CFP Contributor David Harris brings us the latest in the tragedy that is the state of the nation of Zimbabwe:

“President” Robert Mugabe has added some more comedy to his never-ending horror show, defending Reserve Bank of Zimbabwe governor Gideon Gono.  He confirmed that Gono would not leave office before his second term expires in 2013.

Speaking in Shona, Mugabe claimed, “the Reserve Bank became our salvation”, after international sanctions and political pressure ravaged the Zimbabwean economy.  Curiously, little mention was made of ZANU-PF’s homegrown economic suicide, with the almost complete destruction of its flourishing agricultural industry and reckless money printing that pushed inflation past 230 million percent.  Mugabe’s point was that Gono did not steal any money from Zimbabwe, but since the country almost has no economy at all now, it is not much of a concern to many people.

Forgetting about Zimbabwean money for a moment: if it matters anymore, Gono facilitated the externalization of nearly USD $45 million earlier this year, for mostly ZANU-PF politicians and businessmen.  This was due to a policy change.  Zimbabweans who used to externalize funds, to feed and protect their families, were always thrown into prison and forgotten.  Gono made the change to protect ZANU-PF’s ill-gotten gains.

With his citizens fleeing in poverty, starving in the dirt while they die of cholera, and holding money that is worth less than mud, Mugabe has created a situation so horrible that if he ever got to the Hague, they would need to invent a new charge for the man.  How bad are things now?  Rats are eating corpses at a state hospital (really).

This is the ultimate price of corruption.  While many forms of corruption can exist in a developing nation, monetary policy always requires serious consideration, because once your money is worthless, so is your country. 

Always watch the printing press.