Reality is what it is and prices are what they are regardless of whoever looks or doesn't look into it. It's always possible to come up w/ reasons to justify a cherished belief, but when it comes to money we're forced back into reality.
What we got is that the Fed cannot control the U.S. economy, that's pure political fantasy and most folks who know what they're doing understand it. What the fed was created for and what it does well is it acts as a lender of last resort to prevent bank failures and it carries out monetary policy ("coin money and regulate the value").
What happened in 1913 when the FR laws were passed was that a process began w/ a lot of changes. As far as inflation goes dumping the precious metals certificates in the 1930's, the FOMC, and having a Fed run monetary policy altogether put paid to the wild price swings of decades past.
Beyond all the gold bug nonsense most people prefer stable prices, and while Yellen will probably go, the Fed will probably stay.