Under the gold standard America had no major financial panics other than in 1873, 1884, 1890, 1893, 1907, 1930, 1931, 1932, and 1933.
Paul KrugmanI've always believed in expansionary monetary policy and if necessary fiscal policy when the economy is depressed.
Paul KrugmanAnyone who thinks that the last 80 years, ever since FDR took us off gold, have been a doomed venture, that strikes me as kind of cranky.
Paul Krugman