For leadership during this time of crisis, we need look no further than overseas to that land of tumult Zimbabwe. There, the leader of this economically challenged country, Robert Mugabe, has seen his stewardship severley tested. This has led to him and his government to set policy that our fine Fed., Inc, Chariman and Secy of Treasury have sought to emualte (albeit with limited success).
(Hand to God these are actual words of encouragement from Dr. G. Gono, chairman of the Reserve Bank of Zimbabwe -AM)
“As Monetary Authorities, we have been humbled and have taken heart in the realization that some leading Central Banks, including those in the USA and the UK, are now not just talking of, but also actually implementing flexible and pragmatic central bank support programmes where these are deemed necessary in their National interests.
…That is precisely the path that we began over 4 years ago in pursuit of our national interest and we have not wavered on that critical path
despite the untold misunderstanding, vilification, and demonization we have endured from across the political divide.
…Here in Zimbabwe we had our near-bank failures a few years ago and we responded by providing the affected Banks with the Troubled Bank Fund (TBF) for which we were heavily criticized even by some multi-lateral institutions who today are silent when the Central Banks of UK and USA are
going the same way and doing the same thing under very similar circumstances thereby continuing the unfortunate hypocrisy that what’s good for goose is not good for the gander.
…As Monetary Authorities, we commend those of our peers, the world over, who have now seen the light on the need for the adoption of flexible and practical interventions and support to key sectors of the economy when faced with unusual circumstances.”
Always, always question the assumption.