Leah Downey

Leah Rose Downey, a Junior Research Fellow at St. John's College Cambridge and author of 'Our Money,' discusses the tension between central bank independence and democratic accountability. She questions whether it's healthy for democracy to give so much power to unelected officials and explores the historical evolution of central bank independence. Downey argues for greater legislative oversight and highlights the need for transparency in monetary policy, asserting that uncertainty can sometimes enhance economic resilience.

Leah Downey, a political and economic theorist, delves into the intricate role of central banks, particularly the Federal Reserve, in shaping globalisation. She discusses how the Fed navigates its obligations to American democracy against global economic responsibilities. The conversation explores the impact of the euro dollar, the historical tension between central bankers and political officials, and the implications of the Volcker shock. Downey also examines the evolving relationship between monetary policy and national politics, hinting at insights into Trump's influence on these dynamics.

Leah Downey, a research fellow at Cambridge University, explores the critical intersection of monetary policy and democratic theory. She argues for a more democratic approach to money creation, critiquing the traditional independence of central banks. Downey discusses the historical evolution of the Federal Reserve and advocates for increased citizen involvement in monetary policy. By introducing 'iterative governance,' she emphasizes the importance of legislative oversight to ensure that economic policies reflect the will of the people, fostering true democratic accountability.