Anyone who believes central bankers in a democracy can steer a consistent course free from political influence hasn’t spent much time studying the historical record.
Wake Forest economist John Wood has studied the historical record. He’s identified multiple examples of political central banking decisions in the United States and Great Britain in the 19th century. Wood shared those examples Monday during a presentation for the John Locke Foundation’s Shaftesbury Society.
In the video clip above, Wood explains that central bankers often end up doing more harm than good. Click here to access video of the full presentation.