You're absolutely right. You don't hear about the recession and recovery under Coolidge. Why? Because he didn't misuse fiscal policy and TURN IT INTO a depression like subsequent administrations.

And frankly the general establishment of a currency doesn't require an all powerful central banking institution to try and play God with the economy.

The federal reserve was chartered to promote full employment discourage panics and manage the money supply. The countries stability in ALL THREE AREAS has been worse under the federal reserve system including the two biggest recessions in the countries history.

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