Don't touch me on my licence to print money
In Africa, panicking politicians often pick on their central banks
Idi Amin, the notorious "Butcher of Uganda" in the 1970s, did more than kill political opponents. His reach extended to perceived economic opponents of his rule, too. As Uganda's economy teetered on the brink of collapse, Amin ordered the Bank of Uganda to print more money. Central bank governor Joseph Mubiru refused to bankroll Amin's ballooning expenditure in this way, and was executed. It was made painfully clear that in Africa, when some rulers come under pressure to finance their activities — and even to stimulate economic growth — they see their "independent" central banks as the surest means. Next door, the Reserve Bank of Zimbabwe has long since lost its independence to the meddling of politicians. Its central bank governor, Gideon Gono, gained notoriety for keeping the mint turning over to finance President Robert Mugabe's government. In 2008, at the height of hyper-inflation, Gono printed the world's highest denomination banknote, a $100-trillion bill. Eventually the Zimba...
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