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Reserve Bank governor "Dr" Gideon Gono must resign with immediate effect and a new fresh Zimbabwean called upon to take the reigns at the central bank. Gono came to the scene with much zeal, dramatic fanfare, facade, pomp and ceremony promising to be a modern day financial god of Greenspanian calibre.

The current unprecedented levels to which the Z$ has sunk must convince him to heed my calls for him to resign and admit failure. He has failed dismally and miserably. Never before, not even during the height of the liberation war, has the nation experienced such a dramatic level of the quad-evils of hyperinflation, unemployment, stagnation and unsustainable exchange rate. This should convince him to resign now and allow other Zimbabweans to come to his rescue. They are so many prominent Zimbabwean bankers currently doing excellent work with global investment banks like Citibank, Merril Lynch, Barclays Bank, World Bank, Deutsche Bank , Commerzbank and many more.

Gono must just go together with his coterie. They have failed to inspire and institute proper monetary policies. They continuously resort to the printing press, printing huge sums of Zim$ and pumping them into the money and capital markets. That is a self-defeatist approach in monetary terms. You can not stop the outflow of blood via a wound by pumping more blood into an individual's body. You need to seal or mend the point of exit or the wound itself.

Gono or who ever takes over must remember that the current runaway galloping hyperinflation in Zimbabwe is a result of excessive money supply. Inflation and/or hyperinflation is always and everywhere a monetary phenomenon caused by excessive money supply. In Zimbabwe, the money supply has reached unpresedented levels.

One must remembrer that sanctions are not a new thing. South Africa was under sanctions for decades. Rhodesia was under sanctions for decades. But in all cases their currencies were at respectable and very competitive.

The new monetary authorities need to adopt dual currency regimes as was the case in South Africa. They can create a Commercial Zim$ and a new currency: Financial Zim$ as a second currency.

Financial Zim$ to be used for forex transactions, therefore, it would not affect domestic consumers and domestic business.
Commercial Rand to be used for dommestic transactions only hence it could protect local companies and residents against the ravages of a rampant and savage financial implosion of the exchange rates. But Gono is not the right candidate to do this job. We need new blood with fresh ideas

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Originally posted by Mpiyezwe Mahlabezulu:
..3 kulobufakazi bani bokuthi uGono uyafika ku newzimbabwe .com?

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4 Empendulweni yakho uyaxhamanda ngoku gava uboya begundwane langokunye nje okungacacanga...

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Yibuwula obuphindeneyo ...

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Ngiyaphindela njalo kuleyi eyezifundiswa othi wena zigcwele lapha eNkundleni. Akulanto emangalisayo ngalokho - okumangalisayo yikuthi lezo zifundiswa leziphicamfundo othi zona zingcwele lapha azenzi umsebenzi owenziwa ngabantu abalemicabango ephakemeyo - ukucazilula lokuhlolisisa imibhalwo ephanyekwa lapha ebulenjini. Why are these so called educated and expert people taking Lobengula' claims to fame at face value?

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Ngiyajabula ukubana angifundanga okuphakemeyo ukubana ngenze lokho ofuna abafundileyo enkudleni bakwenze. Ngibona angani kwesinye isikhathi bayakhetha nje ukubana bahluze kumbe hatshi, njengawe baba ukhethe ukuhluza lendaba kaGono( kumbe boya be******* ngelika Doc). Engingakuzwisisiyo ngokwami yikuJAJA kwakho kwabantu abafundileyo lapha emphakathini, angiboni kungenelana lamaposts abantu jikelelezi. Bengingazi, ungangixolelela, ukubana amaposts alapha are refereed? Uma ungacasisa lokho ngingajabula

Simple put: How do you come to the conclusion that posts are taken at face value ??

Ukuthi kambe kangeni ebulenjini lujaha yena elelakhe ikhasi??

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Originally posted by kaMjaji:
Mpi mfowethu
uthi wena

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Ngiyaphindela njalo kuleyi eyezifundiswa othi wena zigcwele lapha eNkundleni. Akulanto emangalisayo ngalokho - okumangalisayo yikuthi lezo zifundiswa leziphicamfundo othi zona zingcwele lapha azenzi umsebenzi owenziwa ngabantu abalemicabango ephakemeyo - ukucazilula lokuhlolisisa imibhalwo ephanyekwa lapha ebulenjini. Why are these so called educated and expert people taking Lobengula' claims to fame at face value?

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Ngiyajabula ukubana angifundanga okuphakemeyo ukubana ngenze lokho ofuna abafundileyo enkudleni bakwenze. Ngibona angani kwesinye isikhathi bayakhetha nje ukubana bahluze kumbe hatshi, njengawe baba ukhethe ukuhluza lendaba kaGono( kumbe boya be******* ngelika Doc). Engingakuzwisisiyo ngokwami yikuJAJA kwakho kwabantu abafundileyo lapha emphakathini, angiboni kungenelana lamaposts abantu jikelelezi. Bengingazi, ungangixolelela, ukubana amaposts alapha are refereed? Uma ungacasisa lokho ngingajabula

Simple put: How do you come to the conclusion that posts are taken at face value ??

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Well wethu- uLobengula waloba mhlaka 21/10/2005 ukuthi uGono ube amacebo akhe.Kube lempendulo ezimbalwa ngemva kokuphoswa kwamazwi ka Lobengula, ngaphandle kuka Cde Potshoza akuzange kube lomunye umuntu ozame ukudingisisa ubuqotho bama claims kalobengula. Mina lokho kungitshela ukuthi ama claims ka Lobengula are being accepted and their face value kungela kuthandabuza ubuqotho balawo maclaims.

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Originally posted by kaMjaji:
Uma ehluziwe baba kufana loku refeya.

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Well wethu- uLobengula waloba mhlaka 21/10/2005 ukuthi uGono ube amacebo akhe.Kube lempendulo ezimbalwa ngemva kokuphoswa kwamazwi ka Lobengula, ngaphandle kuka Cde Potshoza akuzange kube lomunye umuntu ozame ukudingisisa ubuqotho bama claims kalobengula. Mina lokho kungitshela ukuthi ama claims ka Lobengula are being accepted and their face value kungela kuthandabuza ubuqotho balawo maclaims.

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Ngubani owavumelana lawo at face value? Ngitshilo ngaphezulu ukubana lomunye lomunye uyazikhethela ukuhluza njengawe baba. Uma kungelampendulo ezinengi kusukela mhlaka lokhuza angiboni ukuthi sokuyathiwa its taken at its face value, abafundileyo kunje kunje. Asivumelani na ukubana ukungaphenduli akutsho ukubana abantu bavumelana lalokho okulotshiweyo??

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Ukungaphenduli kungatsho into ezimbili:
1 abantu bayavumelana lalokho okulotshiweyo
2 abantu abavumelani lalokho okulotshiweyo

Ngakho ke umuntu uma esehluzile njengelungelo lakhe ulakho ukuthi
1 alobe impendulo
2 angalobi impendulo

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It seems he takes my ideas without even acknowledging

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Hegel

I have already dealt quite extensively with this dollarisation issue somewhere above in this very discussion. But for your benefit, I will repeat the answer which I presented earlier on specifically addressing the dollarisation conundrum:

The choices to correct the endless simmering Zim financial crisis are equally ad infinutum (endless). Apart from adopting the dual currency system the other alternative is the complete dollarization of the Zim financial system. By dollarisation Iam referring to the adoption of the US$ as a medium of exchange and a store of value in all Zim transactions. This implies the contemptuous and disdainful discarding of the decaying and decadent ZIm$.

Dollarization would benefit Zimbabwe in that it would eliminate the Zim$- US$ exchange rate risk, eliminate hyperinflation (because Gono won't be able to PRINT any more US$), lower interest rates, and stimulate economic growth. Adoption of the US$ as a conventional currency in local markets brings stability to the local economy, it eliminates uncertainty and ipso facto almost zeroises inflation.

In fact Zimbabwe is already dollarized in an semi-official sense. Think of the Home-link sheme , the new Business Link, the fuel sells in foreign currency priced in US$ etc etc. One must highlight that by dollarisation Iam referring to full official dollarisation, not ama half-half half-hearted measures. Under officila dollarisation, the valueless Zim$ is completely scrapped and used to alliviate tissue paper shortages.

the major benefits of dollarsation would be reduced interest rates, elimination of exchange rates risk (which has dogged Zim for too long now). This would awaken the sick-giant of Southern Africa, Zimbabwe. Zimbabwe would cease to be referred to as the "Sickman of South Africa". But for all this to work, the country needs a well-intentioned, competent and independent central bank. Whether Gono's RBZ is competent is a possible PhD thesis for economics students. Generally Zimbabweans have shown that what they want in a curency are the following characteristics: low inflation, full convertibility, strength in value, international acceptability.

It must be noted that opponents of dollarisation do not cite economic reasons for such opposition, but rather political ones. Most opponents of dollarisation would argue that it undermines Zimbabwe's sovereignty and national pride. But the Zim$ has depreciated the value of our national prestige so much so that Zimbabweans are almost fully depreciated and reduced to scrap value. Also one can argue that dollarisation does not rob a nation of its soverignty because Zim would reserve the right to unilaterally pull out of the dollar convention any time in the future. Furthermore, one must remember that in economics, the fundamental issue is individual freedom and not governmental freedom.

The bottomline is that at long last GONO would not be able to PRINT EXCESSIVE MONEY any more beacuse US$s are printed by the US Federal Reserve system in the US. Mozambique and Panama are some of the nations where dollarisation is quasi-legalised.

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Roadwin Chirara
US ambassador to Zimbabwe, Christopher Dell, took a swipe at Reserve Bank of Zimbabwe (RBZ) governor Gideon Gono this week saying he should have no role in the formulation of sectoral policies.

Speaking at Africa University on Wednesday, Dell said that Gono was the only central bank governor in the world who involved himself in sectoral policy formulation.

"Where else in the world does a central bank governor formulate sectoral policy?" Dell asked.

He said Gono had misjudged the influence of diplomats when he asked them to portray a better image of Zimbabwe considering investors carried out their own research when it came to looking for investment destinations.
"At his presentation to the diplomatic community he (Gono) called on the assembled ambassadors to do Zimbabwe a favour and portray a positive picture of Zimbabwe to investors," Dell said. "I believe Gono has misjudged diplomats' influence on investors. There are not many governments left in the world that can persuade or direct their business community to invest in a particular country," said Dell.

He said the continued printing of money by the RBZ was impacting negatively on the economy as it affected the country's currency value and the cost of food.

"The Reserve Bank keeps the printing press running and the economy suffers through the ripple effects on the value of the currency and on food and fuel supplies," said Delly.

He said the involvement of government in every facet of the economy continued to have a negative impact.
Dell raised concern over the current level of government control of the economy. "Why do the officials fear unleashing market forces? Do they have so much to lose personally if they were forced to compete on a level playing field with others?" asked Dell.

"Since I arrived in this country I have been struck repeatedly by the extent of the government's involvement in so many far-reaching aspects of the economy. Its urge to control, control, and control some more puts a stranglehold on the economic activity that belongs solidly in the private sector," said Dell.

The US ambassador said collected revenues by government through taxes were failing to meet public spending.

"Fiscal probity is non-existent when the budget deficit hovers in the double-digits. Even at Zimbabwe's high rate of tax collection, revenue in a contracting economy cannot keep abreast of the country's public spending."
Like previous International Monetary Fund reports, Dell noted the government's bloated wage bill as one of the major causes of the problems.

"The government's wage bill, saddled as it is with ghost workers benefiting from the patronage system, is an astounding 20% of GDP. I ask you, are you receiving a level of service commensurate with this outlay?"

The US envoy said the current economic situation was not a result of drought or sanctions, as claimed in official circles, but a result of government policies.

"Neither drought nor sanctions are at the root of Zimbabwe's decline. The Zimbabwe government's own gross mismanagement of the economy and its corrupt rule has brought on the crisis," Dell said. He said inconsistent and misguided government policies were impacting on direct foreign investment.
Misguided government policies and not sanctions had discouraged foreign direct investment, Dell said. He quoted statistics by the Centre for Global Development which said the quality of life in Zimbabwe had fallen to the levels of 1953 when the Federation of Rhodesia and Nyasaland was formed.
"That's an astonishing reversal of 52 years of progress in only a dozen years," Dell said.

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Originally posted by TSHITSHI NANA:
........NJENGO JUDASI SIKHARIYOTHI...OWATHEGISA INKOSI IMALI YAKHONA WATHENGA NGAYO IMBANJE LETHOTHOTHO!

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