But his greatest legacy to Zambia and the rest of Africa will be his role as an anti-corruption crusader. He served as vice president for his predecessor Frederick Chiluba. Before the world even knew that Chiluba was a crook, Mwanawasa resigned as vice president, citing widespread corruption in the administration as the reason. Chiluba actually endorsed Mwanawasa when he ran for president in 2000, hoping the future president and former ally would quash the corruption investigation and impending indictment against him. This was to no avail, as the investigation proceeded under Mwanawasa, and an indictment was eventually handed down against Chiluba. More recently, Mwanawasa has been the most outspoken foreign critic of the brutal regime of Zambia’s neighbor, Robert Mugabe.
Levy Patrick Mwanawasa will be remembered as the African leader who truly had the best interests of his people in his heart. His strong character and sensible policies have been responsible for the enormous progress Zambia has made in building a resilient democracy and a more prosperous economy during the last seven years.
The Miracles of Central Banking
Imagine money that has an expiration date, eleven zeros and is still virtually worthless. Well, don’t imagine too hard because in reality this currency exists – the Zimbabwean 100 billion dollar bill. With inflation in Zimbabwe officially at 2.2 million percent, the central bank in Harare already has had to issue new high denomination notes eight times this year to battle the enormous cash shortage. It all began in January, with the issuance of a 10 million dollar note. In April, a 50 million dollar note was issued, followed in rapid succession by a 100 million, 250 million, 5 billion, 25 billion and 50 billion dollar note in May. Then in July, the 100 billion dollar note was issued. Needless to say, continuing to print high denomination notes is only worsening the inflation situation, and is increasing the likelihood of even larger notes in the near future. But then again, what is a central bank to do after it has begun the process of debasing its fiat money system in order to satisfy the political whims of a dictator?
Article comments
1 - Zak Carter
The differences between McCain and Obama are minimal, when you consider that both believe big government can save you from yourself, and that we can save other nations from themselves as well. I will not play along with the game of lesser of two evils, as I believe that is part of what has plunged this nation into the mess we find ourselves today.
Please visit this site and give liberty a voice in the Presidential debates and beyond.
2 - Ruvy
Kenn,
There is a bright side to the inflation in Zimbabwe - Mr. Mugabe is succeeding in training a whole generation of kids who will be able to calculate the astronomical distances between stars in their heads - if they get enough food to live to look up to the sky.
An example of how this might work from a theoretical Burger King in the capital:
Kid walks in with a lunch order
Two whoppers with cheese, 2 large orders of fries and two large Cokes. The cashier rings up the bill.
$2.5 million a piece for each whopper with cheese (on sale)- total, $5 million;
$1.5 million for the two large fries;
$2 million for the two large Cokes;
Subtotal: $8.5 million
Inflation fee (reflecting the rate of inflation: $1.32 million
Subtotal: $9.82 million
Sales tax (12%)$1.1784 million
Total bill: $10.9984 - $10,998,400
Kid pulls out a $50 million note, apologizing that he has nothing smaller....
Change returned: $39.0016 million $39,001,600 dollars.
Doing numbers like this in your head will make you a wizard in math in no time....
3 - Dan Miller
Ruvy,
There is, I suppose, an upside to everything. Question, though: Do they have pocket calculators over there?
Dan(Miller)
4 - Ruvy
This kind of math isn't that hard, Dan. The real toughie is what do they do with the spare $100 bills? Do they use them for toilet paper? If they do, is Mugabe's face on the bill, at least?