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New Fiscal Rules Will Produce Discipline And A Confidence Shock In Zimbabwe

Authored by Steve H. Hanke of the Johns Hopkins University. Follow him on Twitter @Steve_Hanke. Zimbabwe’s new President Emmerson Mnangagwa, like his predecessor Robert Mugabe, claims that economic sanctions have crippled Zimbabwe’s national development. What nonsense. Robert Mugabe and the current governing party ZANU-PF have made Zimbabwe into an economic basket case. Indeed, the ruling […]


Zimbabwe Stock Market Crashes 35% As “Euphoric” Nation Awaits New Leader

Despite reported "euphoria" in the nation as former Mugabe deputy Emmerson Mnanagwa was expectd to arrive and be sworn in on Friday, Zimbabwe stocks fell another 10% today, having now erased more than third of the country's market cap in the last few days. Several hundred people gathered in anticipation of his arrival. Some carried […]


US Calls For ‘Genuine Transition’ In Zimbabwe As Mugabe Resigns

Update: During a small roundtable with State Department reporters late Monday, Acting Assistant Secretary of State for African Affairs Donald Yamamoto urged the Zimbabwe military to implement “real, genuine, economic [and] political reforms" and to ensure elections scheduled to be helpd next year are fair and transparent. The message came hours before Zimbabwe's parliament speaker […]


Zimbabwe President Robert Mugabe Resigns

Zimbabwe’s Speaker of Parliament Jacob Mudenda had barely finished reading the rules and regulations of how impeachment proceedings would proceed against President Robert Mugabe when the 93-year-old leader and former revolutionary surprised his colleagues by officially resigning the presidency – something he had been reluctant to do even after the military placed him under house […]


Zimbabwe Military Says Mugabe Impeachment Process Has Begun

Zimbabwe President Robert Mugabe baffled his country and the world last night when, instead of publicly announcing his resignation, he reaffirmed his intention to stay on as the head of state in Zimbabwe, and admonished members of his ruling ZANU PF party for their “arbitrary decision making” and “victimization.” Mugabe’s defiance immediately spurred conspiracy theories, […]


Wild Footage Of Mugabe’s Son Drenched In Diamonds, Right Before Zimbabwe Coup

Days before the military coup d’état in Zimbabwe, one of Mugabe’s sons uploaded a snapchat displaying his £45,000 diamond watch with £200 champagne, according to Daily Mail. The story went viral fueling anger of Zimbabweans as the country suffers from an economic collapse with a 95% unemployment rate. The video shows Chatunga Bellarmine Mugabe in a South African nightclub pouring […]


Bitcoin Soars To Record High Above $8000 After Mugabe Speech

With Bitcoin trading at $13,499 on Golix, the chaotic environment in Zimbabwe has spread to the global price of the cryptocurrency driving it beyond $8000 for the first time in history as President Mugabe fails to resign in a national address following the nation's coup. It appears many Zimbabweans have found an alternate way to […]


Mugabe Admits ‘Mistakes’, But Refuses To Resign In Defiant Speech

Update 8:  Bloomberg is reporting that Zimbabwe’s ruling party will proceed Monday with its plans to impeach President Robert Mugabe after the long-term leader refused to resign Sunday evening, as was expected. Bloomberg's sources said Mugabe’s speech, including a vow to preside over the party conference in December, deviated from an earlier agreement with military […]


Watch Live: Mugabe Agrees To Step Down, Ending Historic 37-Year Reign

Update 5: Here's the live feed for Mugabe's speech, which is being broadcast on the state TV channel: * * * Update 4: Reuters is reporting that Robert Mugabe has reluctantly agreed to resign the presidency of Zimbabwe after 37 years in power. His decision comes after members of his own party voted to oust […]


“The President Is Gone” – Zimbabwe Ruling Party Officially Ousts Mugabe

A day after thousands of demonstrators took to the streets of Harare to celebrate the imminent removal of Robert Mugabe, the country’s 93-year-old dictator who’d been effectively deposed during a surprise coup earlier this week, the country’s ruling party has officially voted to remove him from office and install his former deputy, Emmerson Mnangagwa, as […]


‘Zimbabwean Spring’ Looms As 1000s Celebrate Mugabe’s Imminent Exit

Tens of thousands of jubilant Zimbabweans joined rallies on Saturday to celebrate the imminent departure of President Robert Mugabe, the only leader they’ve known since independence in 1980. As Bloomberg reports, Mugabe triggered his own downfall by firing Emmerson Mnangagwa as his vice president last week, a move that prompted the military to intervene and place him under […]


Zimbabwe: Reports That All Ten Branches Of Mugabe’s Zanu PF Party Passed No Confidence Votes

NewsDay, the privately-owned Zimbabwe newspaper, is reporting that all the provincial branches of President Mugabe’s party have passed votes of no confidence in his leadership. In a dramatic twist of events, all the ten Zanu PF provinces have passed a vote of no confidence on President Robert Mugabe, and declared the 93 year-old leader – […]


Zimbabwe Stock Market Crashes – What Happens After Mugabe?

In the last two days, the Zimbabwe stock market has crashed almost 10% as a 'not-military-coup' has ousted 93-year-old President Mugabe – the question is, what happens next? Bloomberg reports that Zimbabwe President Robert Mugabe’s refusal to publicly resign is stalling plans by the military to swiftly install a transitional government after seizing power on Wednesday, […]


Two Hyperinflations In Less Than Ten Years Did Mugabe In

Authored by Steve H. Hanke of the Johns Hopkins University. Follow him on Twitter @Steve_Hanke. Robert Mugabe’s 37-year reign of lawlessness, corruption and incompetence has just come to an end.  Mugabe is toast, thanks to a “soft coup” engineered by Emmerson Mnangagwa (aka: “the Crocodile”), who was Zimbabwe’s Vice President until he was dismissed earlier […]


Bitcoin Price Soars To $13,000 In Desperate Zimbabwe

We noted in June that Zimbabwe's cash crisis continued unabated. Those awaiting cash transfers at a bank may wait a month to be cleared and, even then, the transfer may be refused. The Standard, Zimbabwe’s leading Sunday newspaper, ran an article at the time entitled, “Black market thrives, as banks run dry.” Some highlights from […]