Anarkismo.net: Brazil, The fallacy of the independent of the central bank by BrunoL (pt)

One of the themes in fact banned for favorite candidates in the upcoming presidential 
election is the subordination of the Central Bank (CB) to the political will of the 
voters. The neoliberal doctrine advocates the "independence" of the monetary authority, so 
this is not "politicized". This concept could even be considered absurd freak if it were 
not so dangerous. Become independent of the sovereign will - even if held indirectly - the 
nerve center of the collective resources is how to condition the ability of government to 
an act of obedience to hidden and omnipresent subject called "market". ---- The Central 
Bank "depoliticized" and under "technical" management is simply the subordination of 
monetary authority to the interests of financial operators.

There is a Brazilian privilege absurdity. In the United States, the transition from 
Republican administrations of Reagan and Bush Sr. to Clinton's two terms saw the 
continuity of management of Alan Greenspan ahead of the Fed, the Bank of superpower. After 
the passage of Bush Jr to Barack Obama, Greenspan's successor, Ben Bernanke, had also kept 
in office (still in office). The result of this neoliberal continuity ahead of Fed were at 
least three international crises, and the last - shot in September 2008 - represented the 
largest transfer of private funds for collective control of human history. Americans 
elected their first african-american president, bringing winds shy Keynesians. But his 
economic team is full of confidence men and Wall Street fraudsters of the bubble generated 
by the sale of subprime mortgages.

In Brazil we have a playbook likened to healthy changes. The rules are stricter for 
financial capital and did not reach leverage ratios of 1 to 33, as in the U.S. Bush Jr. 
Still, the sacred rules of neoliberalism are maintained: BC independent floating rates and 
containment of public spending. The latter is another fallacy. The state can spend at 
will, provided it is to feed the financial roulette. Therefore, the monetary authority 
must be trusted by the "market" (speculators) and not subject to the public interest. When 
the Selic rate gradually began to decline, reducing the cost of money and shortening the 
size of the hole of debt rollover, the "experts" accused the BC of losing "autonomy." 
Already, when the Selic rises, celebrating the hit "technical".

BC "depoliticized" and managed "technique" is simply the subordination of monetary 
authority to the interests of financial operators.