Thinking about central bankers, I realized they have one of the most godly powers in the world... to change someone's fate. And there are no constraints or consequences around the use of this power.. closet I can think of is the power of a king.
Other social institutions that have similar power over peoples' fate all have constraints & accountability.. Judges are costrained by the whole scaffolding of the legal system & legal precedence. Presidents are constrained by the legislative branch & the judicial branch, and also directly subjected to voters' judgement periodically.
Nothing like such limitations exist for central bankers where they break or circumvent laws & precedences (can they legally buy junk bonds??). And in the process change the fate of many, especially of the rich & well-connected for the better.
Looking forward to your next write-up.
Thinking about central bankers, I realized they have one of the most godly powers in the world... to change someone's fate. And there are no constraints or consequences around the use of this power.. closet I can think of is the power of a king.
Other social institutions that have similar power over peoples' fate all have constraints & accountability.. Judges are costrained by the whole scaffolding of the legal system & legal precedence. Presidents are constrained by the legislative branch & the judicial branch, and also directly subjected to voters' judgement periodically.
Nothing like such limitations exist for central bankers where they break or circumvent laws & precedences (can they legally buy junk bonds??). And in the process change the fate of many, especially of the rich & well-connected for the better.