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More Central Bank Independence?

More Central Bank Independence?

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 In this episode, Phil Dobbie and Steve Keen dissect Bank of England Governor Andrew Bailey’s push for greater central bank independence, a move Bailey claims is necessary to shield price stability from politically motivated meddling. Steve Keen, however, isn't buying the mainstream narrative, arguing that central banks are operating on a "fantasy" model that ignores the actual mechanics of money creation and the volatile role of private debt. The discussion ranges from the "policy ineffectiveness" of interest rate hikes to the historic failures of central banks to act as anything more than a "Greenspan put" for a fragile banking system. Ultimately, they suggest that instead of doubling down on flawed independence, central banks should stop pretending they can micromanage GDP and start acting as a realistic police force for financial stability—before the next "unforeseen" crisis hits.

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