I had this exchange with Warren Mosler in this thread:
TH: Right now central banking is the greatest threat to liberal democracy and national sovereignty. This is where global integration under a command system is emanating from.
WM: i’d say the largest threat is from the failure to understand monetary operations
TH: Warren, I agree on that economically. However, I am concerned about the political threat that cb independence and interdependence among cb’s constitute. I am sure that these people are well-meaning, and I agree that the direction is toward increasing globalism, but I don’t trust the direction they are taking to get there. If they understood monetary ops, that would be a help. but there is still [Dani] Rodrik’s trilemma to deal with, and I think they know this and have an agenda to force increasing integration at the expense of either national sovereignty or liberal democracy, since the three can’t all exist together. This is clear in the case of the EU/EZ, for example.
Rodrik's trilemma results from what he calls an "impossibility theorem."
DR: I have an "impossibility theorem" for the global economy that is like that. It says that democracy, national sovereignty and global economic integration are mutually incompatible: we can combine any two of the three, but never have all three simultaneously and in full.
What we are witnessing in the EU, through the EZ, is that the ECB is leading Europe toward greater economic integration. It was clear from the outset that this could only be accomplished by greater political integration that involves surrendering at least some national sovereignty. For example, joining the EMU involves surrendering monetary sovereignty by adopting the euro in place of national currency. The plan was to herd Europe toward greater politically integration gradually, by imposing greater economic integration with less national sovereignty and less democratic choice and control.
Initially, the goal of greater political integration was opposed democratically. What is happening in effect is that the leaders are trying to impose economically a political arrangement that failed at the polls and remains unpopular.
This attempt can be seen as a test case for greater integration of the world economy along the same lines. Should we as a nation be trusting our fate to clueless bankers who are also "interested men" in Tom Paine's sense of the phase? If they understood how the monetary system works, we might have a chance. But in is clear that they don't, or are hiding it very effectively for some unknown reason.
We need to be thinking carefully about Rodrik's trilemma and debating choices instead of letting ourselves be herded by small groups of technocrats that are unelected and unaccountable since they are "politically independent." Moreover, some of them are not even citizens of this country. At any rate, virtually none of them really know what they are doing from an MMT perspective of monetary operations. Should the clueless be in charge?
DISCLAIMER: The views put forward here have nothing to do with NWO conspiracy theories such as that being put forward here.