The common meme goes something like... "if it wasn't for the Fed, we'd be..." [insert any and all apocalyptic counterfactual scenario]" However, on closer inspection of the "facts" - those things bloggers are so prone to hide behind - it would appear that the Fed has been a failure across the board...
Uncertainty (Stabiliteeee)... #FAIL!
In sum, the Federal Reserve has failed on both parts of its dual mandate: growth necessary to maximize employment has not been achieved, and prices have clearly been anything but stable.
But to be fair, the Fed was originally created, not with the dual mandate of today, but rather to prevent
banking panics such as the brutal ‘Panic of 1907’.
#FAIL!! again - Just a little deeper, faster, more volatile, and a tad more panic-ier.