Why has central banking become so prevalent and accepted in modernity?

Your average citizen knows nothing about economics, hence it works.

People don't care.

Hell, we're 10 years after the 07-08 crisis and still very few people know what actually happened.

>Why has central banking become so prevalent and accepted in modernity?

Because having banks who print meme money is a recipe of disaster.

sure but tell me what economical hegemony that isn't based on doing just that.

It's kind of unfair they give out cheap loans to commercial banks who then give out more expensive loans to the public. Make the central bank the peoples bank not the bankers bank.

Why?

>he thinks having fiat currency backed by nothing but government might as the only legal tender is good

Its rather reasonable considering the price of loans is based on risk of default and a fee. The people are more likely to default, and banks charge a fee for the service they provide (assessment of risk). Central banks don't have to exert as much effort assessing the bank's risk, and banks are less likely to default, hence their price for loans is lower.

Uh I don’t think it’s that hard to have an economic/banking system absent of violence as long as states aren’t involved

>he enjoys being totally unable to change monetary policy in response to cyclical shocks

Enjoy having every market correction turn into a full-on panic because you couldn't buy bonds to increase the money supply and bring back consumer confidence.

They aren't going to give you your foreskin back, user.

Which total war was then?

What did actually happen?

Too late, got Jesus trips.

Enjoy being economically illiterate.

The Peloponesian war.

socialism won't need any banks anyway

I'm not an economist, but as far as I can tell, it goes roughly like this

>boomers begin to retire
>amount of money in retirement funds and investment funds doubles over a relatively short period
>banks looking for somewhere to invest all of this moni
>I know, mortgages
>but having an investment bank manage the mortgage isn't going to work, so lending banks begin to bundle all of the mortgages into nice little investment packages and sort them off
>the people giving out these mortgages realize that the people buying the mortgage have no idea how much they're worth
>if you can give Jamal an 800,000 dollar mortgage, you can bundle that mortgage in with a bunch of other ones and leave somebody else to deal with the issue when Jamal can't pay
>this creates a massive housing and construction boom
>eventually people begin to realize that mortgage bundles were given out with no screening, and that they're investments are worth dramatically less than they think
>entire companies that invested in said bundles are destroyed overnight
>because a majority of all of the wealth in America is in real estate, and the real estate market collapses, a lot of people lose a large percentage of their net worth
>people stop buying stuff because they're broke now

>Wall Street sells people shitty mortgages
>people realize they’re shitty and stop buying
>conference tanks and people’s property ends up way cheaper then what they initially bought it for
>people are unable to pay back their loans
>Wall Street is fucked now so they ask Uncle Sam for gibs and get it
>proto-SJWs get pissed that tax payer money is bailing out banks and march around Jew York saying we need gommunism
>they forget about it eventually and Obama gets elected so it’s all good now

This is correct, but you're leaving out that Clinton was the biggest force behind the subprime loans by changing the CRA, and that Jamal and his friend weren't the ones buying houses right and left despite the loans being aimed towards them, but well-off upper-middle class people who already owned one or two houses.

As I understand, the main causes were

>lax oversight from the 80s onwards
>the Fed lowering interest rates in an effort to stimulate growth during the 2000s
>rating agencies not doing their jobs right

A complete whitewash of financial institution culpability motivated by racism and partisan politics.

federalreserve.gov/econresdata/notes/feds-notes/2015/assessing-the-community-reinvestment-acts-role-in-the-financial-crisis-20150526.html

jchs.harvard.edu/sites/jchs.harvard.edu/files/n08-2_park.pdf

minneapolisfed.org/publications/community-dividend/did-the-cra-cause-the-mortgage-market-meltdown

This is correct.

Because monetary policy is effective, and people don't listen to economic schools that are basically internet doomsday cults.

I'd like to refute that last claim.
a surprising number of people listen to internet doomsday cults