Our guest on this episode is Leah Downey, Junior Research Fellow at St. John’s College Cambridge and author of the new book Our Money: Monetary Policy as If Democracy Matters. Independent central banks are thought to be necessary to prevent politicians using monetary policy to influence elections and to avoid dangerously high levels of inflation. Is this really correct? Is it really healthy for a democracy to allocate so much power to a very small group of unelected people? Why is monetary policy considered ‘too complicated’ for politicians when equally complex areas like energy and defence are not? Is more uncertainty in monetary policy actually better for long-run economic stability? We tackle all these questions as we explore Dr. Downey’s view that the way we govern central banks needs to change.
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Episode TimeStamps:
02:23 - Introduction to Leah Rose Downey
08:36 - A comic flimsy ground
10:34 - Examples of the tension between legislators and Fed
15:21 - Legislators have become a weak economic muscle
19:32 - The complexity of tax policy
25:19 - A better way to manage a central bank
32:08 - The monetary system is like a set of pipes
34:00 - Why efficiency is not always the top value
37:42 - The core philosophy behind Downey's project
40:42 - Why there is a need for a rechartering discussion
44:34 - Should the US economic system be more democratic?
50:20 - "To sustain a democracy over time, the future must be uncertain"
53:55 - Investors should take democratic politics more seriously
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