Interview With Chairman of Zimbabwe's Reserve Bank

I thought this was pretty interesting.

‘It Can’t Be Any Worse’

The head of Zimbabwe's reserve bank explains the policies that have led to hyperinflation

Alternatively heralded as an incompetent fool and a tragic hero, Gideon Gono has been at the center of Zimbabwe's economic decline since he was appointed governor of the country's Reserve Bank in 2003. A ZANU-PF insider and by many accounts president Robert Mugabe's right-hand man, Gono generally keeps himself shielded from the foreign press, fortifying himself in luxury hotels or his 47-bedroom mansion in Harare. Gono is known in some circles as "Mr. Inflation" because he has overseen the printing of billions of dollars in worthless notes, most recently Zimbabwe's trillion-dollar bill, to be launched later this year.

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.

In November you shut down Zimbabwe's stock exchange. Will you open it again?

The stockbrokers were creating a money supply that wasn't there. I printed Z$1.5 quadrillion, but the exchange was operating with Z$100 sextillion. So I said, "Who is doing my job?" Unless there is more discipline and honor, the exchange will stay closed. I can't be bothered. I don't know when it'll open. It's a free market, a business which must be allowed to succeed or fail.