I think the question really needs to be asked as to why we even have a Fed. People just seem to accept that a cartel of banks should be in control, presumably because it is masquerading as a a "Federal;" institution. Put it another way, do you think Jacob Rotschild et al fronted by an academic buffoon should be allowed to control the money supply to their benefit and your detriment?
Population growth? The 7% per year increase (in real, not inflation-adjusted, terms) in the stock market over a very long period of time? Which, by the way, reflects the value added of innovation and sheer sweat equity? Are you serious, or just terminally stupid?
why not move into a free market interest rate? Let the market determine what the best rate is... or at least let the market oscilate between 2 bands... [4% and 5% for instance... that way at least you have a clue as to what the market rate should be... As long as the interest rates are set by politicians, and comitees you're gonna have a boom and bust cycle. You can't stop the bust, you can only delay it... by making worse, later.
You had booms & busts before 1914 (the end of the classic gold standard) and before 1913 (the founding of the Fed). Natural part of the cycle. Ain't no such thing as a panacea.
Boom/busts may exist, but they are amplified when private banks control money. For example, the bank panic of 1907 was engineered to sell the public on the need for the Federal Reserve. It took them 6 more years of lobbying, but they finally got the Fed through. Then what happened? The greatest boom/bust ever: Roaring 20s followed by the Great Depression. The result was confiscating gold in 1933 and creating a nanny state. Today is an even greater boom. Followed by an even Greater Depression. The bankers' goal this time is a global currency backed by gold.
Today's market can gain or lose the total value of the 1929 market [pre-crash] on a single day. So yeah... it is a MUCH bigger boom... The question is how big is the bust going to be... ???
You honestly believe JP Morgan was trying to sell the public on the need for the Fed? Never heard that one before. I also have to admit that your bankers' goal is a variation on the usual ... stuff around here. You do realize that those two goals are mutually exclusive, especially since the world situation in 1907 was not far from that "banker's goal"? Takes all kinds, it seems.
Funny, cause the booms and busts prior to the Fed were associated with the First & Second Banks of U.S., a.k.a. predecessors to the Federal Reserve. Otherwise it was just manipulations of Gold supply in order to establish the Fed via scaring the public. Learn financial history. P.S. JPMorgan was and may still is one of the major shareholders of the Federal Reserve.