It Is Time to Dissolve All Central Banks, a Cancer on their Nations' Real Economies
By George Washington's Blog
Global Research, April 19, 2009
George Washington's Blog
As previously noted, the Federal Reserve has failed on its own terms. Specifically, it has failed to provide the counter-cyclical influence on the economy which is its very justification for existing in the first place.
Moreover, prominent Wall Street economist Henry Kaufman says that the Federal Reserve is primarily to blame for the financial crisis:
Even the head of the Federal Reserve bank of San Francisco - during a talk on how runaway bubbles can lead to depressions - admitted:
Fed monetary policy may also have contributed to the U.S. credit boom and the associated house price bubble ...
This is on top of the widely recognized fact that the Fed helped cause the Great Depression with its faulty monetary policy.
Indeed, if even half of what financial writer Ellen Brown says is true, central banks in all countries are parasitic organizations which do not have the best interest of their host nation in mind.
The central bank experiment has failed.
It is time to dissolve not only the Fed (as Ron Paul, Dennis Kucinich, Austrian school economists, and many others have demanded), but all central banks.
Whatever their motivation - whether selfish or altruistic - they have proven to be a net detriment to their respective economies.
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