{"id":24527,"date":"2017-07-25T10:21:55","date_gmt":"2017-07-25T15:21:55","guid":{"rendered":"http:\/\/olduvai.ca\/?p=24527"},"modified":"2017-07-25T10:21:55","modified_gmt":"2017-07-25T15:21:55","slug":"central-banks-are-the-crisis","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=24527","title":{"rendered":"Central Banks ARE The Crisis"},"content":{"rendered":"
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Central Banks ARE The Crisis<\/a><\/h3>\n<\/div>\n<\/header>\n
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\nWalter Langley Never morning wore to evening but some heart did break <\/b>1894<\/center>If there\u2019s one myth -and there are many- that we should invalidate in the cross-over world of politics and economics, it\u2018s that central banks have saved us from a financial crisis. It\u2019s a carefully construed myth, but it\u2019s as false as can be. Our central banks have caused our financial crises, not saved us from them.<\/p>\n

It really should -but doesn\u2019t- make us cringe uncontrollably to see Bank of England governor-for-hire Mark Carney<\/a> announce -straightfaced- that:<\/p>\n

\u201cA decade after the start of the global financial crisis, G20 reforms are building a safer, simpler and fairer financial system. \u201cWe have fixed the issues that caused the last crisis. They were fundamental and deep-seated, which is why it was such a major job.\u201d<\/i><\/p><\/blockquote>\n

Or, for that matter, to see Fed chief Janet Yellen declare that there won\u2019t be another financial crisis in her lifetime, while she\u2019s busy-bee busy building that next crisis as we speak. These people are now saying increasingly crazy things, and that should make us pause.<\/p>\n

Central banks don\u2019t serve people, or even societies, as that same myth claims. They serve banks. Even if central bankers themselves believe that this is one and the same thing, that doesn\u2019t make it true. And if they don\u2019t understand this, they should never be let anywhere near the positions they hold.<\/p>\n

You can pin the moment central banks went awry at any point in time you like. The Bank of England\u2019s foundation in 1694, the Federal Reserve\u2019s in 1913, the ECB much more recently. What\u2019s crucial in the timing is where and when the best interests of the banks split off from those of their societies. Because that is when central banks will stop serving those societies. We are at such a -turning?!- point right now. And it\u2019s been coming for some time, \u2018slowly\u2019 working its way towards an inevitable abyss.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Central Banks ARE The Crisis Walter Langley Never morning wore to evening but some heart did break 1894If there\u2019s one myth -and there are many- that we should invalidate in the cross-over world of politics and economics, it\u2018s that central banks have saved us from a financial crisis. It\u2019s a carefully construed myth, but it\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[2674,1806,124,181,218,388,1583,1816,661,1948,13924,15564,13882,4069],"class_list":["post-24527","post","type-post","status-publish","format-standard","hentry","category-economics","tag-automatic-earth","tag-bubble","tag-central-banks","tag-crisis","tag-draghi","tag-greenspan","tag-housing","tag-pensions","tag-qe","tag-rate-hike","tag-raul-ilargi-meijer","tag-rubin","tag-summers","tag-yellen"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/24527","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24527"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/24527\/revisions"}],"predecessor-version":[{"id":24528,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/24527\/revisions\/24528"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24527"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24527"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}