Monetary genesis


In the beginning God created sterling and the franc.

On the second day He created the currency board and, Lo, money was well managed.

On the third day God decided that man should have free will and so He created the budget deficit.

On the fourth day, however, God looked upon His work and was dissatisfied. It was not enough.

So, on the fifth day God created the central bank to validate the sins of man.

On the sixth day God completed His work by creating man and giving him dominion over all God’s creatures.

Then, while God rested on the seventh day, man created inflation and the balance-of-payments problem.

Peter B. Kenen (1978:13)*

*Kenen, P. (1978). “The role of monetary policy in developing countries” in Central Bank of Gambia, The Role of Monetary Policy in Developing Counties: Theoretical Perspective and Institutional Framework: 9-13. Banjul, Gambia: Central Bank of Gambia.

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About bzik2

A beginning central banker with a twist
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