The central bank installed and secured legally, narratively and morally by a kleptocratic state - and state bodies always exhibit increasingly kleptocratic traits towards the end of their life cycle - degenerates into a major destroyer of healthy incentive structures in the economy and in social life.

The state loses the limits imposed by the credit market and begins to proliferate like a cancer with the help of credit creation out of nothing, while the entire credit-creating sector regularly loses its way in the putrid fog of excessive moral hazard due to the existence of this lender of last resort.

We can study the mechanism everywhere these days. The economic stimulus program, which is supposed to lift the staggering Chinese economy out of the crisis with the help of the PBoC's note press, the debt creation programs of the US government - everything continues to follow the rhythm of the infantile Keynesian script.

A good example is the core program of the centralist state, the Green New Deal. The media has been plunged by the climate apocalypse and the scaremongering, a gigantic subsidy machine is rolling out across the continent, which, through the credit interest rates manipulated by the central bank, systematically damages the productive part of the economy by absorbing resources and directing the unproductive channels. By executing this program, financed in large by the ECB, an artificial GDP is to be created, which is centrally controlled and in this way completely eliminates the original natural mechanism, the free market economy.

The now visible price for this madness is rising commodity prices, the manipulation of asset bubbles and an increasingly far-reaching misallocation of scarce resources - the cradle of intervention spirals!

The fact that it is nevertheless possible to stabilize this increasingly unstable monetary system, which has been slithering towards its decline along a growing tilt angle over time, is entirely thanks to the success of the propaganda department. The central banks sit, completely exempt from media criticism, like fat parasitic drones in their nests, redistribution apparatuses with a built-in ignorance mode, unethical, dangerous.

But the fact that it has seriously succeeded in publicly manifesting an inflation target, i.e. convincing the public of an institutionalized robbery, is diabolically ingenious.