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Comment by telxosser | Hacker News Reader

Have you not ever read financial history and what things were like without central banks?

No one that knows what they are talking about can possibly think we were better off without central banks. It is a childish and clueless view.

House Of Morgan, History of Interest Rates from Wiley. Try reading some books instead of looking up things on wiki to back up your already nonsense beliefs. You can not read those books and come away thinking getting rid of central banks is a good idea.

You are just making the old clueless gold bug argument repacked in digital form.

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Have you?

Financial crises have been more severe, longer, and more sustained since the introduction of central banking. Let us also not forget that the industrial revolution and the extraordinary growth of Western economies in the late 1800s were mostly conducted under free banking without a central buyer and lender of last resort, and in some jurisdictions where a central bank existed it was regulated to follow a strict gold standard.

> Financial crises have been more severe, longer, and more sustained since the introduction of central banking.

I admit that I'm not willing to even look into your argument too deeply, although I have severe doubts about its validity. The reason is you omit one order-of-magnitudes factor: The economy has increased exponentially beginning with the industrial revolution, and world population similarly. So of course any disaster, including natural ones, without anything else impacts ever more people and is ever more complex to solve.

This is the major factor that you have to address before any other, but you simply ignore it. Like all the pro-crypto arguments, they always leave out extremely easily accessible points that are not hard to find, which I find strange, and which makes these discussions so tiresome.

And by the way, when it was new I looked into blockchains to the point of even taking programming courses for it, so it's not like I'm completely "armchair" about it. I rejected it only after doing active research.

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