It’s irresponsible central bankers that we need protection from: Unherd

I wanted to amplify this market-structure opinion from a month ago: Central Banks

From Nov. 7

Unherd. Bottom line:

What this really calls into the question is the notion that we need “independent central banks” to protect us from irresponsible politicians.

If anything, it’s irresponsible central bankers that we need protection from. But for as long as central banks and governments are able to shift the blame onto each other, the technocrats will always have the upper hand.

So, perhaps the time has come to slay the dragon — central banks themselves.

A possible solution would be to consolidate monetary and fiscal policy into a single government department.

At least this would make macroeconomic policy wholly accountable to voters, instead of being managed by central bankers who are largely unaccountable and dominated by vested interests.

The past month has proved that technocracy has failed.

The time has come to give democracy a chance.

Source: see link above

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