I have to disagree with this, at least as it relates to R&D spending. It sounds like you're advocating for pure, unregulated markets and want to rely on free market economics to somehow, magically, create a thriving privatized research program.
I wish I could believe in that, but it's way too simplistic. People point to Bell Labs as an example of successful private research, but other than that and Research Corporation, I don't know of any privately-funded basic research programs. Both of those, combined, produced very little basic science. Not to belittle them, but government funded programs far exceeded them in terms of funding and science output. I view Bell Labs as a market anomaly -- a momentary quirk of a market failure, possible only because Bell telephone held a monopoly for a while and had money they didn't know what to do with and no competition to keep them running lean.
In a properly-functioning market economy, companies that aren't 100% dedicated to maximizing return-on-investment will fail. This rules out basic science funding by corporations. Then you have private philanthropy, which only works when you have such an enormous wealth disparity that the top 0.0001% of citizens hold a large fraction of the nation's wealth and feel the desire at some point to spend a lot of it on research. Again, a consequence of a failed economy.
The way science has been successfully funded in the US has been through government spending by politicians who were motivated to do the right thing for our country. This was publicly justifiable, especially during the cold war, and probably for the wrong reasons. But starting around 1993, the public has begun to steadily lose interest in science and other long-term goals, and our politics have reflected that.
I don't even pretend to know about the pros and cons of the federal reserve bank. I know its history is suspicious at best, but beyond that there is a lot of intelligent debate that's outside my field of expertise. This is an important issue for sure, but I don't see how any fixes related to the Fed would do anything to restore a beneficial state of research in the US. In a healthy, thriving, and competitive economy, basic research can't and won't happen in the private sector.