So the American judiciary has drawn a line in the sand. A federal court has blocked the President’s power grab over the Federal Reserve, and our allies are—predictably—applauding. But before we join the chorus of self-congratulation, let us pause to consider what this really means. It is not a victory for democracy. It is a symptom of a deeper rot.
The headlines scream: ‘Britain’s allies strike back!’ As if this were some grand moral triumph. But what exactly have our allies struck back against? A President who, whatever his faults, was elected precisely because the system was failing. The Federal Reserve, that hallowed institution of technocratic authority, has long been as much a part of the problem as the solution. It printed money with abandon, inflated asset bubbles, and left the working man holding the bag. Now, when a President dares to question its sacrosanct independence, the judges step in. How very Roman of them.
I am not defending the President. He is a wrecking ball, not a master builder. But the response from our allies tells us everything: they fear any disruption to the status quo. They would rather have a dysfunctional but predictable system than one that might actually serve the people. And they expect Britain to fall in line.
This is where the danger lies for us. Britain has its own unaccountable institutions: the Bank of England, the judiciary, the House of Lords. They are the guardians of a liberal order that has become a straitjacket. When our politicians try to take control—as they surely will—the same chorus of ‘Allies’ will demand we respect their independence. But independence from whom? The electorate?
We are watching the death throes of the post-war consensus. The American court has fired a shot in a new cold war: the war between democracy and technocracy. And our allies have chosen their side. They are not defending liberty, they are defending their own power. Britain should be wary. The Fed ruling is not a warning to strongmen, it is a warning to voters: ‘You will be governed by experts, whether you like it or not.’
The parallels to the late Roman Republic are almost too painful to ignore. The Senate, like our modern central banks and courts, claimed to defend the Republic. But it was really defending its own privileges against the populares—the tribunes who spoke for the plebs. When the Senate blocked reform, the mob turned to Caesar. And we all know how that ended.
We are not there yet. But the hysterical applause from our allies suggests they have learned nothing. They think blocking a power grab is enough. But what about the power of the Fed that was never challenged: its ability to rig the economy for the rich? The court did not touch that. It merely preserved the illusion of independence while the real power—the power to print money and create crises—remains untouched.
Britain must chart a different course. We cannot afford to be the lapdog of a decaying American empire. Our own institutions need scrutiny. The Bank of England’s independence should be open to question. The judiciary’s role in policy must be debated. And if our allies call that ‘populism’ or ‘autocracy’, so be it. The alternative is to drift, like America, into a judicial oligarchy where elections are just theatre.
This ruling is not a victory for our values. It is a victory for a class that despises the people. And the sooner we realise that, the sooner we can build something better. ‘Striking back’ has never solved anything. It is time to think, not just react.
