What is at stake is the independence of Ecuador, not of its central bank. This is why the oligarchy is attacking Andrés Arauz- video

20/01/2021 by

It is with considerable amusement that I follow the international oligarchy’s anxiety to prevent Andrés Arauz from winning the presidential election. I say amusement because they have chosen to damage his standing by painting him as a threat to the independence of Ecuador’s central bank – of which Andres was the youngest governor.

Let’s get one thing straight: No central bank can be independent. So-called independent central banks are independent only of their parliaments and the people and, thus, fully in the pockets of the financiers and the broader oligarchy.

For a country that does not have its own currency, the Central Bank of Ecuador has the limited role of creating a little monetary space for a progressive government. Andrés did this magnificently as its youngest ever governor, under President Correa.

What the oligarchy fear now is that he will do it again as President, in an effort to liberate the government from the clutches of the IMF and of the domestic oligarchy that brought in the IMF to control the government fully.

So, let’s be clear: They are not concerned about the independence of the Central Bank of Ecuador. They are dead against an independent Ecuador – the Ecuador that Andres’ victory could bring about.

Cookies help us deliver our services. By using our services, you agree to our use of cookies. More Information