Taming the central bank

There is a deep rooted intuition or cultural knowledge that monetary power is extremely risky. Long before things like fiat money and central banking made their first appearances, this cultural DNA has come to expression in both prescriptive behavioral myths — such as Aristotle’s telling of Midas’ self-destructive fixation on the exchange value of everything instead of the use value. There are enough indications to suggest that the power of central banks has been on a stiff growth trajectory. Testimonials, data points and indirect indications for this stretching of central bank mandates can be found aplenty — just a look at the rise in diverse central bank balance sheets in absolute numbers and in ratio to GDPs is enough to cause some wonderment. Central bank media coverage, academic papers and speeches by central bankers themselves provide ample corroboration. Even assessing the idea from the opposite perspective is viable. In his