That's probably true. The whole benefit of a fractional reserve currency is you can manipulate the money supply to smooth out the peaks and valleys, a bit. On

That's probably true. The whole benefit of a fractional reserve currency is you can manipulate the money supply to smooth out the peaks and valleys, a bit. On the other, hand the government benefits tremendously from both growth and moderate price inflation, so when one of the "peaks" needs to be moderated a bit it almost never actually happens.