Why consumption tax is not the answer (Sneak peek)

I felt like refuting the views of mainstream economists that consumption tax is the answer to the ailing economy of a country. I plan to have it referenced where necessary and this would obviously take time for me to gather all the data and relevant facts. Anyway, this is an introduction of my article:

The year was 1656, a Dutch merchant named Johan Palmstruch proposed to King Charles X Gustav

on the formation of a banking institution in Sweden. The Stockholms Blanco was created, and this paved way to modern central banks. While there were banks before 1656, Palmstruch formulated two revolutionary concepts. Firstly, the deposited money was used to finance loans. This proved disastrous later on due to the mismatch of the duration of deposits versus loans. Deposits back then were short term while loans were repaid over a longer duration. To solve this issue (and his second innovation), he introduced the first European banknote which could be exchanged for the specified amount of gold or silver. With no proper controls, it was a recipe for disaster certainly. By 1568, this ticking time bomb finally exploded which lead to the demise of the Stockholms Blanco and Palmstruch was imprisoned.

Since the Stockholms Blanco, central banks have played a crucial role when it comes to a nation`s economy. The German hyperinflation and the Great Depression taught us an important lesson : When central bankers fail, so do societies. Closer to the present, during the 07/08 financial crisis, central bankers from the Federal Reserve (FED), Bank of England (BoE), European Central Bank (ECB) among others were at the front, putting out the fire caused by housing bubble that was escalated further thanks to Wall Street`s packaging of toxic assets.