then there's Zimbabwe, which, after paying last week's government salaries, has just $217 left in the bank.  No, we didn't forget any zeroes to the end of that figure.  Zimbabwe, the country that's home to some of the world's largest platinum and diamond reserves, literally has the same financial standing as a 14-year-old girl after a really good birthday party.

The country's finance minister admitted as much in a press conference on Tuesday.  "Last week when we paid civil servants there was $217 left in government coffers."

Smiling Through The Spendocalypse

Lost in the president’s hyperventilation is the fact that under sequestration the federal government will spend just 1.5 percent less this year than it would like to, and still slightly more than it spent in 2012.  Indeed, it will spend more than it has in any year in history save one (2011).  And even discretionary spending, which takes the brunt of the cuts, will be set at — shock, horror — 2009 levels.

Austerity, this is not.

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The rest of today's links.

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Bonus clip:

STUDY - Memory Of Chimps 'Far Better Than Human’

Comments

[DailyBail]

Wall Street Takes Over Its Regulator

http://www.testosteronepit.com/home/2013/2/11/wall-street-takes-over-its-regulator.html

“Former employees of the SEC routinely help corporations try to influence SEC rulemaking, counter the agency’s investigations of suspected wrongdoing, soften the blow of SEC enforcement actions, block shareholder proposals, and win exemptions from federal law.”

[DailyBail]

Budget Hawks Till Something Gets Cut In Their Districts

http://www.testosteronepit.com/home/2013/2/20/budget-hawks-till-something-gets-cut-in-their-districts.html

[DailyBail]

Meanwhile In Zimbabwe: 9 Million Percent Inflation

http://dailybail.com/home/meanwhile-in-zimbabwe-9-million-percent-inflation.html

[DailyBail]

At 89, Mugabe sees "divine" mission to rule Zimbabwe

http://www.reuters.com/article/2013/02/21/us-zimbabwe-mugabe-idUSBRE91K0QN20130221

Published today by Reuters

[DailyBail]

NEW YORK (MarketWatch) — Federal Reserve officials downplayed the risks of asset bubbles and balance-sheet losses, both of which hint the central bank’s extraordinary bond purchases may continue for some time, according to speeches and a media report released Friday.

http://www.marketwatch.com/story/bubble-loss-concerns-played-down-by-fed-officials-2013-02-22

[DailyBail]

Euro-zone economy to shrink again in 2013

http://www.marketwatch.com/story/euro-zone-economy-to-shrink-again-in-2013-eu-2013-02-22

[john]

Zimbabwe: Israeli Agents Rig Results

http://allafrica.com/stories/201308020997.html?aa_source=mf-hdlns

Harare — IN a dramatic move which consolidates reports Wednesday's general elections results were largely rigged, shadowy Israeli security company Nikuv International Projects Ltd (NIP)'s founder and CEO, Emmanuel Antebi, was reportedly in the country on Tuesday to meet President Robert Mugabe and other senior Zanu PF officials a day before the elections to finalise the deal to engineer the results, it has emerged.
NIP, which was in 1996 taken to court in Zambia over vote rigging allegations as reported by the Zimbabwe Independent recently, deals with voter registration, creating and printing of the voters' roll, demarcation of constituencies, voter registration cards, nomination of candidates and election results.

[Anderson]

This seems to be clear cut balance sheet problem. The government do not seems to have kept a good book keeper on a funny note. Talking seriously it seems that the Zimbabwean government is almost bankrupt. The government do not seems to have money even to spend the basic needs of the people. But the government seems to be a bit overconfident, even after being in such a horrible state they think they can be able to spend as much as they did in previous financial year. The case needs to be studied by good book keepers and the solutions have to be generated before the situation goes out of the hand.