When will we stop investing with so much power not so much caring whimsy central bank bureaucrats, to try to bet against the markets... with our money?

Sir, back in the eighties, in Venezuela, some friends and I purchased one year of the harvest of many mango trees. When time came, with much love and care, we send each mango beautifully wrapped, first class freight, prepaid in Pounds, very expensive, on British Airways to Harrods. The mangoes were a success! “We’ve made it!”… Forget it!

The same day we got paid in London, back in Caracas, a big shot in the government decided that the value of the Bolivar was too low, and instructed our Central Bank to do what it could in order to revalue it, about 20 percent. And down went the Bolivars per US Dollar, and so down went the Bolivars per Pound, and so we were unable to recover our investment. Had we exported a few more mangoes, I would have lost my shirt.

And that is why my heart goes out to all those who make efforts and take risks, and then see those efforts turn into nothing, only because of the excessive powers accumulated by some whimsy central bankers who, at their desks, care little to nothing about the real-real economy… only about their GDP growths, their deflations… or whatever monster is in fashion... and go and bet against the market... with our money.

Obviously I was reminded of this incident, when reading about what the Swiss National Bank has been up to, January 16. Where do they get so much power? Are they never held accountable for anything?

For instance, on a related issue you know Sir is very close to my heart, where do these bureaucrats get so much power so as to be able to order banks to have more equity against loans to the risky”, than against loans to the AAArisktocracy? That makes us “risky” mango exporters have less fair access to bank credit, when in fact, at the end of the day, sometimes it is their actions that pose the greatest risks to us?