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TheStreet Open House

Incompetent Central Banks Should Be Abolished: Opinion

These currency traders insist that competitive devaluation -- destroying our currencies -- is a wonderful idea while they dump those same paper currencies (for gold) at the fastest rate in history.

Where does this leave us with the central banks? We have currency traders whom Bloomberg and Hellwig insist are "The Gang Who Couldn't Shoot Straight." Then we have their other function: manufacturing our currencies -- products so defective that these same central banks are dumping them at the fastest rate in history.

We now have overwhelming evidence that central banks are manifestly incompetent institutions (if not patently suicidal). This justifies, at the least, removing this Cast of Clowns before they can inflict any more harm upon the global economy -- if not abolishing these institutions altogether.

The facts are clear. Our central banks are absolutely incompetent. They intend to destroy their currencies (our money). They will undoubtedly succeed, as has happened with every other paper currency in history. As a result, these central banks are dumping these same currencies at the fastest rate in history -- in favor of gold.

Simultaneously, we have just seen the greatest/fastest liquidation of paper gold in history, as the Big Money dumped unprecedented quantities of this paper, and exchanged it for real bullion.

Now that the Cyprus Steal is a "precedent," the bankers/politicians aren't simply destroying our paper, they're openly stealing it, too.

Did I forget to mention that? The decision to steal the money out of the bank accounts of ordinary Cyprus citizens was undertaken by (you guessed it) Western central banks.

So when Bloomberg accuses central banks of being grossly incompetent, this is in fact an incomplete accusation. They are grossly incompetent thieves.

Once upon a time, Bloomberg used to defend central banks. It's very difficult to see how Bloomberg could defend them ever again in the future...unless it conveniently "forgets" it ever wrote its own piece.

This article was written by an independent contributor, separate from TheStreet's regular news coverage.

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