May 12, 2007
The Federal Reserve – Who Needs It? How Panama Has Thrived Without A Central Bank
David Saied is head of National Public Policy for the Government of Panama
and also directs the National Competitiveness Program.
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The Federal Reserve is America’s Central Bank, owned by an unnamed corporate cartel, given a license to print money, and holding significant sway over the national government and economy. If it were dissolved tomorrow, the average tax-payer would doubtless be a lot better off. But we couldn’t do that, could we?
The Republic of Panama has managed just fine without a Central Bank for over a hundred years, and in actual fact, if you compare the rate of inflation between Panama and the USA over the last twenty years, Panama comes out a lot better off every step of the way.
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I’m just an injineer; not one of them there highly educated highly compensated ekkynonnymists. BUT, it seems to me, that you are tying yourself to the USA Federal Reserve Bank Note and the rate that they choose for inflation. That “tying” can become a hangman’s noose when “helicopter ben” starts dropping FRBNies from the sky. ALSO, it would seem that shifting from the “US Dollar”, which is really the FRBN not a real Constitutional Dollar, to a gold / silver standard for a Panamanian currency could make you the darling of all the gold bugs in the world. A national currency redeemable in gold might well be a great growth industry. But then, I’m just an injineer.
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Reinke Faces Life 