I have been a staunch supporter of an independent central bank technocratically solving the problem of macroeconomic management
Yet, now I must watch as one of the most powerful Central Bank in the world, the Federal Reserve, can’t come to consensus on what it wants to do and has decided that perhaps Rome should burn just a little bit more while it has additional meetings on the relative merits of bucket brigades versus opening the aqueducts.
Its counterpart the European Central Bank, has apparently decided that what the fire really needs is a bit more oil, lest the people think the bank is more committed to putting out fires than lecturing people on fire prevention.
Let us not even speak of the Bank of Japan which perhaps should be disbanded out of mercy for the central bankers if nothing else.
I have not lost all faith –Sweden and Switzerland still stand – but it is hard to watch this carnival of human suffering and believe that we supporters of central banking are not part of the problem.