[ExI] Monopolies in banking

Stefano Vaj stefano.vaj at gmail.com
Wed Jun 24 14:52:37 UTC 2009

On Wed, Jun 24, 2009 at 3:17 PM, <dan_ust at yahoo.com> wrote:
> I agree about 'knee-jerk support of "democracy",' but the problem with modern central banks is NOT democratic control -- as in the voters selecting the head of central banks or the legislators selecting ditto.

The real issue is political, public, sovereign control. In other
words, removing the crazy rule according to which central banks are
granted "independence" while at the same time they are entrusted with
policy powers and control over the money of the relevant country. Who
would ever grant "independence" in such sense, e.g., to the armed
forces of a given country?

Once the country concerned has some form or other of a democratic
regime, you can call it "democratic" control.

Stefano Vaj

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