Author argues that the debate over central banking and free banking is the most important economic issue of the day. Central banking accepts all the methodological precepts of socialist central planning. The planners pretend to know more than they can know. They presume that their knowledge is better than the market.
They use their power to override market signals of prices and interest. And the results are about as successful as socialism, and he proves this point with the first formal model of central vs. free banking to show that a competitive system would be self correcting where a centralized one is not.