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Advice to Obama's Africa Team: Don't Change Too Much

The following commentary originally appeared on the impressive new global news site, GlobalPost

The world has colossal expectations for incoming President Barack Obama and for changes in U.S. foreign policy. However, the new administration’s approach to Africa will almost certainly be marked more by continuity than change. And that's good news for Africa -- and America.

Zimbabwe's Funny Money and the Astrophysics of Hyperinflation

This is a joint posting with Robin Kraft

When I lived in Zimbabwe a mere 18 years ago, one U.S. dollar was worth about 2.5 Zimbabwe dollars. A few years later I returned and was shocked that the value of the local currency had fallen by more than 50% to Z$6: US$1. (How quaint!) Since the central bank has spent much of the last few years pointlessly trying to defy the laws of money supply -- printing more and more cash to pay its bills -- we are witnessing both hyperinflation (231 million % at last official count) and a mind-spinning vortex of collapsing value for the local currency. The government released a new Z$500 million note last week. As of last Friday, this was worth around US$10. But let's not forget that 14 zeros have been lopped off the currency in the past two years. Thus, using the original Zim dollar (I must still have a few in an old backpack) the exchange rate is really US$1 to:

Z$ 5,000,000,000,000,000,000,000

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