It doesn’t have to be this way. The most important price in our economy is set by a bunch of bureaucrats. They are unelected and unaccountable. But your day to day life is affected by their decisions, as well as your ability to buy a house or for your retirement savings to maintain their value. Some people are wiped out by a mere phrase in a memo. There is a deep Soviet style management program at the centre of all Western economies. It’s time we talked about that ogre.
Maurice Newman, former chair of the Australian Stock Exchange (ASX), writes in The Australian about the defining invisible issue which is rarely discussed — our currencies, our central banks:
Vladimir Lenin advocated: “The best way to destroy the capitalist system is to debauch the currency.” True or not, we seem hellbent on finding out.
Dark times are coming:
The BIS has rung the alarms. We are warned that the world’s most reckless monetary experiment, which has taken interest rates to the lowest in recorded history, is failing. Central bankers remain silent, not knowing how or when to end what they began, while the political class simply looks […]
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