Money, Coercion, and Government Policy with Noam Chomsky (WiM127)
The "What is Money?" Show
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The Central Bank
There's no legislation that is a enabling them to expand this taxation by inflation. If inflation goes beyond two %, you raise rates, which cuts employment. That's the main unction of the central bank. Let's cut employment, harm workers, so that the economy continues to function. These are largely political decisions, even markets. Markets don't runn there on. Ere's no such thing as just a market functioning by itself. In fact, if you look over history, the business classes have regularly intervened to prevent markets from functioning because they would simply destroy everything. So the business world has repeatedly intervened toa try to pressure government and impose market regulation.
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