We are so used to having central banks that many believe them to be essential. However, this is not the case. Interest rates can easily be set by a free market, and asset purchases by Central Banks serve no purpose other than to override the price discovery process to the advantage of some and detriment of others.
The interference of Central Banks has a tendency to benefit those that are closely tied to it. Low interest rates are given to those in its immediate circle of influence. Asset purchases are likewise done from the well connected, to the detriment of everybody else.
There is no doubt that Central Banks benefit the elite at the expense of the less well connected. The only question is whether this is by accident or by design. However, regardless of evil intent or not, abolishing Central Banks would benefit everybody but a very tiny elite.
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