Our guest on this episode is Leah Downey, Junior Research Fellow at St. John’s College Cambridge and author of the new book Our Money: Monetary Policy as If Democracy Matters. Independent central banks are thought to be necessary to prevent politicians using monetary policy to influence elections and to avoid dangerously high levels of inflation. Is this really correct? Is it really healthy for a democracy to allocate so much power to a very small group of unelected people? Why is monetary policy considered ‘too complicated’ for politicians when equally complex areas like energy and defence are not? Is more uncertainty in monetary policy actually better for long-run economic stability? We tackle all these questions as we explore Dr. Downey’s view that the way we govern central banks needs to change.

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Episode TimeStamps:

02:23 - Introduction to Leah Rose Downey

08:36 - A comic flimsy ground

10:34 - Examples of the tension between legislators and Fed

15:21 - Legislators have become a weak economic muscle

19:32 - The complexity of tax policy

25:19 - A better way to manage a central bank

32:08 - The monetary system is like a set of pipes

34:00 - Why efficiency is not always the top value

37:42 - The core philosophy behind Downey's project

40:42 - Why there is a need for a rechartering discussion

44:34 - Should the US economic system be more democratic?

50:20 - "To sustain a democracy over time, the future must be uncertain"

53:55 - Investors should take democratic politics more seriously

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