Philip Patrick

Bank of England is a good example.

The European Central Bank is a good example.

And when she talks about them being the deep state, I think she means not so much in a conspiratorial sense, but more in a structural one.

Look at the ECB as an example.

This is an unelected institution that essentially dictates fiscal discipline, banking rules, and now even

geopolitical posture for 27 nations.

In Europe, we see governments change consistently, but the ECB never does.

When a crisis hits, whether it's debt, energy, inflation, sanctions, the ECB will step in and tell elected governments what is allowed and what isn't.

That, for me, is real power, a bureaucracy that nobody voted for, steering the continent towards policies that voters never approved.

And today we're seeing central banks use that power far beyond interest rates, specifically, again, the ECB, doing it through the financial system, not the ballot box.

Look at what they've done with Russia recently.

The ECB isn't just setting interest rates, it's weaponizing regulation, it's pushing sanctions.

It's redefining ordinary commerce with Russia as dual use, meaning military relevant.

They're implying sanctions now.

So once the financial system starts doing the geopolitical work that politicians won't do, you end up exactly in the situation that Europe's in now, treating business with Russia as a step towards war.

But I think central banks in general have stepped way beyond their mandate and they

huge political power now, which is very concerning given their unelected bodies or institutions.

I mean, we know how absurd that is.

Look, when Europe seizes Russia's assets, it hurts Moscow short term, but it's not as much as it hurts the long term credibility of the West.

Every country is watching what's happening from Riyadh to New Delhi to Brasilia.