But if the monarchy is to be retained, it must surely retain its reserve powers and its constitutional role.

ECONOMIST: The monarchy

Most of all, though, Britain, like other parliamentary democracies, needs a head of state in possession of reserve powers to check and balance the government.

ECONOMIST: The monarchy

As head of state, the monarch holds reserve powers to reject laws, to dissolve Parliament or to reject requests for dissolutions, and to appoint prime ministers in the event of a hung Parliament.

ECONOMIST: The monarchy

We also need fundamental reform of the Federal Reserve to end its undisciplined powers to created repeated housing bubbles and boom and bust cycles.

FORBES: Magazine Article

Among the changes that could be made: streamlining of banks' regulatory structure, the implementation of capital requirements and increased powers for the Federal Reserve.

FORBES: Election 2008

Finally, House Republicans should pass legislation removing the discretionary monetary policy powers of the Federal Reserve, mandating it to conduct monetary policy in accordance with a price rule following market prices for gold, silver, oil and other commodities.

FORBES: Presidential Debt-Limit Deceptions And Economic Growth

Alan Greenspan is widely considered a highly successful chairman of the Federal Reserve, but the belief that he has special powers to eliminate the cycle is foolish.

ECONOMIST: The unfinished recession

As the Federal Reserve approaches its centennial, it should be held accountable for its failures and its reach for additional powers to fight the financial crisis, which the Fed itself helped create.

FORBES: Bernanke Administers Another Cruel Dose Of Financial Morphine With QE3