I'd like to add an explanation to the inflation thing

Without monetary expansion, there can't be much growth, because RGDP growth without inflation would make holding cash more attractive, and this would reduce credit and investment and cause deflation. This is part of why before the Federal Reserve was created and stabilized monetary policy, every couple decades was just a back and forth of super high cyclical inflation and deflation. When inflation is kept stable, moderate, and on target (at about 2%), it allows sustainable RGDP growth. Inflation isn't a "hidden tax" as people like to call it. We already have ample case evidence with Japan on this issue. Their economy hasn't grown ever since they instituted effectively hard money policies, and they have even tried massive fiscal expansions that haven't worked. We're in a crummy place now because, from the right, people like Schiff preach bad policy like hard money, and from the left, people like Krugman preach ineffective policy like fiscal expansion. Fortunately for us, the Fed, while still being influenced too much by each side, is still operating in a much more sound way than the politics would suggest.

Oh also the Great Depression and the Great Recession were both caused by the Fed not sticking to its inflationary target. And the Fed isn't responsible for creating bubbles (bubbles per se don't exist in the first place)