One key piece to remember is that in true austrian theory, the central bank has no place as that is an attempt at free market regulation which is utterly imposs

One key piece to remember is that in true austrian theory, the central bank has no place as that is an attempt at free market regulation which is utterly impossible (see book "I, Pencil" as an example of the difficulty in truly understanding and regulating a free market). The bad policy of th Fed itself was NOT within austrian theory but caused by the introduction of the Fed in 1913 to "quelch" financial instability (what good that did, as expected).