Finance, Forex and Investments

Why don't mainstream economists ever blame the Central Bank?

They always blame capitalism. Do Keynesians think the government and the central bank are always right? Are Bernanke or Greenspan that wise?

Public Comments

1. Best quote I can think of to both support and refute your point: Capitalism is a horrible, gawd awful system; except for all the other ones. For a lot of short term individual level problems the vagaries of capitalism are to blame. They are real and lurk behind every corner in a capitalist system. In a well functioning capitalist society these vagaries are planned for in the form of savings/investments, never ending education, and a willingness to move to where the jobs are.
2. They criticize the fed policy but they do it quietly in academic journals and blogs with few readers because they believe that a central bank is necessary for capitalism to work in the modern world, and they do not want it destroyed. Since very few people understand what the fed does the media would only report any discussion of fed policy if it were "for it or against it" debate. Edit: Capitalist economies have always had business cycles, whether or not they have a central bank, or what monetary system- Fiat money, gold standard, coins etc. they have.