Central Banking and the Madness of Markets
What is the purpose of central banks? How do they function, whose interest do they serve? How have they evolved over the years? Commonly referred to as ‘lenders of last resort,’ they are now also known as ‘market makers of last resort,’ once subjected to the ‘fiscal dominance’ of state authority, they are now under the ‘financial dominance’ of banks. What does the central banking system tell us about financial markets, about the global economy? What are the common criticisms of the central banking system, and are they valid, flawed, or irrelevant? This episode does not posit to have the answers, but more to begin asking the questions.
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