“The only reason we expect the Fed to ‘know the right monetary policy’ is because it’s been assigned a monopoly role in the economy. But not just a monopoly role, we also expect the Fed to be some sort of omniscient central planner, knowing when to step on the gas and when to hit the brakes.  And we also are asked to suspend reality and assume that the folks at the Fed will be good central planners and never be influenced by their political masters.  With so many difficult – or perhaps impossible – demands placed upon them, no wonder the Fed has a lousy track record  So let’s ask a fundamental question. Is the Fed necessary?”

http://danieljmitchell.wordpress.com/2012/09/19/can-we-envision-a-world-without-a-central-bank/

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