Zimbabwe’s banker: I ain’t crying over the recent credit crunch

Via MR I see that two of my undergraduate students, Alaina Varvaloucas and Jerry Guo, have interviewed Zimbabwe’s Central Banker, Gideon Gono. In Newsweek. When Alaina said she interviewed Gono, I didn’t know she meant interview him:

Newsweek: Now the global economy is also going through a credit crunch. What do you make of that?

Gono: 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.

Your critics blame your monetary policies for Zimbabwe’s economic problems.

I’ve been condemned by traditional economists who said that printing money is responsible for inflation. 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 U.S. 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 decided that God had been on my side and had come to vindicate me.

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