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.