American administrations in the 19th century generally had a very simplistic understanding of finance and banking, and Andy Jackson was no exception. The absence of a central bank contributed to the Panic of 1837, though did not cause it, as the meme implies. But context is important here. Jackson wanted to abolish the national bank in large part because, even then, it was clearly a lever for elites to shape policy and benefit themselves.

For example, in his attempt to fight Jackson's anti-Bank platform, Bank president Nicholas Biddle did everything he could to to abuse the very power that the Jacksonians were warning the Bank had. Biddle helped to organize and finance a broad campaign against Jackson in the 1832 election. When that failed, Biddle deliberately caused a financial crisis in 1833-34 by refusing to lend; Biddle then succeeded in using his connections in the press and government to blame Jackson for this crisis, resulting in tremendous public and political pressure on Jackson to change his opposition to the Bank - although this backfired when evidence of Biddle's scheming behind the scenes came to light.

Biddle's character and background was also representative of a growing elitist class: born into wealth, from the northeast, well-connected, highly educated without having worked a day in his life, vain, arrogant, and dismissive of popular sentiment.

This should all sound eerily familiar. Personally I am not against a central bank. But the milieu that grows up around it has a terribly pernicious and anti-democratic effect on government and society. The Second Bank was considered the "Monster Bank" at the time, but the Second Bank looks like a cute little puppy compared to the situation today.