Most so-called professional economists and academic teachers think of central banking as an eternally given necessity, some consider them even the result of an "economic evolution". To bring things down to earth looking back at historical experience is as "innovative" as unwelcome to the mainstream, as it makes things relative, not absolute.
Historically speaking the present two-stage banking system is a German, not an American and not even a British invention (or discovery, depends what you want to prove). The monopoly institution with attached the commercial bank cartel is always been a German idea and it "matured" with the transition from the Zettelbanken to the Prussian State Bank, which in 1875 became the Deutsche Reichsbank, Bismarck´s bank.
When Paul Warburg was sent from Hamburg to the US, in 1902, he preached without interruption in the US the establishment of a central bank MODELED BY THE GERMAN EXAMPLE, eventually succeeding in 1913 with the FED, which is a creature of his ONLY brain, Aldrich, Owen and Glass just implemented it (see: Warburg, Paul: The federal reserve system - Its origin and growth ; reflections and recollections; New York 1930). The Great Depression showed quickly that the instrument does not work, but it did not matter, it got additional powers, just like today.
It should not be too suprising that the so-called science of economics today can still survive with its double personality, one preaching atomistic free market competition (that does not exist, especially in the capital markets) and, the other, a Prussian monetary centralized monopoly of money, interest and credit with undefinable powers, acting as the bank of the banks (and not of the Citizen). Right and left ideologies do not make much of a difference, as Marx and Engels wanted to institute a full centralization of CREDIT (not of money) already in their Manifest of 1848 (point 5 of their list).
http://www.minneapolisfed.org/publications_papers/pub_display.cfm?id=3815
http://richmondfed.org/publications/research/economic_quarterly/2000/spring/pdf/roberts.pdf
http://www.jekyllclub.com/2010/12/30/the-federal-reserve-and-the-men-who-created-it-paul-moritz-warburg/
Historically speaking the present two-stage banking system is a German, not an American and not even a British invention (or discovery, depends what you want to prove). The monopoly institution with attached the commercial bank cartel is always been a German idea and it "matured" with the transition from the Zettelbanken to the Prussian State Bank, which in 1875 became the Deutsche Reichsbank, Bismarck´s bank.
When Paul Warburg was sent from Hamburg to the US, in 1902, he preached without interruption in the US the establishment of a central bank MODELED BY THE GERMAN EXAMPLE, eventually succeeding in 1913 with the FED, which is a creature of his ONLY brain, Aldrich, Owen and Glass just implemented it (see: Warburg, Paul: The federal reserve system - Its origin and growth ; reflections and recollections; New York 1930). The Great Depression showed quickly that the instrument does not work, but it did not matter, it got additional powers, just like today.
It should not be too suprising that the so-called science of economics today can still survive with its double personality, one preaching atomistic free market competition (that does not exist, especially in the capital markets) and, the other, a Prussian monetary centralized monopoly of money, interest and credit with undefinable powers, acting as the bank of the banks (and not of the Citizen). Right and left ideologies do not make much of a difference, as Marx and Engels wanted to institute a full centralization of CREDIT (not of money) already in their Manifest of 1848 (point 5 of their list).
http://www.minneapolisfed.org/publications_papers/pub_display.cfm?id=3815
http://richmondfed.org/publications/research/economic_quarterly/2000/spring/pdf/roberts.pdf
http://www.jekyllclub.com/2010/12/30/the-federal-reserve-and-the-men-who-created-it-paul-moritz-warburg/
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