The 42-minute video used to be on the front page of End the Fed is an excellent history of the US system. It has been produced by the Mises Institute which is known for advocating the market economy, private property, sound money, and peaceful international relations, while opposing government intervention as economically and socially destructive.
If “sound money” was in circulation, governments would indeed by fulfilling very different roles. But as long as we live in democracies, governments are, at least in theory, ‘democratically accountable’. And in the UK, Parliament is the highest court in the land.