On June 26th, Zimbabwean President Robert Mugabe ordered prices to be slashed by 50% in an attempt to curb the country's runaway 10,000% hyperinflation. Surprisingly, last Thursday the New York Times reported empty gas stations and bare store shelves due to low supply and high demand. When producers can not recover their costs of production, it is hard for even Mugabe to force owners to produce goods, though he may try.
Today, the Washington Times ran an article on the number of business owners who face fines for defying the mandatory price controls. 7,495. By jailing or fining the only people in the country who provide productive, economic services, Mugabe has ensured the demise of his country.
Autocrat quote of the day: "Some are...saying they will not supply goods and services but we say you will."
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