Subhendu, Das (2010): Central bank – the root cause of poverty, tax, and deficit.
Download (190Kb) | Preview
In each country the central bank is a privately owned bank with no transparency and accountability to the government of that country. It is also the only bank that can print the money for that country and does it so out of thin air. At the same time this bank wants that the government returns the money with interest. We show that this structure creates deficit, introduces tax, and causes poverty around the globe. This paper shows how central banks control the economy by manipulating the financial system it has designed. The paper explains how easily the central banks can control the unemployment, create recessions, and transfer wealth from the lower economic group to higher economic group and perpetuate the poverty. The paper also proposes three methods of eliminating central banks.
|Item Type:||MPRA Paper|
|Original Title:||Central bank – the root cause of poverty, tax, and deficit|
|Keywords:||central banks, Federal Funds Rate, Recessions|
|Subjects:||E - Macroeconomics and Monetary Economics > E0 - General
E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates
E - Macroeconomics and Monetary Economics > E3 - Prices, Business Fluctuations, and Cycles
|Depositing User:||Subhendu Das|
|Date Deposited:||28. Dec 2010 06:41|
|Last Modified:||14. Feb 2013 17:09|
BEA, (2010), BEA 10-54, Bureau of economic analysis, News release, November 23, US Dept. of Comm.
Belonga, M.T., & Hinich, M. J., (N.D), The evolving role and definition of the federal funds rate in the conduct of US monetary policy, Unv. Of Mississippi and Texas at Austin.
Balke, N. S., & Emery, K. M., (1994), The federal funds rate as an indicator of monetary policy: evidence from the 1980, Federal reserve bank of Dallas. Economic review, First quarter.
Bates, L., (2003), The new economic disorder, Charisma House, 2003.
Bernanke, B. S., (2010), Monetary policy objectives and tools in a low-inflation environment, conference, federal reserve bank of Boston, Boston, Massachusetts.
Bernanke, B. S., & Blinder, A. S., (1992), The federal funds rate and the channels of monetary transmission, Am. Econ. Rev., Vol 82, No. 4, pp. 901-921
CBI, (2010), History of the central bank of Iraq, http://www.cbi.iq/index.php?pid=History
Desjardins, (2008), Where are we with the US recessions? Economic Viewpoint, May 14, Desjardins.com
Dimitrov, V., & Tice, S., (2006), Corporate diversification and credit constraints: real affects across the business cycle, Rev. Fin. Studies, Vol. 19, No. 4, pp. 1465-1498.
DOL ,(2010), US Department of Labor, Bureau of labor statistics, employment status of the civilian noninstitutional population, 1940 to date (2009), percent of labor force, from: http://www.bls.gov/cps/
DOL, (2009), US Department of Labor, Bureau of labor statistics, How the government measures the unemployment, can be obtained from: http://www.bls.gov/cps/cps_htgm.pdf
Donald, D. H., (1995), Lincoln, Simon & Schuster paperbacks, NY
ECRI, (2004), Beating the business cycle, Lakshman Achuthan and Anirvan Nanerji, Random House, 2004.
Fed, (2010), Federal Reserve Statistical Release, H15, Selected Interest Rates, Historical data, Federal Funds (effective), Annual, available at: http://www.federalreserve.gov/releases/h15/data/Annual/H15_FF_O.txt
FOMC, (2010), Minutes of the federal open market committee, November 2-3, Washington, DC, USA
Greenspan, A., (2009), Video, Let Greenspan tell you what fed is, Sept 06, watch free at http://www.youtube.com/watch?v=qIQTu7kOT_8&NR=1