Supposed Independent Central Banks

                    

Central banks are supposed to be completely independent. The European Central Bank or ECB took this position until recent years. Going back to the Greece, Irish, and related European Union bailouts, the central bank no longer is an independent vehicle.

                       

In Great Britain, the Bank of England is a centuries older counterpart. The BOE, too, has always been entrusted with being an independent, non-political, overseer of the British pound. But the BOE now is also in direction-management activity.

                       

Americans are no better off. The Federal Reserve slowly but surely lost its independence, as I have commented over recent years. These days, it’s become political, arm-in-arm with administration fiscal policy. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)