Central Bank of Zimbabwe Governor “Worried About the US Dollar”

This is a wonderful story that i had to post up.

Gideon Gono, the infamous Governor of the Central Bank of Zimbabwe, is worried about the US dollar it seems. From 2010 he has pegged his country’s currency to the dollar. He is interpretting recent events re the continued printing of money and debt monetizations as being vindication for his own money strategies.

“God had been on my side and had come to vindicate me.”

http://blog.mises.org/19658/gono-is-worried-about-the-u-s-dollar/

Judging by the recent actions of the world’s central bankers, perhaps Mr Gono was simply ahead of his peers. He should, perhaps, be held up as a thought leader and be appauled for his money printing actions rather than being dismissed as a corrupt destroyer of capital. Of course the impact of all money printing actions suggest these strategies never work for the benefit of the people. But since when has this ever mattered to policy makers and the elite of society.

GDP per capital in zimbabwe now is less than 500 US dollars per annum. Zimbabwe is one of the poorest countries on the planet in fact. She ranks 223rd out of 236 countries surveyed. Only Liberia, Congo and Birundi have a lower standand of living. Zimbabwe used to be one of Africa’s richest countries. Life expectancy in Zimbabwe has nearly halved. Life expectancy has fallen to 34 (women) and 37 years old (men) as the mean average.

http://www.medicalnewstoday.com/articles/41339.php

When you debase your currency you destroy the fabric of your society. Even Keynes, unlike his neo Keynesian sons, understood this.

“Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency.” Keynes

Rich