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<p>[QUOTE=&quot;johnmilton, post: 3411390, member: 101855&quot;]Sorry, but this is recipe for hard times and poverty. Why should the amount of gold or silver in a county set the money supply? Even in the good days, the gold standard caused more than its share of economic headaches. The Panic of 1893 was driven in part by bad legislation caused a drain on the United States gold reserve. </p><p><br /></p><p>Furthermore, if you went back to a Gold Stardard, what would be your gold price? Given the size of the global economy it might need to be $500,000 an ounce or more. There simply is not enough gold in the world to re-start the gold standard. The world economy has grown way passed that. </p><p><br /></p><p>The right monetary policy is to set the money supply at a level that keeps the economy humming. Not too much because that leads to inflation and not too little because that will cause economic recessions and depressions because of a lack of liquidity. </p><p><br /></p><p>You can I can have debates about mistakes that the Federal Reserve has made. I won’t dispute that fact that it has made things worse at times by making the wrong call. But it’s made the right call most of the time, and that’s why the economy has done, on average, fairly well since the depression of the 1930s.[/QUOTE]</p><p><br /></p>

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