Abstract
There is a saying in the financial industry that, while central bankers have not been perfect, politicians have been worse. When governments took responsibility for decisions that should have been made by the central banks, or dominated central banking policies, they created a devastating inflation that:
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Destroyed savings,
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Distorted incentives, and
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Imposed the worst sort of taxation on the whole population.
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Notes
D. N. Chorafas, Sovereign Debt Crisis, the New Normal and the New Poor, Palgrave Macrnillan. Basingstoke. 2011.
R. Christopher Whalen, Inflated, Wiley, New York, 2011.
Milton Friedman, Dollars and Deficits, Prentice-Hall, Englewood Cliffs, NJ, 1968.
D. N. Chorafas, Financial Boom and Gloom: The Credit and Banking Crisis of 2007–2009 and Beyond, Palgrave Macmillan, Basingstoke, 2009.
Simon Johnson and Tames Kwak. 13 Bankers. Vintage Books, New York, 2011.
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© 2012 Dimitris N. Chorafas
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Chorafas, D.N. (2012). What Is the Point of Central Banks’ Interventions?. In: Basel III, the Devil and Global Banking. Palgrave Macmillan Studies in Banking and Financial Institutions. Palgrave Macmillan, London. https://doi.org/10.1057/9780230358423_12
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DOI: https://doi.org/10.1057/9780230358423_12
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-34610-3
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