There are plenty of cautionary tales when a central bank is overridden: "Authoritarian ruler Tayyip Erdogan tried out an unorthodox economic theory: that lowering interest rates would reduce inflation. Instead, the inflation rate got as high as 85.5% in 2023" www.investopedia.com/what-would-h...
I will point out that the current leader of the Canadian conservative party, Pierre Poilievre, actively sought the firing of the Bank of Canada head, in a dangerous Erdogan-like attempt to force lower interest rates. financialpost.com/news/economy...
That's just crazy.
Yes, PP was seeking to turn our central bank from an internationally admired institution to a third-rate politicized entity. He opposed aid to Ukraine on the basis of a lie. He takes down journalists with "casual cruelty." He's afraid of undergoing a security check. He's a poser.
He has bad judgment in general if he thinks this is in Canada's interests. Heck he has bad judgment if he thinks positioning for any of that is in *his* own interests. 😕