Friday, 26 June 2009
Banking On It
Attlee never went through with the 1945 Manifesto commitment to nationalise the clearing banks. At the time, he was probably right. But he went through with the nationalisation of the Bank of England. And the man who reversed that assertion of democratic political control over monetary policy is now learning how right Attlee was. An independent central bank, or anything like one, is an intolerable alternative government.