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I personally believe central banks are a large part of the overall problem.
So you can't spout rhetoric about 'elites' or '99%' about this.
A country or group of countries in the case of the euro, are literally at the mercy of the central bank. They set the rules, control the rates, control inflation, control circulation, etc, as you know.
I'm not sure how the European central bank is run or managed, but in the US the federal reserve is essentially privately run even though its not considered a private institution. The people that run the reserve are not elected officials, they are appointed, and do not have to answer to Congress or any other government agency when making any type of decision (AFAIK).
So I do not believe that the central banking systems are corrupt free and also do not believe there is no influence by powerful people with private / self interests on the central banks.
You know Central Banks operate better when disassociated from political processes? The whole point of a monetary institute is to be removed from the political meddling. In the UK the Bank of England for a long time was part of the Government treasury, and as such when elections approached, they would drop base rate of interest, as well as institute monetary expansionary policies as an enticement for voters. This causes a whole host of problems. And it occurs in every instance where a Central Bank is subject to the effects of a voting and/or political system.
So when you're talking about CBs being separate from political processes, in tandem with you talking about their corruption, you should note that they are less corrupt in a form of appointment than election.
A country or group of countries in the case of the euro, are literally at the mercy of the central bank.
Well yeah. That's kind of what happens when you're part of a currency union.
they are less corrupt in a form of appointment than election.
Agree. But they are still mostly privately run. I believe that all of their decisions and transactions should be open to the public for review. There should be nothing at all private in an institution that could literally turn an entire country or group of countries upside down.
Well yeah. That's kind of what happens when you're part of a currency union.
I'm not sure why you said this, but I was pointing out between the lines I suppose, that is a very bad thing.
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[–] k3mist ago
I personally believe central banks are a large part of the overall problem.
A country or group of countries in the case of the euro, are literally at the mercy of the central bank. They set the rules, control the rates, control inflation, control circulation, etc, as you know.
I'm not sure how the European central bank is run or managed, but in the US the federal reserve is essentially privately run even though its not considered a private institution. The people that run the reserve are not elected officials, they are appointed, and do not have to answer to Congress or any other government agency when making any type of decision (AFAIK).
So I do not believe that the central banking systems are corrupt free and also do not believe there is no influence by powerful people with private / self interests on the central banks.
[–] hasu 0 points 1 point 1 point (+1|-0) ago
You know Central Banks operate better when disassociated from political processes? The whole point of a monetary institute is to be removed from the political meddling. In the UK the Bank of England for a long time was part of the Government treasury, and as such when elections approached, they would drop base rate of interest, as well as institute monetary expansionary policies as an enticement for voters. This causes a whole host of problems. And it occurs in every instance where a Central Bank is subject to the effects of a voting and/or political system.
So when you're talking about CBs being separate from political processes, in tandem with you talking about their corruption, you should note that they are less corrupt in a form of appointment than election.
Well yeah. That's kind of what happens when you're part of a currency union.
[–] k3mist ago
Agree. But they are still mostly privately run. I believe that all of their decisions and transactions should be open to the public for review. There should be nothing at all private in an institution that could literally turn an entire country or group of countries upside down.
I'm not sure why you said this, but I was pointing out between the lines I suppose, that is a very bad thing.