We are told that central banks are neutral and above politics. The truth is, they’re not. Central bank independence was created to remove responsibility from politicians and hand power to unelected bankers. This video explains why the idea is a con trick, how it undermines democracy, and why it’s time to put money back under democratic control.
00:00 – Why central bank independence is a con trick
00:45 – The purpose: taking power from politicians
01:30 – Fiscal policy vs monetary policy explained
02:30 – Why interest rates cannot fix fiscal choices
03:15 – Central banks are political, not neutral
04:00 – Who sets interest rates? Lack of real-world experience
04:45 – Modern monetary theory vs Bank of England orthodoxy
05:30 – Consequences: stagnation, lost trust, far-right gains
06:15 – Who benefits from independence? Elites, not society
07:00 – Ending the illusion: accountability to elected government
08:00 – Politicians must control money, not bankers
08:45 – Central banks must serve democracy
09:15 – Final thoughts: reform and ministerial accountability
Credit to : Richard J Murphy