JP Morgan 2x financially bailed out the Federal Gov , hence the 16th and 17th Amendments
Fractional reserve banking changed the game by allowing the overall economy to grow significantly, it’s not perfect but our over all economy would be way smaller if on a gold standard, as would the overall standard of living as I understand it. It’s not an easy circumstance, arguments can be made on either side to support the position.
Please examine your statement, or wherever you heard it, carefully.
How does the Federal Reserve, a central planning agency, with the absolute power of money creation, help an economy grow faster? Why is not Bolivia then an economic powerhouse?