—“Aren’t Central banks failing?”—Jacob Liam Youngman
No evidence of it. Just the opposite, that central banking has made it possible to drag backward nations out of poverty by the billions.
You can say that keynesian monetary policy in an attempt to limit unemployment has been a failure if for no other reason than it inflates away all the increases in productivity.
You can say that keynesian economic theory and monetary policy does in fact iteratively deepen and extend corrections, such that at some point without extraordinary measures risk impossibility of correct comfortably.
You can say that keynesian monetary policy and fiscal policy suppresses reproduction and creates demand for immigration that creates civil wars.
But these are problems of keynesian (saltwater) monetary policy not chicago monetary policy, and not central banking.
It is almost impossible to argue against the utility of central banking ( using shares in the economy as currency). You just can’t (with any degree of intellectual honesty).