The Economist says, 'No! They are white knights to be held in reserve; don't sully them with politics.' Jeff Snider agrees on the 'No!', but for entirely opposite reasons.
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Emil YouTube: https://bit.ly/310yisL
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----EPISODE #64TOPICS----
01:08 Central bank mission creep is a result of their failure at the original job: manage money
04:38 When and why were central banks given independence and assumed a political detachment
07:14 Both governments and central bankers have taken an expansive view of the latter's mission.
08:06 Politicians do not want to tackle difficult issues, shirking their duty to central bankers
11:30 A central bank's original mission is money - not employment, not inflation.
--------REFERENCES--------
The perils of asking central banks to do too much: https://econ.st/3fZNZt5
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
---------WHO-----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with
Emil Kalinowski. Art by
David Parkins.