The markets are coming under pressure on the latest economic data regarding the U.S. economy. The Dow is down 116 points, or 0.76%, while the broader S&P 500 is down 0.65%. Both market gauges are now down more than 1% for the week.
A selloff that started in Asia, and
The latest economic data reported by Gallup,
UPDATE: More economic news following the week ADP jobs report provides further evidence that the middle class is disappearing, leaving only wealthy jobs for a few and expansion in the industry who – I guess – should be honored that they can wait on them – that’s progressivism at work.
Advocates of central bank reform must examine why central banks emerged and what forces sustain them. They did not arise in an institutional vacuum, and will not be reformed in an institutional vacuum. The historical origins of central banks explain how they came into existence. The forces sustaining and feeding their growth may differ from those explaining their origin.
Plans to abolish central banks constitute an extreme reform. It is doubtful that such plans can succeed without broader institutional change, occurring either first or simultaneously. That is likely true regardless of the strength of evidence on central bank performance. I examine these issues in what follows.
