In his book Never Let a Serious Crisis Go to Waste , Philip Mirowski correctly diagnoses many problems with neoclassical economics. The reader soon notices, however, that Mirowski doesn't know the difference between Austrian economists and neoliberals.
When property rights in money are poorly defined, negative external effects develop. The institutional setup of the euro, with its poorly defined property rights, has brought it close to collapse and can be called a tragedy of the commons.
Only two things can save the Fed at this point. One is a bailout by the federal government. This recapitalization could be financed by taxes or by monetizing government debt in another blow to the value of the currency.