4) End the Fed by nationalizing it
This is meaningless
I'm not sure the consequences would be positive, though. By that I mean, I'm not sure the Congress (or the Treasury) would be any better at managing monetary policy than the Fed is.
Already, the bad judgment and irresponsibility that got us where we are is starting to return. "easy money" is coming back as part of the "easy" monetary policy the Fed is foisting on us, which means no one was really punished for the bad decisions they made, like the banks giving loans to people who couldn't afford the houses, the people taking on all that debt, etc etc. The banks get bailed out, the people get bailed out, but like a kid with an overindulgent parent nobody is learning fiscal responsibility or personal responsibility.
This is why said statement is meaningless. None of this behavior is mutually exclusive to Private, Semi-private or Public Central Banks. The problem is Central Banking
in and of itself. The Reserve Bank of Zimbabwe is fully in state control yet that didn't stop them from raping the country.