10 aug The isolation of sovereign governments or the end of politics
The decision made by the Fed to keep interest rates low until at least 2013 means a blow to the sovereignty of governments. National politics have this week been taken over by independent intitutions. Mr. Sarkozy and Mrs. Merkel don’t have to be on a picture together anymore, giving the impression that Europe will do what the two of them think is best. Sarkozy and Merkel and all other European and American leaders are in fact out of a job. Major decisions about their economies are being taken by professionals with no party and no voters to please. The dictatorship of the European Central Bank, the Fed and, who knows, the IMF and the Worldbank is the new reality. I wonder whether any of the Presidents and Prime Ministers are aware of this. What will this mean for us, citizens? That we are dependent on the wisdom of strangers. Is this also the end of politics? Let’s wait and see what Francis Fukuyama has to say about all this.