{"id":34860,"date":"2018-06-07T06:01:39","date_gmt":"2018-06-07T11:01:39","guid":{"rendered":"http:\/\/olduvai.ca\/?p=34860"},"modified":"2018-06-07T06:01:39","modified_gmt":"2018-06-07T11:01:39","slug":"the-myth-that-central-banks-assure-economic-stability","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=34860","title":{"rendered":"The Myth That Central Banks Assure Economic Stability"},"content":{"rendered":"
\n
\n

THE MYTH THAT CENTRAL BANKS ASSURE ECONOMIC STABILITY<\/a><\/h3>\n<\/div>\n<\/header>\n
\n
\n
\n
\n

The world has been plagued with periodic bouts of the economic rollercoaster of booms and busts, inflations and recessions, especially during the last one hundred years. The main culprits responsible for these destabilizing and disruptive episodes have been governments and their central banks. They have monopolized the control of their respective nation\u2019s monetary and banking systems, and mismanaged them. There is really nowhere else to point other than in their direction.<\/p>\n

Yet, to listen to some prominent and respected writers on these matters, government has been the stabilizer and free markets have been the disturber of economic order. A recent instance of this line of reasoning is a short article by Robert Skidelsky on\u00a0\u201cWhy Reinvent the Monetary Wheel?\u201d<\/a>\u00a0Dr. Skidelsky is the noted author of a three-volume biography of John Maynard Keynes and a leading voice on public policy issues in Great Britain.<\/p>\n

Skidelsky: Central Banking Equals Stable Prices and Markets<\/b><\/p>\n

He argues against those who wish to denationalize and privatize money and the monetary system. That is, he criticizes those who want to take control of money and monetary affairs out of the hands of the government, and, instead, put money and the monetary order back into the competitive, private market. He opposes those who wish to separate money from the State.<\/p>\n

Skidelsky sees the proponents of Bitcoin and other \u201ccryptocurrences\u201d as \u201cquacks and cranks.\u201d He says that behind any privatization of the monetary system reflected in these potential forms of electronic money may be seen \u201cthe more sordid motives\u201d of \u201cFriedrich Hayek\u2019s dream of a free market in money.\u201d<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

THE MYTH THAT CENTRAL BANKS ASSURE ECONOMIC STABILITY The world has been plagued with periodic bouts of the economic rollercoaster of booms and busts, inflations and recessions, especially during the last one hundred years. The main culprits responsible for these destabilizing and disruptive episodes have been governments and their central banks. They have monopolized the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[61,89,124,7380,19647,20391,19648,379,534],"class_list":["post-34860","post","type-post","status-publish","format-standard","hentry","category-economics","tag-banking","tag-boom-and-bust","tag-central-banks","tag-cobden-centre","tag-dr-richard-m-ebeling","tag-economic-stability","tag-friedrich-a-hayek","tag-government","tag-monetary-policy"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34860","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=34860"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34860\/revisions"}],"predecessor-version":[{"id":34861,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34860\/revisions\/34861"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34860"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34860"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34860"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}