A major theorem of cryptography is that anything that be done
with a trusted authority can be done without1 a trusted
authority. This theorem can be applied to currencies, too.
Anything that can be done by a central bank can be done without
a central bank . The central bank for the United States of
America, as you probably already know, is the US Federal
Reserve. The stated dual mandate of the US Federal Reserve
System is: "The Board of Governors of the Federal Reserve System
and the Federal Open Market Committee shall maintain long run
growth of the monetary and credit aggregates commensurate with
the economy's long run potential to increase production, so as
to promote effectively the goals of maximum employment, stable
prices, and moderate long-term interest rates." To state this in
other words, the dual mandate is: 1. Stable prices 2. Maximum
employment However, the real dual mandate for the US Federal
Reserve during the past five years has been : 1. Bail out the US
Government. 2. Bail out the Big Banks.