Democratic Money: Central Bank Independence vs. Contested Control

Central Banking and Democratic Money

As part of a roundtable panel discussion on "Reassessing Central Bank Independence," PERI Co-Director Gerald Epstein contributes a 2-part essay titled "Democratic Money: Central Bank Independence vs. Contested Control." In Part 1, Epstein addresses the "illusory nature" of the Federal Reserve as an independent policy-making force, due to its strong ties with Wall Street. In Part 2, Epstein argues that creating a more democratized Federal Reserve that is strongly accountable to the public as opposed to Wall Street "will ensure that the Fed operates more efficiently, more equitably, and serves the basic needs of the U.S. economy."

>> Read part 1 of essay: "The Problem – The Illusory Nature of Central Bank Independence" 
>> Read part 2 of essay: "The Solution – Democratizing the Fed" 

>> Read full roundtable discussion 

As part of a roundtable panel discussion on "Reassessing Central Bank Independence," published by Just Money, PERI Co-Director Gerald Epstein contributes a 2-part essay titled "Democratic Money: Central Bank Independence vs. Contested Control." In part 1, Epstein addresses the "illusory nature" of the Federal Reserve and its interdependence with Wall Street. In part 2, he argues that creating a more democratized Federal Reserve that is accountable to government and not finance "will ensure that the Fed operates more efficiently, more equitably, and serves the basic needs of the U.S. economy."

Other contributors to the roundtable discussion include, Paul Tucker, Rosa Lastra, Christina Parajon Skinner, Robert Hockett, Nathan Tankus, Raul Carrillo, Stefan Eich, Dan Rohde and Lev Menand.

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