There are at least four good reasons for removing Wilson’s name from Princeton buildings—racial bigotry, his embroiling the US in World War I, his founding of the Fed, and his enactment of the US income tax.
After the Great War, Austrian cities and towns began issuing their own money. The Germans tried something similar, but without the voluntary and decentralized aspects of the Austrian model. German disaster ensued.
The new Keynesian recommendation for monetary policy is to “stabilize the growth of aggregate demand.” In plain language this means that the monetary authorities should never stop flooding the economy with paper money.