We Just Got Some Fantastic Economic News About Middle-Class Families … America's long, slow, and frustrating economic recovery hit an important milestone last year, as middle-class incomes rose for the first time since the Great Recession. According to the latest annual analysis from the Census Bureau, real median household incomes jumped by a surprisingly strong 5.2 percent in 2015, which as the White House Council of Economic Advisers notes, is the fastest rate on record. The latest yearly increase occurred in 2007, before the housing bust and financial crisis put us all through an economic thresher. -Slate

Slate is ecstatic over the latest economic news, believing that the US is on the road to recovery. This is incorrect, though. The US and the world are on the way to the largest economic disaster ever faced.

The scourge of central banking has homogenized the world's economies. This is not merely speculation. The world's top banks meet regularly in Switzerland at the offices of the Bank for International Settlements

The BIS is supposed to "coordinate" the policies of major central banks.

If one steps back and looks at it dispassionately, wonderment ensues. Central banks are state mandated monopolies. They are kept in place by force.

And these monopolies meet regularly with the BIS for purposes of further coordination. Regional and national monopolies, in other words, are harmonized – monopolized – by the BIS.

The result of state monopolies is always the same. They lead to disaster. Since central banks are the most powerful economic entities in the world, the disaster, when it comes, will create a catastrophe unlike any other.

This is not just our perspective. No less a luminary than William White, a former top executive with the BIS, stated earlier this year that the world's indebtedness was irreversible.  Nothing less than a global jubilee will suffice to right the global economy.

White didn't blame central banking per se for the growing global insolvency, but he could have.

Those who set up the Fed certainly knew of its capacity for disaster. Back in the 1930, the Fed expanded its balance sheet by 300%, according to recent historical report provided by Gains, Pains and Capital. More:

On a relative basis, the Fed's balance sheet grew from 5% of US GDP to 23% of GDP. This is an expansion relative to GDP is IDENTICAL to that which the Fed has accomplished since 2008.

And the outcome is looking to be the same. In 1933, CPI began erupting higher. By 1937, CPI was 3.6%. The Fed was forced to hike rates to halt inflation, kicking the weak US economy in the teeth and triggering a particularly nasty recession.

Please put aside all the blather about recovery and central bank good intentions. Central banks are weapons of mass economic destruction and, even worse, this is exactly what they are intended to be.