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The Great Depression was not during the international gold standard period. By the time it rolled around, central banks controlled the money supply of every adv
by aminok 14y ago
The Great Depression was not during the international gold standard period. By the time it rolled around, central banks controlled the money supply of every advanced economy, and in the midst of the Depression, the U.S. government further left gold-redeemable currency by enacting Executive Order 6102, which ordered all private citizens to turn in their gold, criminalized private gold possession, and made dollars irredeemable in gold.
But let's grant that the Great Depression, along with the Long Depression, was during the gold standard's reign. That's two serious economic contractions interspersing mostly long periods of expansion. Compared to the last several decades, which has been marked by several 'lost decades' for the Middle Class, the gold standard era doesn't look bad.