Central banks are a symptom, capitalism is the cause

Systemic Disorder

Wishing for central banks to act in the interest of working people rather than the financial industry is about as fruitful as hoping a starving wolf won’t eat the chicken that was just placed next to it. Pigs will fly, the Amazon will freeze over and Wall Street will give all its money away before a central bank in the capitalist core goes against its raison d’être.

We need no fresh reminders of central bank behavior. Consider that just five central banks —the U.S. Federal Reserve, the European Central Bank, Bank of Japan, Bank of England and Bank of Canada —handed out about US$10 trillion (€8.8 trillion) to artificially prop up financial markets in the first two years of the Covid-19 pandemic on top of the US$9.36 trillion (or €8.3 trillion at the early 2020 exchange rate) that was spent on propping up financial markets in the yearsfollowing the…

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