It was a feat Morgan and his crew would repeat across the industrial landscape, arranging new equilibrium conditions and regulatory mechanisms in one sector after the other, filling in for a non-existent central banking function (the Federal Reserve was created in 1913, marking the start of a whole new story).
Central banks' second function is macroeconomic stabilisation, setting interest rates to keep inflation in check without causing the economy to stop and start.
They function both as central heating, in winter, and as a recycling centre.
To them economic growth and low unemployment are simply a function of allegedly wise central planning whereby 4% GDP growth and 5% unemployment can essentially be conceived in a lab.
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Apparently the leaders of the Eurozone are not ready to do what is nececcessary to keep the Euro together, and as long as the ECB does not function as a true central bank dictating monetry policy, but it is left at the hands of politicians and the politics of re-election, there is no salvation for the single currency.
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Organizational structure may be an issue because companies that, like the automakers, have a strong central organization or that are organized by function tend to have rigid processes and emphasize efficient operations rather than innovation.
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Central banks have practiced this lender-of-last-resort function with reckless abandon, provoking bank failures and monetary crises galore.
For one thing, it gives the impression that the central bank knows more about the world, or even about its own reaction function, than it really does.
While most people support the principles of environmental protection, few would want to go back to the 18th century, living without electricity, central heating, air travel and automobiles, all of which rely primarily on hydrocarbons to function.
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According to Bitcoin-Central, it's the first exchange of the digital currency to be licensed to operate as a bank and function within the framework of European regulations.
ENGADGET: Bitcoin-Central becomes first Bitcoin exchange licensed to operate like a bank
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