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Author Topic: Do we Need Central Banks?  (Read 2905 times)
wxa7115
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January 02, 2019, 05:21:10 PM
 #241

We have never needed central banks at all, banks were very smart because they were able to convince the public and the politicians that they were somehow needed when that was not the case, a country should be capable of issuing its own fiat currency if they wanted but in many cases those countries were convinced that it will be a better idea to let private bankers to own the central bank of a country and issuing the currency themselves.

This has caused a significant amount of problems because as we know those people do not have the best interests of their citizens in their minds when they do what they do, this is why cryptocurrencies are going to be successful because it is a currency created by people for the people.
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January 03, 2019, 01:05:26 AM
 #242

I think as long money used for transction in wider area, central banks needed as third party. Central banks needed to control money supply and boosting economic growth. I think as long we using paper money, central banks still needed.
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January 03, 2019, 01:54:55 AM
 #243

I say yes..I think that every country should have a central bank. This leads to progress in the country. But if the central bank adopts Bitcoin, So it can be of great benefit to us and we can see a digital world

Yes i too agree on this. Central bank should be there in the country till the fiat currencies are there. Central bank plays good role in deciding the economy of country if they adopt Bitcoin this will be great benefit for making the country towards digital transformation and it will be good for crypto market.
in the current financial system. of course the central bank will be very important for the economy and the course of financial transactions in a country. the central bank regulates the circulation of the amount of money that must be in order to avoid inflation and so forth
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January 03, 2019, 02:02:52 AM
 #244

Central Banks are a byproduct of fractional reserve banking. You need to know about the history of banking to understand the reason for this.

Modern banks don't keep your money, they use it for lending among other things. But for this reason a bank can go bankrupt if a small percent of the clients decide to withdraw all their money. To mitigate this problem, there is a bank for banks, and that's the central bank. In many countries this central bank is also in charge of monetary policy, but are often subordinate to the government.

If we were to abandon fractional reserve banking, then central banks would also not be needed. For that banks, as you know them today, would need to change and they probably will but slowly, too slowly... They are happy where they are, leeching money providing a service that's not really needed anymore.

Bitcoin is a step in that direction, thankfully technology has shown it is possible to do away with banks. And how wonderful it is!

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January 03, 2019, 03:34:31 AM
 #245

Well, in my opinion central banks and fiat currencies are needed. You know why ? Because one of the central bank function are tto achieve and maintain the stability of fiat currency values manifested in the stability of goods and services, as well as stability in the currencies of other countries, to regulate and maintain a smooth payment system, as a parameter to define interest rate and economy. The central bank also has the role of overseeing, evaluating and fostering banking activities as financial intermediary institutions.

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January 03, 2019, 04:41:46 AM
 #246

We may not need central banks, but the government and the state as a whole need central banks. They perform certain specific functions in the state and as an organ of the state, it is an integral part of it. Therefore, I think that central banks will always exist as long as states exist.

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January 03, 2019, 09:19:55 AM
 #247

We may not need central banks, but the government and the state as a whole need central banks. They perform certain specific functions in the state and as an organ of the state, it is an integral part of it. Therefore, I think that central banks will always exist as long as states exist.
If we need government, then we need it's parts also. Grin But it is not necessary for government to have a central bank, it needs it just in modern economy situation. If economy would change, if it would become more effective and decentralized, oneday it could be so that there would be no need in banks while the governments would still exist. What do central banks do nowadays? Regulating inflation, economy growth etc? But if the industrial produce would become automated and robotized, oneday, I hope, people would not need to go for work to get money for their base needs, and then there would be no need in inflation or regulation of economy growth. Maybe oneday there would be no banks at all. Maybe... Smiley
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January 03, 2019, 01:00:43 PM
 #248

I do not prefer to comment on central banks but I want to draw attention that prior to central bank the money lending and borrowing was done by individuals they charge higher rate of interests for lending and less for borrowing they applied all the dirty tricks to trap the borrowers ,the property or valuables were confiscated for non payment resulting the need of the banks thereafter private banks started operations they also followed the similar lines and regulations started to protect the customer .So the focus should be on the customer that he should not be unduly harassed. System does not matter whether it is with regulations or without regulations.

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