The Central Bank That Holds the Fate of Nations in Its Hands


It’s a wierd mixture of paperwork, oligarchy and plutocracy, that likes to consider itself as noocracy—rule by the smart. What we want now’s a brand new phrase for rule by central bankers, as a result of Europe’s on the way in which to being run by the officers of the European Central Financial institution.

I already had considerations in regards to the ECB utilizing its powers to intervene in politics. However the decision by the central bank’s governing council to provide itself what its head, Christine Lagarde, known as “sovereignty” to decide on when, if in any respect, to assist the bonds of troubled eurozone international locations takes it effectively past what a standard central financial institution would do.


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