[Toddsterpatriot]

But it is true that Panics were more frequent, and deeper, under the gold standard.

lol Yeah right. The Great Depression didn't earn its name for nothing.

I know, and we were under the gold standard.

[Errant]

I know, and we were under the gold standard.

What's a "gold standard"?

[Partisan Gunslinger]

I know, and we were under the gold standard.

You say the Fed is an alternative to the gold standard and you say that downturns were deeper pre 1913, and then things were OK because now we had the Fed. But the Great Depression was after 1913. So what's the deal? Was 1913 the start of the Fed era or not? What was the purpose of the Fed if they couldn't avert the most severe downturn ever?