Re:UK pay falls at fastest rate on record as inflation hits
by kergonath on Tuesday July 19, 2022 @05:45PM
(#32158396)
> I do fear the fed isn’t doing what it needs to because they’re afraid of being seen as political, one way or the other.
I agree and I wish this mindset would disappear. Of course a central bank is political. It’s job is to keep a working economy. There are few other institutions that affect directly so many people every day, it’s the definition of politics. They might not like the optics, but each of their decision is just as political as one from any government agency.
There is some sense in insulating them to some degree from short-termist elected politicians looking for a windfall, but their smug “I know better” attitude (and the lack of accountability) is deplorable.
Sorry, that was a bit of a rant, but we should remember that a central bank is there to serve a country, not the opposite.
I agree and I wish this mindset would disappear. Of course a central bank is political. It’s job is to keep a working economy. There are few other institutions that affect directly so many people every day, it’s the definition of politics. They might not like the optics, but each of their decision is just as political as one from any government agency.
There is some sense in insulating them to some degree from short-termist elected politicians looking for a windfall, but their smug “I know better” attitude (and the lack of accountability) is deplorable.
Sorry, that was a bit of a rant, but we should remember that a central bank is there to serve a country, not the opposite.