I don't see how this system without a central bank could really happen.  Thing weren't so great in those days either and the economy had panics then.  I do think Greenspan screwed up twice.  First was when he failed to raise interest rates in 1999 to stop the stock market bubble.  The in the 2003 until the end of his term when he just left them two low.  Bernanke got in in 2006 and raised rates too high and too late.  Plus the central banks did tell AIG and the big banks to write all of these credit default swaps without collateral.  

The big problem now is that we have had an economic/politcal "perfect storm" with the meltdown happening just at election time, Bush over reacts, and Obama wins and uses Bush's spending to justify his own even more irresponsible spending.