Final Word from Tuesday, March 24, 2015

Miloš Zeman proved that he still has the power to move mountains when he declared last month that he won't appoint anyone to the CNB board who supports the devaluation of the crown. He can't exercise this threat until mid-year 2016, but he has already added value to the crown. Would-be candidates to the CNB must take his comments seriously, but should the markets? Where is it written that someone who opposes a devaluation now will vote against it once he or she is in the CNB inner circle? When people join a central bank governing body anywhere in the world, they sign a pact with the devil, and this bond is stronger than any sense of loyalty to a mere president. Investor Jim Rogers said recently that central bankers are almost always wrong, but in fact he is the one who is wrong. Central bankers almost always know what they are doing; it's just that they're playing by a completely different set of rules. [Czech Republic Czech National Bank board of governors]

Glossary of difficult words

a breed apart - a kind of person who is very different from the norm;

to move mountains - to achieve a lot or something that is very difficult.


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