Reply #36: Please watch who you're calling 'ignorant'

[The Green Manalishi]

I'm quite well aware of economic history prior to 1900.

You've no more evidence that it's done good than anyone does that it's caused harm. IMHO the causes of the panics, particularly the bad ones of 1857 and 1893 might have been mitigated a bit by a central bank, but we've seen that there are limits to what a central bank can do, both here and in Europe, particularly when 'structural stupidity' such as land speculation (1837) gets out of hand.

I'm not saying there shouldn't be a fed at all, I *am* saying it should be, as with Fannie, Freddie, the pentagon and any other institution getting or using one taxpayer cent, frequently and thoroughly audited with every single transaction made public. It should, in any case, be roundly distrusted because it can very easily serve as a tool to manipulate markets for the benefit of TPTB.