from The Daily Bell:
IMF: Central banks must be responsible for financial stability … Financial stability should become a core central banking objective alongside monetary policy, although potential conflicts between the two functions might require some institutional redesign, the International Monetary Fund (IMF) said. The IMF noted in a study that although central banks had delivered low inflation, they had failed to prevent the devastating global financial crisis of 2008–2009. As a result, the IMF said new tools were needed to prevent excessive risk-taking, and that central banks may be best-placed to take on these tasks, although monetary policy should stay primarily focused on price and output stability. – Star Online
Dominant Social Theme: Central banks need to reduce the supply of money.
Free-Market Analysis: We were struck by a modest report (excerpt above) in the Star Online because it shows us once more that when it comes to monetary control, the International Monetary Fund is a big booster of central banking.
The IMF and the world’s current monopoly-model central banks work hand-in-glove; this is simply an unfortunate fact.
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