This theorem can be applied to currencies, too. Anything that can be done by a central bank can be done without a central bank . The central bank for the United States of America, as you probably already know, is the US Federal Reserve. The stated dual mandate of the US Federal Reserve System is:

"The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy's long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates."

To state this in other words, the dual mandate is:
1. Stable prices
2. Maximum employment