Central Banks, Democratic States and Financial Power

When the Federal Reserve, European Central Bank and Bank of England purchased bank and state debt during the 2007-2008 crisis, it became apparent that, when technically divorced from fiscal policy, monetary policy cannot revive but only prevent economic activity deteriorating further.

Pixley explains how conflicting social forces shape the diverse, complex relations of central banks to the money production of democracies and the immense money creation by capitalist banking.