ROTFLMBO!!!!!!!!! Would that be the same 'system' that has this nation falling apart at the seams? Tell me one part of Hamilton, Clay, and lincoln's 'American System' that has worked. Wait, it's the Federal Reserve, isn't it? No, the Fed Chairman sneezes and capitalist Wall Street drops 200 points. Talk about govenment control of the economy. No, no, that can't be it. Wait. It's the infrastructure. That's it!! All the roads that the government built for us taking 4 times longer than necessary to build the roads? No, no, because the owners of the Union Pacific did that so much it bankrupted the company and cost three to four times more than other railroads just like it. It's the social programs!! That's it, the social programs!! They take care of us and rape us of 20 percent of our income just for Socialized Security. Wait, that's going broke too!!
Maybe you could point out to me what part of the 'American System' Clay, Hamilton, and Clay's lackey lincoln envisioned that actually has worked?
Doubtless you have not studied the economic and financial situation Washington's administrations operated within but you will find that the credit of the U.S.A. immediately became the best in the world. Because Hamilton insisted that the debts be paid off (not defaulted like a 3d world country as Jefferson wished to do) it made them a source of capital and created the ability to borrow when necessary.
This, in turn, allowed the Union to borrow enormous amounts from creditors with the faith they would get their funds back and the interest. This allowed Lincoln to raise the huge resources to defeat the Slaveocrats who were left to the economic idiocy of printing paper money backed by nothing.
As far as market reactions to statements by the Fed - it reacts wildly to many types of statements unrelated to political figures. And it will ignore the fed when it wants as well. Witness the attempts by Greenspan years ago to caution against the internet stocks rocketing value. At least two years went by before the market paid the slightest attention.
Modern economies cannot function effectively without a banking system. National banks are part of that system and are necessary. It is just foolishness which believes that a metallic standard can assist economic growth. Hamilton understood this since he saw first hand the results of not having sufficient capital in the form of gold. The monetary aspect of debt funding was genius in the highest degree and showed the financial incompetence of Madison and Jefferson neither of which interfered with Hamilton's program after they took power. Monroe realized that the expiration of the charter of the 1st National bank was a great mistake and allowed it to be rechartered for the good of the nation.
Jackson's demogogery and hatred of the 2d bank prevented its re-charter and the country went into its greatest economic collapse prior to the Great Depression.
Mythology is fun but not productive as a guide to policy.
This nation is not falling apart at the seams by any measure except those used by the Black Caucus and Jesse Jackson. I know the lives of myself, family, friends and acquaintences is far better financially than they have been for decades. Now, morality and religion is a different story not related to governmental programs or practices. Hamilton warned repeatedly of the ennervating effects of prosperity and worried that the growing wealth of the nation would weaken its people and make them immoral.