Thank you Ron for one of the best entries in this blog ever. I think one cannot discuss the role of central banks in an economy enough, but unfortunately it is all too often not done at all.

Instead the central banks of this world become heroes once they bail out investors who have taken on too much risk.

I suggest everyone should read Alan Meltzer's History of the Federal Reserve as an introduction of the many mistakes the Fed has done in the past just to appear as the white knight once things go haywire.