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Central banks need to stop the mission creep


Financial Times/Merryn Somerset Webb

Repost from 8-30-2021

image of two pencils with incscription 'between a rock and a hard place'

“What’s the point of a central bank?”

USAGOLD note: Webb begins this editorial by taking central banks to task for going beyond their mission to manage the money supply and interest rates in a manner that keeps inflation subdued. Now climate change and economic inequality are added to the portfolio. Near the end of this FT opinion piece, she drops something of a bombshell. “The developed world,” she writes, “is in as hideous a monetary policy trap as it is possible to imagine.” She asks, “Once you’ve let markets bubble, how on earth do you unbubble them?”

 

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