Most of the arguments against the Fed are both familiar to me and unconvincing. Reserve banking arose here because of market failures over a large country and will never go away. Modern capitalism is too closely linked to it.
Hamilton’s bank and the Second Bank of the United States, which performed some of the same functions as the Fed, played very important and productive rolls in the development of the United States.
It became obvious to even anti-bank forces (Jeffersonians principally) that letting the first bank lapse was a serious mistake and it took an even more fanatical Democrat, Andrew Jackson, to destroy the Second. A decade long depression ensued ending only with the Mexican War and California Gold Rush.
Read “The Creature from Jekyll Island.” You’ll understand the history far more fully and you’ll be able to see the true impact of socialist banking. Most of what we’re going through economically is because of socialist economic policies in America backed by the socialist banking system employed by central banks.