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Debunking the Myths about Central Banks

By Gerald O'Driscoll Jr. - March 1, 2013

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Myths govern modern central banking. Like many myths, they contain an element of truth that has been distorted by exaggeration and misapplication. This year marks the 100th anniversary of the U.S. Federal Reserve System—an appropriate time for some long-overdue myth-busting. The first myth is that central banks are intrinsically necessary for market economies. History and theory belie...

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Gerald O'Driscoll Jr.

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