Yes, cutting taxes and regulations will also make the rich richer, but as the French say: "c'est la vie."
And there's a bigger issue at stake than just the threat of European deflation and more recessions here in America — liberty.
I don't know what's more disturbing, the fact that the Fed's and ECB's policies haven't been all that effective or the weird reality that has made unelected people like Draghi, Bernanke, and Yellen celebrities because of the increased power they yield in supposedly democratic societies.
These central bankers are not necessarily bad people, but they don't have to be accountable to the people. And that's a recipe for disaster.
Read MoreIs the tea party over?
The good news is that the people of Europe and the United States aren't giving up their quest for liberty just yet. While the statists and elite media types insist the recent EU parliamentary elections were dominated by "Far Right" parties, the truth is the victories by the UKIP and other parties like it were a strong blow for taking at least some power away from the unelected EU gang.
And while our elitist mainstream news media and academic types continue to insist the Tea Party is in some kind of death throes, the truth is even as many new Tea Party candidates fail at the polls, their policies are making more and more headway into mainstream GOP political campaigns.
The problem on both U.S. and European shores isn't the people, it's the politicians and technocrats who seem to loathe and fear the will of the people like never before.
Margaret Thatcher, who compared to today's European leaders seems like some kind of mythological hero, once said: "There can be no liberty without economic liberty." Perhaps she was just too foolish to think that her political descendants would even care about liberty at all.
Commentary by Jake Novak, supervising producer of "Street Signs." Follow him on Twitter