Teenage boy rapes 11-year-old neighbour in bush, silences her with RTGS$2

A 17-year-old juvenile who raped his 11-year-old neighbour in the bush and gave her a $2 bond note bribe for her not to reveal the abuse was on Monday jailed five years by a local magistrate. The teen denied the charges but was convicted by magistrate …

A 17-year-old juvenile who raped his 11-year-old neighbour in the bush and gave her a $2 bond note bribe for her not to reveal the abuse was on Monday jailed five years by a local magistrate. The teen denied the charges but was convicted by magistrate Loice Mukunyadzi due to overwhelming evidence against him. “What […]

YOUR RIGHTS WERE NOT VIOLATED : MAGISTRATE TELLS MAMOMBE

A HARARE magistrate yesterday dismissed an application by MDC-Alliance legislator for Harare West Joanah Mamombe challenging her placement on remand.

Mamombe is facing allegations of subverting a constitutionally elected Government.
Magistrate Mrs Rum…

A HARARE magistrate yesterday dismissed an application by MDC-Alliance legislator for Harare West Joanah Mamombe challenging her placement on remand. Mamombe is facing allegations of subverting a constitutionally elected Government. Magistrate Mrs Rumbidzai Mugwagwa placed Mamombe on remand pending trial. She was remanded in custody to March 19 and was advised to seek bail at the High Court as

I WILL NEVER CHALLENGE CHAMISA : NCUBE

MDC Alliance deputy president, Professor Welshman Ncube, has joined a slew of the opposition party’s sycophantic officials who are shielding party leader Mr Nelson Chamisa from possible challenge at the elective Congress slated for May by insinuating t…

MDC Alliance deputy president, Professor Welshman Ncube, has joined a slew of the opposition party’s sycophantic officials who are shielding party leader Mr Nelson Chamisa from possible challenge at the elective Congress slated for May by insinuating that any challenge to the presidency would be a “political miscalculation.” Prof Ncube’s sentiments are in sync with those of the MDC Harare Youth

The Mighty US Dollar

When we were discussing changes to the multicurrency system we introduced in February 2009 I argued that a transition to the predominant use of the United States dollar was inevitable. Over 70 per cent of all the cash transactions in the world are in USD. It is the currency of choice for holding savings and […]

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When we were discussing changes to the multicurrency system we introduced in February 2009 I argued that a transition to the predominant use of the United States dollar was inevitable. Over 70 per cent of all the cash transactions in the world are in USD. It is the currency of choice for holding savings and wealth and for transactional purposes in international trade.

Source: The Mighty US Dollar – The Zimbabwean


Printing money, either in an electronic form or on paper is one of the largest business activities in the States and the profits made in such activities are one of the largest contributors to the US Federal Reserve and the US Fiscus.

Many attempts have been made to unseat the dollar from its preeminent position in global affairs to no avail. The Pound, the German Deutschmark, the Yen, the Yuan and the Euro have all tried at one time or another to take the position of the dollar as a reserve currency, with little or no impact. Even China holds is monetary reserves in US currency.

The consequences for the global system of monetary stability and liquidity have been enormous – even difficult to quantify. When the world financial system was threatened by the 2008 banking crisis due to inflated bank assets in the USA, the United States Treasury started to print money to support global markets and in the next few years a torrent of new currency poured into global markets on a scale never seen before.

In any other country such activity on this scale would have triggered a collapse of the currency and massive inflation, in the US nothing happened – not even a blip on a screen. The US dollar maintained its value and US inflation remain low and steady. The flood reduced global interest rates to where countries and companies with a sound record could borrow funds at very low rates and in quantities that bore little reference to the real assets involved.

Countries like China and Japan were able to borrow loans that now exceed their GDP by as much as three times – they simply borrowed money to service debt when it came the time to repay the liability. The costs of such huge liabilities being easily carried by their growing economies. The danger for such States – even China, is that with such huge debts any reduction in growth rates and any rise in global interest rates will quickly threaten their stability in fiscal and monetary terms.

These are the very real rocks in the river that seems today to flow smoothly into the future. The danger signals are there – slowed growth in China is already a factor. When Zimbabwe was living beyond its means from 2013 to 2018, it printed money in electronic form to cover the fiscal deficit. The accumulation of such liabilities – Treasury Bills, Debentures and RTGS balances created a mountain of debt that threatened the stability of the State.

When Mthuli Ncube walked into his new Office in the Ministry of Finance he found that the situation was almost totally out of control. He brought it to our attention and said the truth – what is in our bank accounts are not US dollars but something else and they do not have the same value. The markets imploded and continue to be in a shambles. The open market rate collapsed from 1,4 to 1 against the US dollar to 7 to 1. Inflation soared to hyperinflation levels and living standards plummeted.

To restore order, he had to stop the bleeding and this he did in weeks – raising taxes and holding down State expenditure. Since then we have operated at a surplus and this has brought stability back into the market. But monetary stability eludes us and the decision to float the RTGS dollar against the USD is a start. We are confident that this decision – once implemented properly, will gradually strengthen the local currency and restore stability in both the rate of exchange and the inflation rate.

But the cost to us as Citizens has been enormous – our spending power has all but collapsed and our living standards declined. We are paying a very substantial price for the delinquency of the past. But this is the only way forward and by returning our export industries to profit, we are laying the foundation for rapid economic growth – this will, in turn, lead to a rise in incomes and living standards, but we have to work and work hard. We must become productive and create jobs on a massive scale to absorb the 400 000 job seekers we create each year.

The existence of massive sums of liquidity in global financial markets is in many ways the key to this – we need to be able to tap into those resources at global costs of borrowing to be able to invest in our infrastructure and productive capacity. To do so we need access and this then turns our attention to the US dollar as a global policeman and bully.

I wonder if the United States fully understands how much damage they are doing to their own system which has served them so well in the past half-century. We are fed up with massive fines for perceived violations of US regulations, of arrests and trials of executives and banks for sanctions violations just because we use US dollars for a commercial transaction that otherwise would not receive any attention.

The whole basis of sanctions on us, Iran and Angola imposed by the USA is control over the use of the US dollar in international trade and financial transactions. These restrictions have become so serious that Commercial Banks in countries like Zimbabwe find it increasingly difficult to conduct the business of any kind internationally. Unlike the USA our economies are very open to world trade and commerce and it is essential for us to be able to operate freely on global and regional markets.

The use of the global settlement system – the Swift Codes and other mechanisms in addition to almost total universal surveillance of US dollar transactions, even for transactions that have no bearing on US interests, is proving to be a very serious impediment to global trade and business in general.

Does the United States really think that they can sustain such a system indefinitely? If so they are sorely mistaken because it is only a matter of time before the power of blockchain and other electronic systems are used to usurp the position of the US dollar and the country most affected will be the USA itself.

The task of international settlements between banks and business is about to go through a revolution no less transformational than the internet itself. The impact on banks as business entities are already dramatic and the next decade is going to be a decade of making global business a simple clearinghouse in the cloud. Low cost and instantaneous, these new electronic forms of currency and means of transacting will transform business.

In the meantime, the sooner we get our own currency and introduce it as the main form of transactions on a secure and convertible basis in local markets, the better.

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Attacks on Mwonzora  bad for democracy

Source: Attacks on Mwonzora  bad for democracy | Daily News IN THE past two decades or so, ordinary Zimbabweans have had to contend with the political banter — a form of teasing either opponents or allies — which normally ends in a pleasant way, at least according to the dictionary. Political banter is deeply rooted […]

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Source: Attacks on Mwonzora  bad for democracy | Daily News

IN THE past two decades or so, ordinary Zimbabweans have had to contend with the political banter — a form of teasing either opponents or allies — which normally ends in a pleasant way, at least according to the dictionary.

Political banter is deeply rooted in mature democracies where nothing is taken personal. Sadly, in these parts of the world political banter appears to have a different meaning and increasingly those who promote it are beginning to find that there is very little difference between hate speech and political banter.

Nothing ends in a pleasant manner along these shores where politicians and their supporters are averse to criticism. “Both Zanu PF and opposition politicians have apparently mutilated political banter to inflame emotions and deliberately, at least judging by so many incidents, raising unnecessary tensions in the communities.

Take for example the current attacks on MDC secretary-general Douglas Mwonzora who has been  accused of being an appendage of Zanu PF and working to destabilise the country’s largest opposition party ahead of its crucial elective congress set for May.

The accusations are coming from senior MDC officials who are angling for top positions at the congress and who view Mwonzora as a possible threat either to interim party leader Nelson Chamisa or those eyeing the vice presidents’ post. This is not the right way of enhancing democracy and certainly the allegations against Mwonzora are not only unpleasant — but are intended to characterise him as a snitch –— when all along colleagues were happy to have him as one of their leaders.

Mwonzora was last week “mischievously” backed by Zanu PF youth league deputy secretary Lewis Matutu to beat Chamisa at the congress and this statement was deliberately used to malign the Harare lawyer and accuse him of being a Zanu PF plant.

How ironic is this characterisation of Mwonzora and how curious is it that these allegations are always levelled against any official who appears to express independent opinion with regards to MDC elections?

Thokozani Khupe, Tendai Biti, Welshamn Ncube and Elton Mangoma have all been previously labelled Zanu PF for holding different views and challenging the party’s leadership on pertinent issues and procedures relating to internal polls?

History is repeating itself! The current attacks on Mwonzora serve to audition a bad culture being promoted in the MDC and surely this cannot pass off as political banter.

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