Ep. 280 The Theory and History Needed to Refute Keynesianism and MMT
Bob Murphy Show
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The Politics of the Central Bank
In general, it is true that one of the functions of the central bank is to facilitate the issuance of government debt. Now, yes, it's a shell game. They don't directly do it. And I don't know if that just to fool the public or because they want to fool themselves even and say, oh, we're not just directly monetizing deficits. So that would be reckless. What we're doing is this independent monetary policy to promote stable prices and employment growth and who knows. But clearly, throughout history, the function or one of the main functions of theCentral Bank has been to give private bankers all sorts of prerogatives in exchange for their special privileges.
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