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(en) Anarkismo.net: Brazil, The fallacy of the independent of the central bank by BrunoL (pt) [machine translation]

Date Sat, 19 Jul 2014 13:41:19 +0300


One of the themes in fact banned for favorite candidates in the upcoming presidential election is the subordination of the Central Bank (CB) to the political will of the voters. The neoliberal doctrine advocates the "independence" of the monetary authority, so this is not "politicized". This concept could even be considered absurd freak if it were not so dangerous. Become independent of the sovereign will - even if held indirectly - the nerve center of the collective resources is how to condition the ability of government to an act of obedience to hidden and omnipresent subject called "market". ---- The Central Bank "depoliticized" and under "technical" management is simply the subordination of monetary authority to the interests of financial operators.

There is a Brazilian privilege absurdity. In the United States, the transition from Republican administrations of Reagan and Bush Sr. to Clinton's two terms saw the continuity of management of Alan Greenspan ahead of the Fed, the Bank of superpower. After the passage of Bush Jr to Barack Obama, Greenspan's successor, Ben Bernanke, had also kept in office (still in office). The result of this neoliberal continuity ahead of Fed were at least three international crises, and the last - shot in September 2008 - represented the largest transfer of private funds for collective control of human history. Americans elected their first african-american president, bringing winds shy Keynesians. But his economic team is full of confidence men and Wall Street fraudsters of the bubble generated by the sale of subprime mortgages.

In Brazil we have a playbook likened to healthy changes. The rules are stricter for financial capital and did not reach leverage ratios of 1 to 33, as in the U.S. Bush Jr. Still, the sacred rules of neoliberalism are maintained: BC independent floating rates and containment of public spending. The latter is another fallacy. The state can spend at will, provided it is to feed the financial roulette. Therefore, the monetary authority must be trusted by the "market" (speculators) and not subject to the public interest. When the Selic rate gradually began to decline, reducing the cost of money and shortening the size of the hole of debt rollover, the "experts" accused the BC of losing "autonomy." Already, when the Selic rises, celebrating the hit "technical".

BC "depoliticized" and managed "technique" is simply the subordination of monetary authority to the interests of financial operators.
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