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(Untitled) Sep 1st 2013, 01:20, by noreply@blogger.com (Cliff Küle) "The Alchemists" "3 Central Bankers & a World on Fire" Financial Sense interview of author & Washington Post columnist Neil Irwin to discuss his book which focuses on the world's most powerful men - the central bankers .. The extraordinary power of Central Bankers and how they used it during the great financial crisis .. Irwin initially looks at the origins of central banking, then takes the reader into the Great Financial Crisis & its aftermath with the story of these central bankers & the extraordinary power they have over our collective fate, & that of the global economy - actual interview done a few months ago but still relevant .. about 1/2 hr total LINK HERE to the audio From Our Archives: The Priesthood of Central Bankers Chris Whalen (AA) shares some wise commentary on Neil Irwin's The Alchemists Three Central Bankers and a World on Fire .. focuses on the Federal Reserve's Ben Bernanke, the European Central Bank's Jean-Claude Trichet (served from 2003-2011) & the Bank of England's Mervyn King .. re: central bank accountability .. they exercise huge authority over both fiscal & monetary policy while trying to avoid political responsibility .. "The alchemists led by Bernanke, Trichet and King were right to buy time with a wall of money, but they erred by not using that precious time to restructure the economies of the United States and Europe. By following the philosophy of Volcker and Bernanke—that it is bad to allow big enterprises to fail—we have missed an opportunity to restore a more stable, sustainable path to the future. The rise of the alchemists among central bankers has given us less political accountability, less economic restructuring and renewal, and far fewer real possibilities for growth in the global economy. The reality remains that nobody can spin straw into gold, not even central bankers." LINK HERE to the essay

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