Why Central Banks Are Not Designed for Democracies

Through their policies, central banks exert tremendous influence over the socio-economic conditions in a country and its business environment. Their decisions are so powerful that it’s obvious they are part of the government. But most people would be surprised to find out that central banks are almost never part of the due democratic process.

Also read: Mario Draghi Leaves European Central Bank Without Ever Raising Interest Rates

Bankers Oversee Bankers in the US

Modern democratic societies are in a crisis for various reasons, and one of them is that very few things depend on the will of the populace. When’s the last time anyone asked you if you agree to see your savings depleted due to low interest rates or has anyone ever acquired your permission to bail out bankrupted financial institutions with your money? These are actually some of the main reasons why decentralized cryptocurrencies allowing peer-to-peer transactions were invented.

On paper at least,…