[Edward.Fish]

This is a decent diagnosis of the current problems, but he leaves out any specific proposal to remedy them.

I have one: go back to the gold-standard.
That immediately makes the fed useless (they can't print gold).

[Pelham]

” That immediately makes the fed useless (they can’t print gold).”

Well that’s not accurate. The gold standard existed for many years of the Fed’s history. Even under the gold standard a large portion of the money supply is ‘credit money’ aka ‘bank money’, and it is this portion of the money supply over which the Fed has influence.