Larry Elliott, writing in the Guardian, has reflected an opinion we share today:
Until now, monetary policy has been deemed too important to be left to politicians. When the next crisis arrives it will become too political an issue to be left to unelected technocrats. If that crisis is to be tackled effectively, the age of independent central banks will have to come to an end.
In the interests of full disclosure, Larry and I do talk over ideas together. It does not mean we agree on all occasions: we don't on Brexit. But on this one we most definitely do.
I'd anticipate the need. The time to integrate fiscal and monetary policy is now.
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I see Mario Draghi still thinks he can stimulate the economy of the Eurozone by throwing more money at the top end of the socio-economic pile.
“The definition of insanity is doing the same thing over and over again and expecting different results.” ?
The financial sector is licking it’s lips and drooling in anticipation…..
Hoo Hoo Ray. 🙁
It’s the wrong QE…..
If it were done it were best done as the GND
GND indeed – let’s here it for GND.
What Mario could do very easily without having to set up anything new at all would be to purchase €20 billion of bonds each month newly issued by the European Investment Bank. The bank exists and funds infrastructure projects, etc and is owned by the EU members. So it could then direct €240 billion a year straight into GND and other projects right away.
Agreed
The central banksters seem keen on implementing a new money supply, one which they’ll be in control of: “Carney has proposed a ‘synthetic hegemonic currency’ as a possible basis for a new global monetary system. This would be comprised of a number of central bank digital currencies (CBDCs), as put forward by Positive Money. A CBDC would provide a trusted public alternative to private banks’ monopoly on electronic money, and would move us towards a system where commercial banks are not freely able to create new money as debt, as they currently do to massive negative economic, social and environmental consequences.
Carney said the introduction of such CBDCs would “be to the benefit of citizens and businesses”, and is a reform to the monetary system which “could happen.” In fact the Bank of England is currently exploring the idea.”
https://positivemoney.org/2019/09/mark-carney-there-will-be-change-in-unsustainable-monetary-system/
Perhaps this will be of concern to some. The CBs seem to be on the verge of making themselves indispensable, suggesting parties wanting to see the back of them proceed in haste to that end.