DocComment: If At First You Don’t Succeed, Mess With It Some More?

An article summary from the U.K.’s Telegraph appeared today that read (LINK):

Money printing has “limited influence” on growth and more radical measures are needed to stimulate the economy, the newest member of the Bank of England’s rate-setting committee has warned.

The title of the article, at least on the front page of the Financial section of the online paper, is similar:  ”More targeted measures than QE needed to drive growth”.

I do not want to actually read the article, and besides, I have exhausted my 20 free “reads” per month.

These BofE worthies have read about laissez-faire.  They think it’s quaint.  They don’t think much of it, though, or so it would appear.  They may not care about the thoughts of John Stuart Mill (who was not a pure libertarian by any means; LINK):

“If the roads, the railways, the banks, the insurance offices, the great joint‑stock companies, the universities, and the public charities, were all of them branches of the government; if, in addition, the municipal corporations and local boards, with all that now devolves on them, became departments of the central administration; if the employees of all these different enterprises were appointed and paid by the government, and looked to the government for every rise of life; not all the freedom of the press and popular constitution of the legislature would make this or any other country free otherwise than in name.”

 It is simply difficult to think of what “radical” measures a central bank could do beyond the extraordinary steps it has already taken.  The BofE was chartered in 1694, and current interest rates are the lowest since then.  The more they go where no central bank (or few) has gone before, the more they will be at risk of further transforming the U.K. economy toward an unfree one.  I don’t know how clearly Margaret Thatcher is thinking these days, but if she understood what is going on, what might she say?   
Perhaps the major role in economic matters should be taken up by Parliament and the central bank should stick to banking, unless sepcifically directed to do otherwise by the elected representatives.
That’s a mainstream, not a radical thought.  Was anything so wrong with the Old Normal where central banks mostly stayed out of sight, and elected, accountable leaders actually made decisions which might even have been difficult ones to make?
 
 
 
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