MacroVoices #435 Daniel Lacalle: Navigating Monetary Debasement
Macro Voices
Evolution of Central Banks' Role
Central banks are traditionally the lender of last resort, but recent shifts have made them the lender of first resort. Their primary role should be to provide liquidity in times of crisis when the banking system fails, not to bail out the economy or inefficient banks. Their focus should be on maintaining the purchasing power of the currency and ensuring liquidity during challenging periods, rather than on employment.
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