Thursday, January 29, 2009

The economist

They say that an expert is anyone over 50 miles from home ( for no prophet is recognized in his own land), with a briefcase and the audacity to proclaim that "he knows what to do".

The economist that everyone should be paying attention to is
Gideon Gono.

Inflation is coming back in style. And Gideon Gono is its star. While
other central bankers flounder, he’s proven that you can have
inflation...and have it more abundantly than you want.

Gono, if you haven’t heard of him, is Robert Mugabe’s right hand man. And
Robert Mugabe is the number one man in Zimbabwe, an African country with a
real ‘riches to rags’ story. It was one of the wealthiest and safest
countries in Africa when it was run by Ian Smith in the ’70s. But the
meddlers and world-improvers couldn’t leave well enough alone. They helped
put Mugabe in power. Since then, the place has gone to Hell.

Gideon Gono, 47 years old, lives in a 47-bedroom mansion in Harare. He
says he doesn’t drink, only sleeps 4 hours a night, and runs regularly. He
is known as “Mr. Inflation” for his Olympian efforts to increase the
country’s money supply. He does this the old fashioned way – by printing
pieces of paper will lots of zeros on them. Newsweek Magazine seems to
have found him in a talkative mood:

Asked what he thought of the worldwide credit crash, he replied:

“I sit back and see the world today crying over the recent credit crunch,
becoming hysterical about something which has not even lasted for a year,
and I have been living with it for 10 years. My country has had to go for
the past decade without credit... Out of the necessity to exist, to ensure
my people survive, I had to find myself printing money. I found myself
doing extraordinary things that aren’t in the textbooks. Then the IMF
asked the US to please print money. I began to see the whole world now in
a mode of practicing what they have been saying I should not.”

I haven't met Mr. Gono, wouldn't know him if I ran into him......but I've been hearing from a lot of his litter mates for a while now on all the boobtube information (or dis) broadcasts.

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