“Everyone tells me the world I live in and the markets I position in are capitalist and democratic, but then why does it feel so much like a dictatorship where unelected people control everything?”

Mr Gor argues that pre-GFC, central banks’ decisions on short-term interest rates were only one of a number of factors that impacted growth, and that fiscal policy and government regulation were arguably more influential in driving structural growth.

“But as politics globally becomes more partisan, less and less gets done and therefore fiscal policy sits on the backburner, which has meant the central banker’s role has morphed into something grotesque,” he writes.

Central bankers now “attempt to control the price of everything”, from the short-term interest rate via monetary policy and long-term yields through bond-buying programs, to the price of equities via direct buying and even the level of currencies through money-printing programs.

Central bankers are steering world towards Soviet-style collapse, economist warns