These things should be decided within the democratic political process, or there is no point having a democratic political process, such as has been proved vastly preferable to rule by bankers as "the Masters of the Universe".
The Cabinet, accountable to Parliament, should be the "Monetary Policy Committee", just as the Cabinet, accountable to Parliament, should be the Board of Directors of any bank either owned by or dependent on the taxpayer. There would be no failure to pass on interest rates cuts then. Would there?
We are the Masters now.
Or, at least, we should be.
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The British State is not a bank. The State is a perfect society, charged with the ultimate administration of justice in order to maintain moral order. It's not there to count people's pennies.
ReplyDeleteYou can't do one without the other. Leaving people's pennies to the "free" market is now manifestly unjust and immoral.
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