> Money transfers belong in public hands
I think more important than putting the transfer of money in public hands is to put the monetary system itself in public hands.
I think more important than putting the transfer of money in public hands is to put the monetary system itself in public hands.
The banks' boards and many employees are political appointees nominated by elected officials.
They are accountable to legislatures.
I'm not sure how, other than go for a "Swiss-style" direct election of directors (which, considering the complexities of macroeconomics, would be like shooting ourselves in the foot with a cannon), you could get more public than that.
For example, if I run a business which banks do not approve of, then they can block my account or make it impossible to make transfers. What good does it if the bank is "in public hands" in that case?
Also, 14 year terms makes them pretty unaccountable to anyone even the presidents who nominated them, much less to citizens.