from The Daily Bell:
Raghuram Rajan: Why RBI needed more of him … Finally, Prime Minister Narendra Modi spoke up to give outgoing RBI governor Raghuram Rajan a thumbs up. The endorsement that came a wee bit too late was welcome nevertheless … – India.com
With economies worldwide in a mess, the mainstream media is increasingly concentrating on individual central bankers.
This is propaganda, of course.
Instead of having to deal with the failure of central banking as a system, the media can direct attention to individual central bankers and ask whether they are “up to the task.”
In fact, central banking is price fixing – of money. Price-fixing never works and eventual results in catastrophic failures.
By focusing on the individual in charge of a given central bank, the mainstream media redirects our attention.
We are supposed to stop wondering whether the system is a failure and instead try to figure out whether the individual running a given central bank is competent.
Rajan is a good example of this sort of approach.
Since he resigned, there have been a number of commentaries in the Indian and Western media expressing disappointment.
Please follow SGT Report on Twitter & help share the message.