I believe that the only way we will ever have really good economic policy in the US is to abolish the Fed or move to a gold standard (which really amounts to the same thing). Most people don't believe this is possible, probably because there has always been a Federal Reserve during their lifetime. But there is one country that has no central bank and it's operating just fine thanks:
In this modern, post-–Bretton Woods world of "monetary order" and coordinated central-bank inflation, many who are otherwise sympathetic to the arguments against central banks believe that the elimination of central banking is an unattainable, utopian dream.
For a real-world example of how a system of market-chosen monetary policy would work in the absence of a central bank, one need not look to the past; the example exists in present-day Central America, in the Republic of Panama, a country that has lived without a central bank since its independence, with a very successful and stable macroeconomic environment.
Just think: a world where Ben Bernanke is just an economics professor. What a wonderful thought....