Central banks must ultimately comply with politically elected governments' demands because democratically elected governments have the legitimacy to force central bank action, as demonstrated by Arthur Burns accommodating inflation in the 1970s when the US government wanted both the Great Society and Vietnam War spending.
causalpending
Speaker
William WhiteEvidence Quote
“if democratically elected governments want you to do something uh then as a central bank in the end you have no choice but to do it.”
Created: 8/11/2026, 7:24:53 AM
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