This once again confirms our message here at The Daily Bell since inception, and even before in other forums, that the current central banking system doesn't work and is causing tremendous problems.

This is not a hypothetical concern: As believers in voluntarism, the Invisible Hand and free markets generally, we're dismayed – discouraged and concerned – by the steady downturn of Western economies. Personally, I don't believe the more hopeful numbers that have been reported recently. I don't think the US is in anything approaching a recovery and Western Europe isn't, either.

The trouble is that people are apt to blame their problems on what they think the system is rather than on the reality, which is that throughout the West, and elsewhere as well, markets are honored more in the breach than not.