I was the guest recently on the webinar show, “Rethinking the Dollar,” to discuss my recently published book, “Monetary Central Planning and the State.”
I explained the relationship between government central planning in general and the nature and the inherent problems with monetary central planning as one example of a form of central planning.
In this case, the lack of a competitive market process to determine: (a) what is it that market participants would find most useful to use as a medium of exchange; (b) what the value, or purchasing power, of money should be, given people’s demands to hold and use money in relation to its market-determined supply; and (c) what interest rates should be in terms of people’s savings in comparison to borrowers wishing to use saved funds for market-oriented investments and other activities.
This means, I explain, that distortions, imbalances and misallocations of labor, capital and other resources are virtually inevitable in the form of the booms and busts of the business cycle under the institution of central banking.
The show runs for about 30 minutes.