Thursday, March 12, 2009

S.C. governor evokes Zimbabwe in arguments against stimulus

COLUMBIA, South Carolina (CNN) -- The United States faces a Zimbabwe-style economic collapse if it keeps "spending a bunch of money we don't have," South Carolina Gov. Mark Sanford said Wednesday.

Zimbabwe has been in the throes of an economic meltdown ever since the southern African nation embarked on a chaotic land reform program.

Its official inflation rate topped 11 million percent in 2008, with its treasury printing banknotes in the trillion-dollar range to keep up with the plummeting value of its currency.




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