Price controls and foreign exchange regulations have been abandoned. Zimbabwe literally joined the real world at the stroke of a pen. Money now flows in and out of the country without restriction. Super market shelves, bare in January, are now bursting with products.
While reading this article, I could not shake the feeling that I was really reading a piece of libertarian science fiction. Could they really have done anything so very sensible, and could things really be improving so definitely? The piece does appear to be genuine, so far as I can tell, but if it turns out to be fantasy-fiction, this paragraph will get me off the credulity hook. File under maybe true but maybe too good to be true.
Meanwhile, if the piece really is true, the best bit of all in it is that there is now no “lender of last resort” in Zimbabwe. Could it be that libertarian economic policy – in particular libertarian banking policy – is about to get a serious test, which it will pass, and hence another serious showcase, highly pertinent given the world’s current banking woes, to educate the world with? How will socialism and state-centralism get the credit for that I wonder?
If genuine, this piece reminds me of a vivid British recollection from way back. Someone on the telly asked a City commentator, just after Black Wednesday (the day in 1992 when John Major’s economic policies collapsed in ruins), what the prospects were now for the British economy. Well, he said, now that the government has not got a policy, rather good.