Central banks are the key to the economic health of any country. How they operate, what they do, what they should do and who they are - or should be - accountable to, are vital issues raised by Prof. Richard Werner in two Bloomberg interviews (about 10 minutes each).
Werner gives unusual insights into the money supply, credit creation, interest rates and more, which are normally unreported in the financial media - or even among many economists. He has views that are counter to prevailing conventional ideas. If you have seen these videos already they are well worth a revisit.
Has George Osborne seen these interviews I wonder? His budget is due soon and we are being prepared for harsh times ahead but hopeful for economic growth too. Japan has for 20 years endured much depression and deflation because - Werner says - their central bank has not been co-ordinating their policies with those of the government. Does the Monetary Policy Committee and the Bank of England as a whole work with the UK government or is there a failure of democratic control as Werner says there is in Japan? Who is in charge? Will the UK endure 20 years of depression too?
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