Even if the wizards know what they are doing, when the USA allowed banks to give mortgages to people who couldn't afford them, that probably overrode any good economic planning by the monetarists. But the irony is that many of those same banks probably set on the board of the central bank. They should have stopped the crisis before it happened, but were too interested in short-term profits.
In an ideal world, we would appoint the wisest of monetarists to run the economy. The politicians should not interfere and the wizards should be free of vested interests of the banking industry.
I believe we have spoken before about my ulterior motive. In case, I haven't, I think Tiered Democratic Governance would provide a better balance between government and the central bank.
