Would appreciate being fact-checked on this:
The US is the only country in its history to have abolished a central bank more than once.
Now that's something.
Discussion
This was a tough one to search. For “abolished”, it sounds correct. There have been places where CBs or quasi-CBs have failed, but probably not multiple abolishments/charter expirations like the US.
Yeah actively doing that is abnormal and unusual.
Certainly establishes a strong precedent for the US.
For other countries though, goodness me Bitcoin is MASSIVE.
Its ends central banking over time by simply existing on the market. No legislation, riots, lobbying, voting, campaigning or theorizing needed.
It's like the indomitable forces of economic laws making the market correct itself. Magnificent.
Twice! Currently going on the 3rd.
Now people need to look up how the US used tariffs between to fund the government without a Central Bank.
Rothbard is my go-to economic historian regarding anything about the US. I agree with his take on Tariffs.
From 1880-1916 was probably when the US was at its wealthiest time due to tariffs. The Central Bank put a stop to tariffs because they were in direct competition to their tax based slavery system. It made it harder to redistribute the wealth around the world due to US tariffs. The Central Bank's currency was designed to flow like water, be held within their banks, creep into every society, but tariffs were an unwanted dam.
The US is about to witness a history lesson.
Ah well yes, no tax enables prosperity.
It only diminishes it.
Tariffs are ultimately taxes on consumers who import.
Prosperity can only emerge through free and voluntary trade between people, groups, communities and companies. Not by fiat decree of what one can and cannot trade and with who. Tariffs are fiat.
It's possible to have this view while also considering central banks to be terrible.
It's not a choice between central banking and tariffs. Both have to go away.
Great book/audiobook on this topic is The Creature from Jekyll Island. It's a fascinating history lesson. Covers First and Second bank of the United States and wildcat banking, etc. Lots of history is wrapped around banking, including both sides of wars.
Heard a talk given by author Edward Griffin about the book, which was good!
I love this one though:
