Another fabulous chart form Doug Short showing the frequency of recessions during the period when the US was on the gold standard, and when we got off.
As you can see clearly, recessions were FAR more frequent up until we got off the gold standard. Also, deflation was way more vicious (and it’s not like we avoided inflation either).
Even this most recent downturn doesn’t look that bad compared to what we saw pre-depression.
Monetary flexibility, dig it baby!