The End of Central Banking, Part I.

An essay is presented on the role of central banking and the performance of the U.S. Federal Reserve (Fed), relative to the centenary of the law that established the U.S. central bank in 2013 and its expansion in the paper-money creation and government debt monetization. It argues that central banking is aimed at financing profligate governments and welfare state and not to correct market failures. It explores the end of central banking in terms of its purpose as a form of central planning.