[ExI] Bank of England

Stathis Papaioannou stathisp at gmail.com
Sat Jun 20 09:23:22 UTC 2009

2009/6/20 Rafal Smigrodzki <rafal.smigrodzki at gmail.com>

> ### Recently my mind became tainted by reading Mencius Moldbug, and
> the idea that a sovereign decision maker is at times better than a
> committee seems to have taken hold. Say, we had a central bank whose
> owner is rewarded according to long-term economic performance of the
> economy (weighted to favor averaged growth, with the actual
> remuneration dependent on decades of GDP measurements). The owner is
> free to choose his successors and collaborators. He is even free to
> relinquish his monopoly on the issue of currency. He (or she) can run
> the presses, or elect to reinstate the gold standard - but always
> knowing that his retirement package will depend on the outcome of his
> decisions alone. Wouldn't that be better than a "democratic" overseer,
> bent on extracting the greatest amount of political advantage in the
> shortest amount of time, as needed to assure re-election?

The democratic process has seen many countries install partly
independent central banks, where you might think this is not in the
interests of the politicians. If the population demands that their
central bank's independence be rescinded, then it will be. And if the
population demands a monarch or dictator, that will happen as well.

Stathis Papaioannou

More information about the extropy-chat mailing list