Does the current banking system vis n vis Central banks work?

Many observes may wonder about the large amount of financial crises that occurred in the 20th and 21st centuries in comparison say to previous periods. Granted, data is less available for that era. Central banks in the current form are a relatively modern institution and Chris Leithner has wriiten 2 excellent articles that calls into question the roles of Central Banks and whether their role is needed or desirable.

The articles are:

1. What Causes – and How to Prevent – Bank Crises

2. Why the RBA should be abolished – and what could replace it

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