Quite literally as a I write these words to you, the heads of the world’s largest central banks are packing their bags and heading home after a three-day symposium in Jackson Hole, Wyoming.
Central bankers aren’t exactly mega-celebrities, so their conferences don’t make international news outside of financial circles.
But if people understood what was at stake, they’d probably pay more attention.
Central bankers wield totalitarian authority over their nations’ interest rates.
Setting interest rates means they have direct influence over the price of money. In other words, they influence the price of EVERYTHING –
How much you pay for your mortgage. The price of your home. How cheap (or expensive) it is for a business to borrow money for expansion… which directly affects how many people they hire.
Their influence over rates helps determine how much interest the government pays each year on its debts, which ultimately impacts tax rates and other spending programs.
It’s extraordinary power.
This post was published at Sovereign Man on August 28, 2017.