May 12, 2003

The snake swallows its tail:

Harare (AP) - Zimbabwe lurched closer to economic collapse Friday as banks ran out of money, fuel and power shortages worsened, factories slowed production and pay phones were scrapped because calls have become too expensive for coins. The central bank was not able to print money because the heavily indebted government failed to give it enough hard currency to import special paper, ink and security seals, state radio reported Friday. (Via the Mises Econ Blog).

Posted by Greg Ransom