The Myth of Central-Bank Independence May 20, 2024 ROBERT SKIDELSKY Bait and Switch on Project Syndicate
EconomiThe Myth of Central-Bank Independence
May 20, 2024ROBERT SKIDELSKThe Bank of England’s failure to respond effectively to the worst inflation in four decades underscores the need to abandon the outdated notion that fiscal and monetary policy can be kept separate. If governments are to be held responsible for investment and employment, they should also control interest rates.
My Comment.
Whether Central Banks are independent or not begs the question somewhat.
Large Global Commercial Banks create most "Currency" in circulation when the create money.
The Best Paper on this question is by the Late Dr Adrian Wrigley and may be found in the House of Commons Library or at this link.
https://publications.parliament.uk/pa/cm201011/cmselect/cmtreasy/753/753vw30.htm
This article in the light of Dr Wrigleys paper presents as something of a strawman argument.
The Solutions can then be found in the late Professor Bernard Leitaers Paper proposing the Terra.
https://wiki.p2pfoundation.net/Terra
Bernards paper an Integral approach to money should really settle any further
Doubts as to the damage which continues as the Economic Priesthood insists on a meta physical view of politcal economy.
The series of posts that unfold from that one link represent my own contemperaneous and reflective curated viewpoint on the emerging reality of a deterministic demagoguery of the Karl Rove variety.
Let's call it a Rovian Algorithm including a proof of freewill.
WIlliam Blake and Ezra pound are two poets whose work grapples with the inflection points of History, Blake the US and French Revolutionary Wars and, Pound spanning the 1st and Second World wars, ( Perhaps the History that would have been written by " The Other losing side".
My own view and I think probably both Blakes and Pounds is that there is as yet no winner as the Spiritual side of our better natures as Human Beings created in the image of "God" qua god, is emergent and always infinite
in that battle we are all on the same side.
“Man’s status is better and higher for the very reason for which it is thought to be inferior”
Pelagius (c. 390-418)
And finally a question,
Who Lent George Soros the credit lines to break the Bank of England? and who here rememebrs the Snake or Mr Churchills question to the treasury.
THE INESCAPABLE TRILEMMA OF THE WORLD ECONOMY. “THE END OF DEMOCRACY, NOT THE END OF HISTORY”.
WHAT NEXT FOR THE MONEY POWER? SNAKES AND ADDERS. #CONQUESTOFDOUGH #COVIDPURPOSE THE CARBON GOLD STANDARD.
This is a long post, My initial question to myself was, Who lent the money to George Soros to “Break the Bank of England”, This post resulted and I am digesting the linkages and pondering the questions arising.
Why is Mark Carney being afforded such a prominent position in our Public Discourse? What next for “The Money Power”?
THE ADMISSIONS OF 1924
The year 1924 will always be remembered by students of economic history as the year in which
Reginald McKenna “blew the gaff” on the banking system in his now-famous admission to the
shareholders of the Midland Bank, in January, 1924:
I am afraid the ordinary citizen will not like to be told that the banks can, and do create
money. The amount of money in existence varies only with the action of the banks in
increasing and decreasing deposits and bank purchases. Every loan, overdraft or bank
purchase creates a deposit, and every repayment of a loan, overdraft, or bank sale destroys
a deposit. AND THEY WHO CONTROL THE CREDIT OF A NATION, DIRECT THE
POLICY OF GOVERNMENTS, AND HOLD IN THE HOLLOW OF THEIR HANDS
THE DESTINY OF THE PEOPLE.