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1 post found for April 2013

‘Central Bank Heroics’

The many reminiscences on the passing of Margaret Thatcher have contrasted her decisive radical economic policies with the consensus-building ineffectiveness of today’s political leaders. But since the 1980s, the nature of political and economic power has evolved. Governments in Europe spent the 1990s passing on responsibility for monetary policy to independent central banks. Over the last decade they binged on fiscal stimulus until they ran out of money. Little wonder today’s politicians look so…