Wednesday, February 17, 2010

On the Independence of Central Banks

Mark Weisbrot of the Center for Economic and Policy Research is to be commended for his excellent op-ed about the independence of central banks (such as the United States Federal Reserve, chaired by Ben Bernanke).

I am in agreement that the necessity for "independence" among central banks is an elitist myth. They certainly are not apolitical: they are, by design, packed with finance executives and protected from democratic influence so that it will pursue the interests of the financial sector, indifferent to social needs. That is aggressively political.

Weisbrot's piece appeared in The Guardian and can be viewed here.

[Photo: The United States Federal Reserve]

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