What’s Your Goal?

神学家Gary North最近就央行决策的目标发了一篇短文，简单讲了这么个事实：代理人的利益使他的目标偏移，那些把权柄交给别人却无力施加制约的人，必然很被动．当然，他也承认目前形势在变化，虽然变化的方向也是偏移的．奇文共赏:

There are lots of things to worry about, The loss of the dollar’s world reserve status is not high enough on the list to be of much concern.


Central banks are run by people who have no ownership of the assets. So, their motivation is to keep their jobs and the value of their pensions. Their jobs are based on following rules set by governments. These include the following:

1. Keep interest rates low
2. Keep the currency from rising internationally
3. Keep the economy out of a recession
4. Keep the largest banks in business
5. Keep the illusion of price stability

The only tasks related to the type of reserve asset in the bank are #1 and #2. The bank must buy government IOUs: first, domestic IOUs; second, foreign IOUs.



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