That is a deep question, isn’t it? Not really, we’re certainly open to challenges to that kind of view that you described coming from populism and things like that, but most of our views are based on a more traditional framework.
Answered by: Goldman Sachs’s Managing Director and Senior European Economist
No. We analyze the system that is already in place and we do not do any hypothetical research or analysis relating to alternative financial and economic structures. The government sets us targets and then we are operationally independent, so we can choose how we reach the targets, but we are accountable to them – we are accountable to the British Public through Parliament.If you want us to change the system, you have to change the government.
The whole economic system is dependent on lending and credit (institutions and individuals spending money that they don’t have), that is the way the capitalist system works – if you don’t like it, you need to vote for a government that opposes this. We are a technical institution that is independent from the government and accountable to the British public.
Answered by: Bank of England
- Do you recommend writings of alternative economists like Piketty & Varoufakis to your staff to read so they won’t be trapped in singular thinking?
- Can we establish a test scheme in which banking is replaced with other, alternative systems and compare with the current “status quo” ?
- Why could we not switch to positive money?