raghu:
>> > By your reasoning, we should not have any expert panels deciding
>> > anything, say Medicare reimbursement rates - those should also be decided
>> > by
>> > political appointees, right?
me:
>> So-called "technocrats" _are_ political appointees. In any event, the
>> point is that _all_ appointees, whether described as "technocrats" or
>> not, should be held responsible to the democratic electorate rather
raghu:
> As I said there is a difference between accountability and oversight, and
> day-to-day decision-making.
Of course. Experts (so-called or otherwise) are the best people for
day-to-day decision-making, but should be subject to democratic
accountability and oversight. I never said otherwise, but you said
that I favored "not having any expert panels deciding anything." I
don't know where that came from. I guess my prose is poor.
I said that " Popular democratic sovereignty trumps dictatorship as a
matter of principle." A principle of sovereignty applies _in general_.
It does not specify the specifics (as it were). The question is who is
ultimately behind the appointment of the "technocrats" and keeps them
responsible: is the capitalists and their banks? or is it the people
who are ruled by the technocrats?
> And you can't have it both ways: you cannot criticize the concept of an
> "independent" Fed on the grounds that it is unelected and at the same time
> deplore that it is politically appointed.
I don't think I did that. My point has always been that the Fed is NOT
independent despite propaganda to the contrary. It is independent of
democratic authority (even the very attenuated version we have in the
US) but not independent of the massive political influence of the
banks and financiers. If anything the balance should be shifted away
from the power of the banks so that elected officials have more say.
In any event, I haven't seen any references to the idea of _electing_
the members of the Fed's board in this thread. I don't know where that
comes from. Not me. Holding these worthies democratically accountable
("held responsible to the democratic electorate") is not the same as
electing them.
--
Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your
own way and let people talk.) -- Karl, paraphrasing Dante.
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