DislikedYou're right, there have been times where we left the gold standard because it wasn't flexible enough to allow debt.
However after the civil war it was expected that the US would again support it's currency with gold by allowing dollar redemption. That would've returned us to the gold standard. Thus speculation in gold had a direct impact on interest rates and the monetary supply. This set off a chain of events.
The history channel had an excellent special on this a while back... I wish I could find it again.Ignored
I think in ancient Rome a gold coin would dress you from head to toe (sandals, toga, etc). A gold coin today will still get you a decent suit and shoes. Our forefathers had a lot of good reason to say only gold and silver will be money (Article I section 10 of the united States Constitution).
I'll look for that History channel special as well, I'm curious now.
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