WSJ - End of Central Banking's Golden Age

[sailingaway]

http://online.wsj.com/article/SB10001424052748703833204576113740554522586.html

the money quote, as far as I am concerned:


...it's become apparent central banking technocrats are also prone to big mistakes with horrific economic consequences and yet are largely immune from democratic accountability.

Duh, ya think?

Mind you, they still think there should BE central banking and meddling....

[Bern]

Not bad. I liked the conclusion too:
...
To be sure, ruling governments can fire central bankers. But that's an enormous step to take. Politicians are terrified of the market turmoil such a move would incite. Economic circumstances would have to be pretty extreme before they pulled the trigger. So for now, independent central bankers' scope to do as they like remains huge.

But politicians won't forget they are vulnerable to the errors of these technocrats. In future, they're likely to scrape away at central bank independence wherever and however they can, tightening oversight here, establishing new rules there.

Which suggests the golden age for central bankers is probably over.

Enact Ron Paul's competing currency bill and we'll see how easy it is to phase out the Fed.

[sailingaway]

Not bad. I liked the conclusion too:

Enact Ron Paul's competing currency bill and we'll see how easy it is to phase out the Fed.

Yeah, funny how they don't even suggest there IS an alternative to a central bank.

[Anti Federalist]

But politicians won't forget they are vulnerable to the errors of these technocrats. In future, they're likely to scrape away at central bank independence wherever and however they can, tightening oversight here, establishing new rules there.

Where did the ruling class even get it's assumed authority to turn things over to the banksters in the first place???

[Vessol]

...it's become apparent central banking technocrats are also prone to big mistakes with horrific economic consequences and yet are largely immune from democratic accountability.

I don't want my economy run by bankster aristocrats OR by "democratic accountability".

[BenIsForRon]

I don't want my economy run by bankster aristocrats OR by "democratic accountability".

The market IS democratic accountability, don't fool yourself. The only difference is people are voting with their wallets.

[low preference guy]

The market IS democratic accountability, don't fool yourself. The only difference is people are voting with their wallets.

from the context in the article it's clear they were referring to democratic accountability via the political process.

[low preference guy]

can something so awful have a golden age?

when was the "golden age" of nazism?

[Vessol]

The market IS democratic accountability, don't fool yourself. The only difference is people are voting with their wallets.

They're not talking about that, they are talking about bringing monetary control back under the government instead of central banks.

I've said this before.

There is a reason why Ron Paul says "End the Fed" and not "Nationalize the Fed".