What are these central banks up to?

It’s funny how in such a supposedly egalitarian country as Australia we pay so much deference to public servants. We pay them a lot (much more than their overseas counterparts), we give them a lot of power, and perhaps most important of all, we hardly ever question what they do.

The attitude of politicians, the business community, and most of the media to Philip Lowe, the governor of the Reserve Bank of Australia, proves the point. You could make a good argument that Lowe is the most powerful person in the country.