‘Accountability and transparency’ in central banking? Not until news organizations attempt journalism
‘Accountability and transparency’ in central banking? Not until news organizations attempt journalism by Chris Powell for GATA
Dear Friend of GATA and Gold:
Central banks get away with the flaming hypocrisy illustrated below because mainstream news organizations don’t dare to put a critical question to them.
Here, if David Lawder and Leika Kihara of Reuters were serious journalists, and their editor, Paul Simao, had the wit for his job, someone from Reuters would have asked the managing director of the International Monetary Fund, Christine Lagarde — in the name of the “accountability, transparency, and effective communication” she purported to be advocating — to identify the markets in which her member central banks are surreptitiously trading and when they are surreptitiously trading, and to explain the objectives of their surreptitious trading.
Instead Reuters makes itself a mere press-release service, like PR Newswire.
How easy it would be for any news organization to show central bankers up and shut them up. A single critical question would do it, but there isn’t one in all of Earthly journalism.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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IMF Chief Calls for Central Bank Accountability, Communication
By David Lawder and Leika Kihara
Editing by Paul Simao
Saturday, April 13, 2019
WASHINGTON — International Monetary Fund Managing Director Christine Lagarde said today accountability, transparency, and effective communication were key components for central banks to be credible in delivering their mandates.
“Independence has served them well in the course of time and will continue to do so,” Lagarde said at a news conference when asked whether some central banks were facing threats to their independence in setting monetary policy.
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