Tim Price on central banking

Central bank monetary planning is the glaring hole at the centre of modern economics.  We accept (or should do) that the modern economic world is highly complex, with practically infinite interactions between countries, governments, exchange rates, interest rates, stock markets, corporations, households, entrepreneurs, and consumers.  In most areas we also accept that free markets are perfectly capable of driving Adam Smith’s invisible hand to ensure that enlightened self-interest benefits the many as opposed to the few.  Despite this, the idea that one institution – the central bank- is even capable of mastering such complexity and fine-tuning the workings of a highly complex economy through the brute mechanism of dictating the price of money has rarely been brought into question.

~ Tim Price, "Regime Change is Coming," Price Value Partners, April 3, 2023