The End of Central Banking, Part I

Subject: The End of Central Banking, Part I Mon Mar 17, 2014 9:48 pm

This year marks the centenary of the law establishing the U.S. central bank, the Federal Reserve (Fed), so it’s an appropriate time to assess the role of central banking and the Fed’s long-term performance. Another reason to focus on central banking is its recent vast expansions in both paper-money creation and government debt monetization.

The End of Central Banking, Part I Salsman

The End of Central Banking, Part I Salsman

Although retrospectives on the Fed’s centenary may proliferate, few will address truly fundamental issues, such as: What is the purpose of central banking? Why did proponents of central banks seek to establish them, and what defects (if any) marred the systems they displaced? How have central banks performed historically? Have they fostered sound money, safe banking, and economic prosperity? If not, should central banks still exist? Such questions are rarely asked. Most people who write about the Fed presume central banking is a legitimate or necessary aspect of the economy and focus on how central banks now behave or might better behave in the future.

http://www.theobjectivestandard.com/issues/2013-spring/end-of-central-banking.asp

The End of Central Banking, Part I

The End of Central Banking, Part I

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