Sunday, November 28, 2010

U.S. Diplomat Dissed Zimbabwe Policies that Led to Hyper-Inflation

Included as part of the latest Wikileaks documentt dump is a note from then outgoing U.S. Ambassador  to Zimbabwe, Christopher W. Dell. He mocks the hyper-inflationary economic policies of Robert Mugabe.

NYT reports:
As he left Zimbabwe in 2007 after three years as ambassador, Christopher W. Dell wrote a sardonic account of Robert Mugabe, that country’s aging and erratic leader. The cable called Mr. Mugabe “a brilliant tactician” but mocked “his deep ignorance on economic issues (coupled with the belief that his 18 doctorates give him the authority to suspend the laws of economics).”

Yet with 17 fewer doctorates, Federal Reserve chairman Ben Bernanke has launched QE2, which should be understood as an early stage Robert Mugabe type hyper-inflation policy. And no word of criticism from anyone in government.

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