Yes and while on the gold standard, we had deflationary depressions every 20 years. And the dollar still lost 51% of it’s value from 1800 to 1900. And there was a bout of hyper inflation in the 1850’s.
And guess what? The gold standard didn’t stop either the Federal government or the state governments from overextending on debt either.
There’s only 5 billion oz of gold in the world. And there is 6 billion people. How small do you like your coins?
Do you know who is the major producer of gold now? That’s right...China. Imagine how much better it would be if China controlled our money growth than if the FED did.
FYI... Just a little side note. They keep finding more gold every year. It’s not going to run out, but yes supplies are limited which hold it value.
So let’s talk about the Federal Reserve you. Since it has been created how many wars has it prevented? What about inflation, deflation, recessions and depressions. What about the bailing out FOREIGN BANKS with our money? What about how they tell our congress no you can’t look at our books? That does not raise any suspicion?
If you have the time, then please watch this presentation. Break out a cup of coffee and enjoy. Probably the most you ever heard about Federeal Reserve. Well worth the watch and too bad you can’t get a college credit for it.
http://www.youtube.com/watch?v=7auQEXTWomA&feature=related