This is so true.
Also true with central banking, where Walter Bagehot admitted as such, that central banking was a less stable alternative to the private banking system.
Managing short-term volatility at the expense of long-term stability.
Now that banks have adopted ‘inflation-fighting’ as their primary mission, they are fomenting long-term instability by taming short-term volatility. A perfect union for government whose time horizon only goes to the next election