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Steve Hanke is a professor of applied economics at The Johns Hopkins University and senior fellow at the Cato Institute. He is a columnist at Forbes and a regular contributor to The Wall Street Journal. Over four decades Hanke has advised dozens of world leaders from Ronald Reagan to Indonesia’s Suharto on currency reforms, infrastructure development, privatization, and how to tame hyperinflation. You can follow him on twitter @steve_hanke.
United States (US) economist, Steve Hanke, says President Emmerson Mnangagwa is not only corrupt but "totally ignorant" when it comes to economic issues.
In a tweet, Hanke said the Zimbabwe dollar has depreciated by 93% against the United States dollar since the local currency was reintroduced in 2019. He said:
Corrupt @edmnangagwa brought back the Zimbabwean dollar 2yrs ago. Since then, the Zim dollar has depreciated by 93% against the mighty USD. President Ed is not only corrupt but, when it comes to economics, he is totally ignorant. https://twitter.com/steve_hanke/
This comes as the forex rate has plummeted on the black market, with the currency changing hands for up to Z$200 per US dollar, while the official rate is pegged at Z$90.
Meanwhile, the Confederation of Zimbabwe Industries (CZI) – the largest representative body for local business, has warned that the country’s currency is in danger of collapsing as businesses resort to United States dollar transactions.
In a tweet on Tuesday, Hanke said threats by the Zimbabwean government to suspend businesses using black market rates will end in tears. He wrote:
"Zimbabwe's currency is in a "death spiral". Now, the corrupt government is threatening to suspend all businesses using black-market exchange rates to price goods. I’ve seen this movie before. It has a tragic ending."
Zimbabwean authorities have in recent weeks arrested scores of foreign traders accused of manipulating the volatile Zimbabwean dollar by trading on the black market.
But in a letter to its members, CZI said it had cautioned the government against clamping down on firms and traders. It said: The greatest risk facing the economy right now is an inappropriate policy response to the rising parallel market premium. Clamping down on informal exchange trading in the absence of a viable formal market will have catastrophic consequences for the economy.
"Every day I publish Hanke's #InflationSatellite. It's an interactive map that contains my accurate, up-to-date #Inflation measurements & black market (read: free market) data for 40+ countries. It is updated daily & currently contains data as of 10/13/21 Zimbabwe heading for the top od this unenviable chart with 98% Inflation - so far. Steve Hanke on Zimbabwe's Inflation Horror
In the midst of this attack on Mnangagwa's poor leadership, vision and past record of failure, the OCCRP have exposed yet more corruption in Zimbabwe - with apparent Government involvement.
More Corruption in Zimbabwe - Direct link to OCCRP Research
Steve Hanke on Twitter Yet More Zimbabwe Corruption
Kudakwashe Tagwirei, who is close to Zimbabwe’s president and his inner circle, leveraged his privileged access to fuel and mining markets to strike a lucrative partnership with commodities giant Trafigura. Sanctioned by the U.S. and U.K. for corruption, Tagwirei continued to do business by relocating his network to Mauritius.
Key Findings
- Tagwirei has earned at least $100 million in fees from a partnership with Swiss-based Trafigura. Together, they have profited extensively by dominating Zimbabwe’s fuel market since 2013.
- Trafigura quietly extended $1 billion in loans to the Zimbabwean government, at exorbitant interest rates.
- As controversy grew, Tagwirei moved his business network offshore to Mauritius, where he secured a new near-monopoly fuel deal with the government. He is still active in mining and fuel deals in Zimbabwe.
- Government officials appear on key company records and Tagwirei’s own correspondence, indicating that there might be more powerful people behind the network
The payments made to Tagwirei raise a red flag, according to Global Witness’s Natasha White.
“Red flags include the personal involvement of politically exposed individuals in such deals. It would be extremely concerning if payments have been made into a personal account of Tagwirei by Trafigura, whether or not he was sanctioned at the time,” she said.
https://www.zhro.org.uk/human-rights-uk/77-petition-to-stop-mnangagwa-going-to-cop26
This article explains the insensitive invitation and links to both an online petition to oppose Ed's visit and the physical petition hand over to Boris Johnson on the 21st October 2021, the UK Prime Minister to block Mnangagwa and his 70 strong "team" of hangers-on and "security staff" LOL
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If ever there were proof positive that the whole climate agenda is one massive Governmental {World Governmental} inspired 'tax-based' confidence trick, then the spectacle of Zimbabwe joining the fray says it all. Zimbabwe President is visiting COP26 Glasgow 31st October -12th November 2021.
Zimbabwe since "Independence" in 1980, has been ruled with a fist of iron, in an iron glove by Robert Mugabe up till 2017, and now by his violent henchman Emmerson Dambudzo Mnanagawa. No infrastructure has seen any useful form of maintenance since 1980 - looting these funds has far more "appeal" to those in power.
Human Rights? - forget it. Soldiers shooting citizens - check; Abduction of opposition members - check; Torture as a means of control - check [and just for good measure Zimbabwe is one of only a handful of Nations who have NOT signed-up for the "Convention Against Torture"]; State sanctioned corruption - check; Looting of funds for Hospitals and Medical Centres - check; State Controlled Media [TV, Newspapers, Radio] - check; They even have a "spokesperson" to gloss over all the failures, lies and corruption - Nick Mangwana [Mangwana means "tomorrow" in the Shona language]. Oh yes, and Vote Rigging, Voter Intimidation etc, you name it - check:
Make no mistake on all measures Zimbabwe is a FAILED STATE. Zimbabwe Human Development Index: Rank 156: Zimbabwe Corruption Rank: Rank 154! Take your pick these numbers are not good WORLD RANKING ZIMBABWE
For Zimbabwe to be lauded by the UK Embassy in Harare [See Tweet, right dated 15th September 2021], and a similar report by Reuters [25th September 2021, below] to be at the fore front of the climate initiatives, really sticks in the throat. The quote [from a Zanu PF source] is breathtakingly ironic: "fully conditional on affordable international financial support, investment, technology development and transfer and capacity development"
This reeks of "show me the MONEY! Show me the MONEY! On past performance none of these empty, gesture political statements will benefit Zimbabwe - but these naively dispatched funds will enrich those within the elite of the Zanu PF Junta!
Unbelievable - who is "promoting" this Junta? BUT IF YOU OPPOSE THIS OUTRAGE [OF INVITING MNANGAGWA AND up to 70 ZANU PF] to COP26 -SIGN OUR PETITION AT THIS LINK
see our Twitter Petition request too
Sept 25 2021(Reuters) - Zimbabwe has adopted a more ambitious target for emissions reduction ahead of a United Nations climate conference in November, the country's new climate change plan showed. https://www.reuters.com/world/africa/zimbabwe-bolsters-emissions-targets-ahead-climate-summit-2021-09-25/ The southern African country is now committed to a 40% drop in greenhouse gas emissions by 2030 across all sectors of the economy, compared to a "business as usual" scenario in which emission reduction policies are not implemented. Zimbabwe had previously committed to a 33% emissions reduction in its first Nationally Determined Contribution (NDC) in 2017. NDCs are non-binding plans for climate action submitted by countries since the Paris Agreement of 2016. The new target is for Zimbabwe's total greenhouse gas emissions to be curbed to 44.7 million tonnes of carbon dioxide equivalent (Mt CO2e) by 2030. If no action is taken emissions are projected to hit 75.4 Mt CO2e by then. Emissions in 2017 were 35.84 Mt CO2e, according to the NDC's most recent national-level estimate. The biggest source of Zimbabwe's greenhouse gas emissions is the agriculture and forestry sector, with the energy sector ranking second. Thermal power generation is the main driver of energy sector emissions. Zimbabwe's mitigation measures include creating 500,000 more hectares of forest land by 2025, adding 2,098 megawatts of capacity through microgrids by 2028, and expanding solar power capacity. Zimbabwe has separately committed to increasing electricity and coal supply to the iron and steel sectors, though, which will add to emissions. The NDC did not mention plans to curb coal mining or coal-fired power.
In a plea to the international community, Zimbabwe said compliance with its new targets is "fully conditional on affordable international financial support, investment, technology development and transfer and capacity development". The 26th United Nations Climate Change (COP26) conference is scheduled to take place in Glasgow, Scotland, from October 31 to November 12.
Reporting by Helen Reid Source as Web Link above
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The following "fluff" piece [of blatant propaganda] was penned by the self professed Dr Masimba Mavaza - a Zanu PF apologist here in the UK.
His reporting of the call for "unity" by this UK cabal, is of particular concern, considering the blatant and often inflicted violence on MDCA members in Zimbabwe. To expect those who have fled Zimbabwe due to oppression and violence, to forgive and forget is disingenuous to say the least. So the question remains, "Why and How are Zanu PF UK allowed to be in the UK when they are clearly linked to the terrorist host organisation in Zimbabwe. Are they here to do Zanu PF's 'laundry'? Are they here to lobby the Home office and the Foreign and Commonwealth Office to 'paper-over' the oppression and corruption in Zimbabwe? Are they here simply to cause confusion and to infiltrate the legitimate diaspora - with the Zanu PF Junta's violent agenda?
These questions need answers, these members of Zanu PF UK need investigation. Their corporate shareholdings and directorships need to be investigated with a view to pin-pointing their "source of funds". We have started our dossier already.
ZANU PF UK AND ENGLAND [Europe] had their first post-COVID general meeting on Saturday in Northampton, [Northamptonshire,] Midlands in England. The meeting came [about] when [due to] the President of Zimbabwe, cde Emerson Dambudzo MNANGAGWA is marked to visit the United Kingdom in October soon after the ZANU PF 19th Conference in Bindura. [to speak at the COP26 Climate Event in Glasgow - 30th October - 11th November 2021]
The meeting in the UK was chaired by the most senior executive member cde Xavier Muneyi Muzukuru Zavare who is the secretary for Administration and the acting chairman. Cde Xavier Muneyi Muzukuru Zavare became the acting chairman by the action of the law following the death of cde MASIMBA TAWENGWA who passed on in January 2021 due to COVID-19.
In ZANU PF when a chairperson of the party in any portfolio dies the next senior position holder becomes the acting chairperson. In the case of ZANU PF UK cde ZAVARE as the secretary of Administration is a lawfully acting chairperson. ZANU PF UK has been rocked by bickering of positions and looks divided with cde Marshal Gore who is the deputy secretary of administration claiming to be the legitimate Chairman. Cde Gore even though not supported by the ZANU PF constitution is being supported by few heavy weights he claims are at the Head Office and few government officials. Cde Gore did not attend the general meeting which was attended by hundreds[??] of people.
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The Zimbabwe Human Rights Organisation (ZHRO) is rallying its members to a peaceful planned Wednesday Vigil protest. It is to be held outside the Zimbabwe Embassy in London on the 15th of September 2021, starting at 11am, to Protest the planned return of the murderous Green Bombers in Zimbabwe.
The lame excuse of it’s return is that it will equip the youths with a sense of patriotism and survival skills - whereas they are state-sponsored youth gangs used to abuse people’s rights during elections.
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In a recent article in the Zanu PF Sponsored "Herald Newspaper", the following article appears on the 1st September 2021 - strangely enough shortly after the American Ambassador to Zimbabwe, Brian Nichols, had left his post!
The article below flies in the face of reports by the American Embassy in Harare, Amnesty International, Catholic Church Commissioners, United Nations and significant others. We have added in commentary to the verbatim report in the Herlad [all in italics]
The Herald Article in Full: [In Our Opinion a contrived rant, and a tissue of lies designed to confuse and deny all and any wrong doing by Zanu PF in Zimbabwe - and no doubt relayed to the British Government who seem to beleive this diatribe verbatim!]:
""AHEAD of President Mnangagwa’s visit to the United Kingdom, the country’s detractors disguised as Civil Society Organisations (CSOs) have upped the anti-Government ante as they seek to besmirch the Second Republic through dark operations propaganda. At the centre of the evil machinations are three CSOs, which Government spokesperson Mr Nick Mangwana described as “Zimbabwe axis of evil” namely the Zimbabwe Lawyers for Human Rights (ZLHR), Doctors for Human Rights and Zimbabwe Human Rights NGO.""
""This comes as the so-called human rights organisations have in the past been caught up in embarrassing situations where they tried to use fake abductions to advance the false narrative that there are human rights abuses in the country. Curiously, most of the abductions took place just ahead of crucial global events such as the United Nations General Assembly (UNGA) and other regional meetings. Insiders within CS0s have since revealed that they identify major global events, working with oppositional forces, to stage-manage the abductions to soil the country’s image.""
""To push the anti-Government agenda, some members of the CSOs, specifically Mr Doug Coltart claimed that a military deserter Solomon Chanengeta had been abducted by six men when in fact it is a common procedure. Chanengeta deserted from the Zimbabwe National Army 4 Brigade in Masvingo. He reportedly left the army some three years ago and fled to South Africa without having completed the mandatory three-year probation. He slipped back into the country recently and was domiciled in Karoi. When his superiors established he was back on Zimbabwean soil he was tracked and arrested by the military police in an operation that also involved the Zimbabwe Republic Police. According to ZNA rules, a person can leave the army after three years in what is known as the probation period, they can also do so after 10 years, they can retire after 20 years or they can leave when they turn 55, unless if there is an extension agreement. Anyone who leaves outside these parameters and without paperwork is considered a deserter and leaving unprocedurally is not taken for granted as the former soldier may be compromised. However, before establishing the facts, a trigger happy Coltart went on to baselessly claim that Chanengeta had been abducted when that was not the case something that Mr Mangwana said comes as little surprise.""
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