The central bank isn't simply a room full of independent economists pursuing neutral policy. It functions as the enforcement mechanism of broader geopolitical and economic power structures.

What's striking is the disconnect: pragmatic market participants recognize this dynamic, yet the institution's leadership remains largely unaware. Much like fish cannot perceive the water they swim in, these policymakers are trapped within their own institutional framework. They're convinced by their own doctrine of principled independence—a narrative that obscures the deeper structural realities shaping their decisions and actions.