Yes I know what happened. Inflation skyrocketed, Federal debt had to be paid with actual gold or silver, and this country was plunged into a very long depression. If I am not mistaken Madison and Gallitin created the 2nd central bank to make it easier to pay for the war of 1812.
Jackson vetoed the five year charter Congress voted for claiming the bank was corrupt and was influencing elections.
We need a central banking system. The Fed is a loose cannon right now. The little bits of information Bernie Sanders and others was able to get out of the Fed showed that in addition to the nearly 1 trillion TARP bailout the Fed gave banks an additional, and the numbers are all over the place, 2 to 14 trillion dollars. I tend to believe the former and not Ron Paul's wild assertions of 14 trillion with 5 trillion going to bail out foreign banks. The point is we don't know what the Fed does with our money.
The newest economic wonderkind Paul Ryan is also a follower of Rand.
One of the original followers of Ayn Rand was none other than Allen Greenspan. How many years did he head up the Fed...nineteen? Don't take my word for it read his words.
http://www.noblesoul.com/orc/bio/turbulence.html
The damage Greenspan did to this country in that nearly twenty years may never be undone. He even admitted it when testifying before Congress, but our traditional media is to stupid to pick up on it and run with it.
It is time for complete oversight of the Fed by Congress. The only problem is the Capitol building is a permanent circus tent with clowns dressed in their $110,000 Alexander Amosu suits doing their act,"lets fuck the poor, the middle class, and the elderly". Read the Ryan budget plan if you don't believe me. /rant