Plenty of Cash and No Money

Nicholas van Hoogstraten has been arrested in Zimbabwe. He achieve notariety here in the UK a few years ago because he was convicted of for the manslaughter of a business associate and later cleared, but eventually paid out civil damages. The arrest in Zimbabwe has nothing to do with this. It has to do with possessing foreign currency and demand rent for some of his 200 Zimbabwean properties in something other than Zimbabwean currency.

He did accept some local currency. In fact he had far more of it than anything else. There was Z$20,000,000,000 with the money that police confiscated. That’s right: 20 billion. The only thing is that with an exchange rate of over Z$30,000 to US$1 – or about Z$60,000 to £1 – $20 billion doesn’t go very far.

I say all of this not to say anything about Nicholas van Hoogstraten, but rather about the economy of Zimbabwe. This is the degree to which Robert Mugabe has destroyed his country. This is why people are starving in a land that used to be the bread basket of Africa.