Richard Ebeling emails:
I have new article on the news and commentary website, “EpicTimes,” on, “Time to End Monetary Central Planning.”
If there is anything that can be said for certainty about practical Federal Reserve policy it that Janet Yellen and the other Board of Governors of America’s central bank, have no idea what to do or when, as reflected in their decisions on short-term interest rates over which they have some influence.
As I explain in my new book, Monetary Central Planning and the State, published by the Future of Freedom Foundation and available in a low-cost eBook format from Amazon, this is indicative of the irrationality of all forms of central planning of which monetary central planning by central banks is one example.
Central bank policy-making distorts interest rates, disrupts savings and investment decision-making, destabilizes the general value of money through manipulation of the money supply, and brings about imbalances in the structure of relative prices, wages and the allocation and use of resources, capital and labor throughout the economy.
The only way to eliminate the repeated pattern of booms and busts, inflations and recessions is to bring an end to central banking and its system of monetary central planning. And replace it with a market-based and market-generated system of monetary freedom and competitive, free banking.