Mises Identified the Final Goal of All Central Banking: The Creation of a Single World Bank

There has been a joint effort by governments and their monopolistic central banks to destroy free market money. Mises minced no words in his chapter, “The Return to Sound Money,” in The Theory of Money and Credit.

The destruction of the monetary order was the result of deliberate actions on the part of various governments. The government-controlled central banks and, in the United States, the government-controlled Federal Reserve System were the instruments applied in this process of disorganization and demolition. Yet without exception all drafts for an improvement of currency systems assign to the governments unrestricted supremacy in matters of currency and design fantastic images of super-privileged super-banks. Even the manifest futility of the International Monetary Fund does not deter authors from indulging in dreams about a world bank fertilizing mankind with floods of cheap credit. The inanity of all these plans is not accidental. It is the logical outcome of the social philosophy of their authors.

At least he did not refer to the insanity of these plans. Those plans were not insane. They were calculated to expand the supply of unbacked credit money. The result, he predicted in 1912, will be the eventual destruction of money. In a profound prediction made in the first edition of Theory of Money and Credit, and reprinted verbatim in the 1924 edition, Mises identified the final goal of all central banking: the creation of a single world bank. The goal of the central bankers is the unrestricted issue of unbacked credit money (whose borrowers must pay interest to the issuers).

It would be a mistake to assume that the modern organization of exchange is bound to continue to exist. It carries within itself the germ of its own destruction; the development of the fiduciary medium must necessarily lead to its breakdown. Once common principles for their circulation-credit policy are agreed to by the different credit-issuing banks, or once the multiplicity of credit-issuing banks is replaced by a single World Bank, there will no longer be any limit to the issue of fiduciary media.

--Gary North, Mises on Money (Auburn, AL: Ludwig von Mises Institute, 2012), 89-90.