[whakim]

> A massive shift happened when central banks started getting involved in direct purchases of various asset types and we started to see a major distortion happen in monetary policy that which has distorted the functioning of money itself.

Historically, Western democratic states owned a significant amount of assets as measured as a percent of national income - it was only in the period 1970-2008 that the value of total state-owned assets shrunk to near-zero (or even became negative in some cases). So the large increases in value of states' balance sheets (and corresponding impacts) is not at all unusual. That being said, you're correct to point out that Central Banks heading these trends is a little concerning, mostly because it basically represents democracy outsourcing these important decisions to unelected bureaucrats.

[JanisL]

I think there's a massive difference between the government owning things and the central bank owning things for the reasons you mention about accountability.