Friday, 8 March 2013

Quantitavely Easing Elections

John Stepek in MoneyWeek wrote this about QE3:
"this move by the Fed raises some interesting questions about democracy and central banking in general. Bernanke insists the move isn’t political. That’s probably true.

"At the same time, it was quite stupid of the Republicans to tell the one man who has more short-term power over US consumer confidence than anyone else in the country, that they were going to fire him if they won the election. If Barack Obama was ever looking for a poll boost from the Fed, this is the best he could have hoped for."

And so we see another example of the rise in power of the unelected technocrats of the central banks. What of democracy?

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