Democracy, as opposed to oligarchy, is where the people are ultimately sovereign. Sure, laws apply to the ones disagreeing, but in theory, the government serve

Democracy, as opposed to oligarchy, is where the people are ultimately sovereign. Sure, laws apply to the ones disagreeing, but in theory, the government serves the people, not rules it. Central banks however, have a large amount of control over everyone's financial life, yet the signal from voting is only very dimly forwarded to this institution, and there are limited checks and balances governing it.