The fact that every other country also has a central bank says to me that central banks are tremendously useful devices for governments to maintain power. Gover

The fact that every other country also has a central bank says to me that central banks are tremendously useful devices for governments to maintain power. Government really like the fact that they (and only they) can print unlimited amounts of money that people must accept. The US is so wealthy mainly because it's government has been printing money only relatively recently and with relative restraint. (We've only had the federal reserve for about a hundred years. And we've been completely off the gold standard for less than fifty.) This has enriched the private sector more than in other countries. Also, this has enabled the US dollar to be used as the reserve currency of the world. As US monetary policy becomes less disciplined, America will go the way of the other countries of the world, it's government will be enriched at the expense of the private sector and economic growth.