More Central Bank Communication Is As Ridiculous and Dangerous as Less

 If there’s a golden rule for central bankers in the 21st century, this is it: Seek clarity and avoid uncertainty. A central bank’s target should be clear. The data it uses should be known. The analysis it conducts on that data should be comprehensible. And, certainly, politics should have nothing to do with its decisions. Yet across the world, central bankers are struggling to live up to these requirements. Instead they’re undercutting their own positions by introducing quite unnecessary confusion into policymaking. – Bloomberg

We are told in this Bloomberg editorial that central bankers must be clear about their goals and objectives so markets will not be “confused.”

It sounds like this is a reasonable objective. But actually, for decades central bankers were not supposed to communicate at all. This was the approach pioneered by Montagu Norman of the Bank of England: “Never explain, never excuse.”

Here from Eustace Mullins’



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