Friday, 23 May 2008

Voting On Interest Rates

Would the electorate be able to seize control of the Bank of England Base Rate? First a law would have to be passed to allow it.

This would have a major impact on mortgages and savings, pitting one group against another for economic benefit. However, many voters would also see the big economic picture and be swayed by arguments from economic experts. Others may pass their votes to those they trust, using Liquid Democracy. They may give their votes to various economics professors, politicians or even the Chair of the Bank of England.

A recipe for turmoil you may say. However, the calming balm is that what is good for the economy is good for all of us in the long run.

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