How has the Federal Reserve System managed since its inception?

In what ways has the system been effective?
In what ways has the system not been effective?
Could the United States gone without?
Can the United States go without?
Should it remain a central banking system?
Is there a better system?

How would Americans today be under the impression that “the country [needs] some sort of banking and currency reform that would, when threatened by financial panics, provide a ready reserve of liquid assets, and furthermore allow for currency and credit to expand and contract seasonally within the U.S. economy” (Wikipedia)?

Wikipedia. Federal Reserve Act. Web. <http://en.wikipedia.org/wiki/Federal_Reserve_Act>