Is modern central banking an elaborate waste of time?

Anantha Nageshwaran is one of those rare columnists who hits hard through his columns. (His Mint column is titled as Bare Talk but should be Bold Talk).

He points me to his recent post which hits modern central banks out of the park (in response to my post):

With all their self-importance, modern central banking (has been in the service of financial markets. It takes care of their post-central banking career, speaking engagements and book contracts.

In reality, they should be ensuring financial stability and hence, economic stability. If they do, they would be hurting the financial services industry and its short-term fortunes, profits and executive compensation. Buddies would not be buddies anymore. Friendships formed in Universities would be in vain.  They won’t help to secure chunky speaking fees.

So, in the name of the economy, of labour, central bankers of advanced nations (with Federal Reserve being the principal villain) continue to serve the most unproductive and predatory capitalists – the financial markets and the financial services industry!

This blog had labelled this coterie with central bank at its head as Finocracy a few months ago.

It is incredible how deep the nexus of elites of financial world.

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One Response to “Is modern central banking an elaborate waste of time?”

  1. Anantha Nageswaran Says:

    Thank you for commenting on my post. In case it is of any interest, I had done a sequel to that post.

    Pl. feel free to ignore, however. No offence taken.

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