The worst depressions in this country have occurred after the formation of the Fed; which is basically a banking cartel. In an actual capitalist society, such as we had 100 years ago, there is no need for a centralized bureaucracy attempting to control the economy.
In a 21st century global market.... there is a need to protect our economy against foreign “invaders”. In the same way the government is suppose to protect our homeland from invasion, I believe the government should provide protection from foreign attack on our economy. I believe the fed serves that purpose... in part.
You don't know your history. Prior to the FED we had deflationary depressions every 20 years and they were severe. High unemployment and high business and bank failure rates.
We had 2 depressions early after the formation of the FED which included the great Depression, and they were caused by the FED overtightening the money supply. The Fed learned and since that time we've not had a depression, though the current recession is very close to one.
80 years with no depressions is a phenomenal record and that is thanks to the FED.
Economic Depressions of the United States
History of Economic Downturns in the U.S.
You're claim that the FED is a banking cartel is silly. The FED profit all gets turned back over to the U.S. Treasury not the banks. And the entire FED board of governors which determines interest rate policy is appointed by the President, not the banks. The banks do get to elect 2/3's of the directors of the Federal Reserve banks, but half of those have to come from the business community not the banking industry. And the remaining 1/3 gets appointed by the Board of Governors which itself was appointed by the President.