Fake News Bloomberg Style

The subject of fake news has been in the news a lot lately.

Here's an example from Bloomberg, but we've seen numerous examples in places like the Financial Times. Much of it is fake in that it's perpetrators want you to think these institutions are independent and above reproach when in reality they are attached at the hip bone to special interests groups and are often peopled by stumbling, bumbling bureaucrats not really responsible to much of anyone.
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Trump Shouldn’t Bully the Fed … U.S. President-elect Donald Trump repeatedly criticized Federal Reserve Chair Janet Yellen during his campaign. British Prime Minister Theresa May has questioned the Bank of England’s recent actions, for a while putting Governor Mark Carney’s tenure in doubt. The long-cherished principle of central-bank independence seems to be under attack.  – Bloomberg

The mainstream media is up in arms over “fake news” but the reality is that almost everything the mainstream reports is in a sense fake. Global warming is fake. Vaccines do not work as advertised. Central banking is fake too.

On and on. Truth has been overtaken by propaganda. We call these fake notions “dominant social themes.” They are inevitably intended to reinforce the idea that a very few must have control over the many.

Central banks fix the volume and value of “money” – and price fixing inevitably creates disasters. But you will never find this simple fact stated in almost any mainstream media article about central banking.

This Bloomberg article is no exception. Seldom do we see all the fallacious reasons for a central bank gathered together in one short editorial, but Bloomberg has done us this favor.

In this case, Bloomberg is trying to justify why central banks should be “independent.”

More: The standard case for leaving central banks alone to conduct monetary policy rests on three points.

First, a government that controls the central bank might be tempted to finance unaffordable budget deficits by printing money. (See Zimbabwe.) Second, to provide economic stability, a steady hand on the monetary controls is required, which demands some insulation from day-to-day politics. (Would anybody want to put Congress in charge of interest rates?) Third, monetary policy done right is a technical thing, like running a utility. It’s basically apolitical.

Now most of what Bloomberg writes here if it were any more sophomoric one could possibly get a sophomore to believe it. If what we've experienced since 2008 from central banks around the globe is Bloomberg's idea of a steady hand,we hope they never go into farming.

thedailybell.com/news-analysis/the-fake-news-about-central-banking