.. In a world that claims to have rejected socialism, central banks remain one of the most powerful socialist institutions around the world—because make no mistake about it, central banking is monetary central planning.
Monetary central planning is one of the last vestiges of socialist central planning. The fact is, the Federal Reserve can no more correctly plan for the “optimal” quantity of money or a targeted rate of inflation than any other branch of government can properly plan for the optimal supply and pricing of shoes, cigars, soap, or scissors. And the history of monetary central planning in the United States and around the world has demonstrated the same inevitable failures as all other forms of socialist planning.
The best monetary policy would be no monetary policy at all. The advocate of the free market, therefore, calls for the abolition of the Federal Reserve and the operation of a market-based system of private and competitive free banking.
In the absence of government regulation and monopoly control, a free monetary and banking system would exist; it would not have to be created, designed, or supported. A market-based system would naturally emerge, take form, and develop out of the prior system of monetary central planning. And monetary freedom would be established.