Financial crises have been more severe, longer, and more sustained since the introduction of central banking. Let us also not forget that the industrial revolution and the extraordinary growth of Western economies in the late 1800s were mostly conducted under free banking without a central buyer and lender of last resort, and in some jurisdictions where a central bank existed it was regulated to follow a strict gold standard.
Financial crises have been more severe, longer, and more sustained since the introduction of central banking. Let us also not forget that the industrial revolution and the extraordinary growth of Western economies in the late 1800s were mostly conducted under free banking without a central buyer and lender of last resort, and in some jurisdictions where a central bank existed it was regulated to follow a strict gold standard.