It sounds like you haven't read anything about history in the United States before modern central banking took hold. See section 2, the free banking era: https

It sounds like you haven't read anything about history in the United States before modern central banking took hold. See section 2, the free banking era: https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States https://en.wikipedia.org/wiki/List_of_recessions_in_the_Unit... With no central bank, our economy experienced regular depressions (worse than recessions--but lots of those too) and panics with unemployment fluctuating up to 20% during each of those times.