Mitchell Feierstein: Abolish central banks and slay the zombies

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As far as I'm concerned, Carney and former chancellor George Osborne used the levers of monetary policy to distort market-pricing mechanisms and normal price signals. As a result, insurance companies and pension-fund portfolios were loaded to the gills with "risky assets" that will bankrupt them when -- not if -- markets normalise.

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All of this has resulted in a UK commercial and residential property bubble that is ready to explode. In Chelsea and Kensington, property transaction volumes have plummeted. Prices collapsed nearly 15% in November as property agents quietly close shop and sack employees across London. 

Have the Bank-enabled grotesque bubbles in the bond, stock and property markets or the eight years of "temporary emergency measures" and zero-interest-rate policies created infrastructure investment? Job creation? Savings? No, no and no.

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JPMorgan, Deutsche and Nomura made a fortune -- and Monte's shareholders and depositors, and EU taxpayers, will get slammed with the massive bailout tab. The new normal is apparently a world of financial fraud where the only rules which apply are too big to fail, bail or jail and too connected to prosecute --steal all you can, while you can, with impunity.

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Capitalism without bankruptcy is like Catholicism without hell. And right now, we need to audit and abolish the Fed, the Bank and the ECB, which started this mess, and slay the zombies.

Desperate times call for desperate measures; we must create a "new global banking paradigm" -- pivoting far away from the West's broken models, which rely on the same PhD economists, academics and government bureaucrats who have destroyed our global financial system and capitalism, replacing it with a combination of Keynesian economic Kool-Aid and central bank "new normal" Marxism.