The cult of the central banker

Jonathan Pearce of Samizdata warns of the risks that go along with entrusting economic power in the hands of central bankers.

The cult of the central banker is one of those belief systems of surprisingly short duration, by historical standards. Maybe in decades to come, we will look back on the era of Alan Greenspan and his ilk rather as we would that of the Medieval Popes. And we will be even more struck when we recall that Greenspan, when a young economics student and friend of Ayn Rand, urged a return to old-style private banking and the unfairly maligned Gold Standard.

Well said.

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