This book, like most others that argue against the Fed, insist on a return to the Gold Standard. But what I don't understand is why none seem to address that before the creation of the Fed, we were in a condition of having no Fed and being on the Gold standard. Yet there were still panics, runs, and deep business cycles a-plenty.
Thus, whether the current state of affairs is worse, we've already experienced the end goal (no fed, gold standard) and it was no panacea. So what am I missing?