Even though my understanding of monetarist economics is somewhat meager, this Umair article is trying to sensationalize this complex topic. Read to gain a better understanding, but this article is not a great primer.
True it is that the central banks are run by a board of other banks. One good reason for this arrangement is that the directors sent to the central banks are usually well versed in monetarist economics. We don’t want to have populist politicians playing with money supply policies for the purpose of getting re-elected.
True it is that the central banks uck fupped in the years previous to 2008. So then that leads to the premise that maybe more “commoners” need to be appointed to these boards. But who appoints these people? Donald Trump?
If we are break the banking relationship of central banks, to find competent people who will be working for the people to serve as directors. So far western democracy has failed us. Maybe another 1000 Umair articles will straighten things out for us.
Or maybe we should start building another system of governance to find those central bank governors:
