The ECB’s Battle against Central Banking - J. Bradford DeLong

Berkeley prof and former Assistant Treasury Secretary Brad Delong is a sharp critic of the inflation-fighters, who believe that austerity is the way out of our low-demand downturn. - GWC

The ECB’s Battle against Central Banking - J. Bradford DeLong - Project Syndicate:

by J. Bradford DeLong

"Our current political and economic institutions rest upon the wager that a decentralized market provides a better social-planning, coordination, and capital-allocation mechanism than any other that we have yet been able to devise. But, since the dawn of the Industrial Revolution, part of that system has been a central financial authority that preserves trust that contracts will be fulfilled and promises kept. Time and again, the lender-of-last-resort role has been an indispensable part of that function.

That is what the ECB is now throwing away."

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