Folding the Fed Central bank isn't equipped to save the economy

The Fed does have the tools to increase or decrease the money supply, which means it can control the rate of inflation or deflation. However, the Fed has done a poor job of maintaining the value of the currency, as the dollar is now worth only about one-twenty-second of its 1913 value. The Fed also was supposed to maintain a sound and stable banking system; however, since the Fed was created in 1913, bank failures have been at a higher rate than during the pre-Fed period.

http://www.washingtontimes.com/news/2010/dec/6/folding-the-fed/?page=1