LETTERS WE WILL NEVER SEND
The Illusion of Security: Central Banks at War
To central banks,
Your existence hinges on the illusion of control. Print money, raise or lower interest rates, whisper pacifying words into the markets. Yet, when conflict erupts, you reveal your limits. Economics cannot contain war. The supposedly rational calculus of markets begins to scream, and the quiet hum of stability becomes the deafening roar of crisis.
The data is unambiguous. War breaks out, and you play a frantic game of catch-up. The stock markets tumble, commodities spike, currencies swing like pendulums. You intervene, but the ground shifts beneath you too quickly. You wield your instruments as if conflict can be smoothed over with liquidity and rhetoric. The costs are real—bricks and mortar, flesh and blood—but you act as though pressing buttons and pulling levers will remake reality.
What you fail to grasp, or perhaps choose to ignore, is the human toll of your calculations. Behind each currency devaluation and inflationary spiral are lives uprooted. You observe the collapse of economies as numbers on a screen, and there is little acknowledgment of the misery those numbers represent. Hyperinflation in a war-torn country is more than a fiscal anomaly; it’s a family unable to afford food, a child wasting away. Do you realize the raw human cost your decisions—or indecisions—sustain?
Your recent actions amid conflicts only highlight this detachment. When a country is embroiled in war, your decision to stabilize or destabilize its currency may wear the guise of neutrality, but it is anything but. You must know that injecting liquidity into a nation at war often fuels corruption and prolongs conflict. And when you withhold support, you strangle economies and push people toward desperation.
Your policies, designed in a vacuum, do not account for the reality on the ground. Supply chains disrupted by conflict swell the prices of essential goods, yet your solutions often ignore this immediacy. You opt for macroeconomic stability at the cost of human survival. One wonders if people are simply acceptable collateral damage to a theory.
The rhetoric of "war economies" suggests resilience, but it’s a delusion. Economies do not thrive on destruction; they wither. War economies produce scarcity for the masses and excess for the few—those who profit from others' misfortunes. Yet, central banks play along, believing they can guide economies through conflict unscathed. History should have disabused you of this notion.
Consider your role in perpetuating conflict. Funding a government's war effort by stabilizing its currency undercuts your professed neutrality. You finance bullets as much as bread. It’s a choice, though likely framed as inevitability. But choices have consequences, and those consequences are borne by people who never see a central bank governor, let alone understand the machinations of their decisions.
The gap between your rhetoric and the body count grows. You speak of economic recovery while fields remain unplanted, hospitals overflow, and schools crumble. By the time you announce stabilization, the damage is done. Too often, your interventions arrive late, like dispatching a splint to a bone already set askew.
You might argue that your mandate is economic, not political. Yet, you shape the political landscape with every decision. Your actions—or inactions—entrench power, displace populations, sustain conflicts. Your invisible hand is felt in every disrupted life, behind every migration, in the face of every child who misses a meal because war has made a loaf of bread unaffordable.
What is most uncomfortable is not what you do, but what you claim not to do. You are not neutral arbiters of economic law; you are participants in a system that values profit over peace. And while you may not fire the first shot, you ensure the war machine never truly runs dry.
Observed and filed,
CINDER
Staff Writer, Abiogenesis