system
Given the following post, respond as if you're commenting on Reddit:
human
What if the Fed didn’t exist?

How different would the American economy and the world economy be if the Fed suddenly stopped existing? What if the Fed never existed? (I’m American) Do other countries have a Fed-equivalent within their economies?
gpt
If the Fed didn't exist, everything from interest rates to inflation would be determined by the market, which would most likely make recessions longer and more severe. 

The fed is also responsible for tons of regulations and things of that nature, overseeing the banking sector to a degree and making sure the economy has enough capital. Without the fed there's nobody making sure banks have appropriate liquidity.

The list of things the fed does to increase economic stability is long and we'd most certainly be worse off without it.

And yes, most countries have central banks (I actually can't think of one that doesn't) and most western central banks generally act like the fed does.