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Over 35 years experience working in oil and gas accounting with privately held oil and gas producing companies. Also have a blog that covers monetary system issues and the potential for major future monetary system change. (http://lonestarwhitehouse.blogspot.com/)  - email: ... more

Robert Pringle: Do Central Banks Rely Too Much on Economists?

Date: Saturday, August 19, 2017 8:43 PM EST

Whenever Robert Pringle publishes a new article on his blog, I try to feature it here. Mr. Pringle brings a unique perspective to the issues we try to follow here because he has spent a lifetime working with central bankers all around the world. He can provide insights that I don't think you find very often in most mainstream media publications.

 


In this new article on his blog, he asks if central bankers rely too much on the views of economists and then reflects on the question in a somewhat philosophical way. Below are a few excerpts from his article.

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"If  economics is likened to a religion it is easy to see how it may be viewed as dangerous. It may blind its devotees to the claims of competing world-views. If  economists arrogantly claim that their special insight gives them the right to prescribe policy, it may provide spurious legitimacy for harmful actions. It may lead them to ignore the fact that differences in values may lead people to prefer different outcomes to that which appears economically “efficient”..

 

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It may surprise people to know that, in my experience, central bankers do not like money – I mean, they do not like to see their job as handling money. They hardly ever mention money in their communications. An authoritative review of central banks’ inflation targeting regimes and communications strategies does not once mention the word “money”.

 

Andy Haldane of the Bank (BOE) believes that money is a subject dear to the hearts of central bankers.  I don’t agree. Of course, they are only human; they do not decline a decent salary. But professionally, they tend either to dismiss it or run away from it. Especially in the UK and US – continental Europeans and Japanese have somewhat different historical experiences and different cultural attitudes.

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