Autor: Ljiljana Tatic Nicosia, 17.07.2016
Bitcoin should not be incorporated into the existing system of central banks. Problem of Central Banks is not only a fact that they are centralized. Bigger problem is that they consider money as a capital ‘per se’. The role of Bitcoin has to become a new standard of value, and as such to become an alternative to the current financial gambling system.
The Bank for International Settlements (BIS) is a treaty organization that is not under the jurisdiction of any government. The BIS operates as a kind of central bank of central banks that settles international imbalances caused by uneven international trade.1
Friedman, whose monetary economic theories heavily influenced Greenspan, was concerned about the stifled nature of the debate on why Federal Reserve Bank engaged almost 500 prestiges Economists. Milton Friedman, in a 1993 letter to Auerbach that the author quotes in his book, argued that the Fed practice was harming objectivity: “I cannot disagree with you that having something like 500 economists is extremely unhealthy. As you say, it is not conducive to independent, objective research. You and I know there has been censorship of the material published. Equally important, the location of the economists in the Federal Reserve has had a significant influence on the kind of research they do, biasing that research toward noncontroversial technical papers on method as opposed to substantive papers on policy and results,” Friedman wrote.2