What system did we have during the greatest period of peaceful domestic growth, the 1800’s? Not the Fed. Look at what has happened to all asset values since Nixon broke the last line to gold in the early 1970’s. In parallel with that, a steady decline in middle-class income.
I say keep the Fed and let them handle things such as check-in clearing. The free market should set interest rates.
Real money needs to be gold and silver backed. It is the Constitutional way.
Our prime lending rate should be such that the value of the dollar does not change. I’m willing to bet that such a rate would also be the most profitable rate for banks to use as a base for their own rates.