Central Banks (another form of central planning) never have the nation’s or the citizens’ best interests at heart. They are just another tool that’s used to transfer wealth from the many to the few. The market is the only mechanism that works for everyone, and the elite hate it for that reason. Think about this: the FED employs 400 or so PhD economists along with hundreds more highly educated individuals, and yet they are always wrong in recognizing the harm they do, late in recognizing it, and then wrong in what they try to do to minimize the damage they have caused. Even in the worst calamities, the elite always seem to wind up with more of the pie. All that inside information sure comes in handy.
“Central Banks (another form of central planning) never have the nation’s or the citizens’ best interests at heart. They are just another tool that’s used to transfer wealth from the many to the few.”
There is no advanced economy that lacks a central bank. It’s not “central planning”, it’s a necessary part of a banking system.
Commercial/retail banks have to have a lender of last resort or you risk a system collapse that detroys otherwise sound banks.
The Fed failed to fulfill this role in 1930-33 and one third of America’s banks collapsed, wiping out depositors and investors alike, hurling the country into the Great Depression.