The Tension in Our Politics

Tension in our politics is not going away between a strong state made up of people who know things that the public don't know. The whole shift towards central bank independence basically rested on a technocratic argument that central banks were capable of delivering price stability. That was accommodated in democratic politics without a great deal of reaction against it. In some sense, I think you might see actually more democratic rebellion once people increasingly understand what actually is going on.