Canada created its central bank during the Great Depression, ostensibly to stabilize the currency and protect the banking system. Today, that system is falling apart, thanks to inflationary central bank policies.
Robert Mugabe, once president for life of Zimbabwe, became infamous for hyperinflation and political repression. Today, he is becoming the patron saint of central banking.
The only thing that saves citizens from much higher prices is the fact that the transmission mechanism of monetary policy is independent and diversified. Imagine if that transmission was direct and had only one channel, the central bank itself.
It is easy to dismiss Chinese advancements in electric vehicles as the result of government subsidies, but private entrepreneurship also is playing a major role.
