Part of Ron Paul’s narrative is that the federal reserve and the switch from a gold standard to a fiat currency is the cause for many of our problems today. The claim here is that not being backed by gold, our currency is too unstable and that the Federal reserve has only served to create bubbles which eventually burst. However, this is very little in the way of actual evidence for this. The longer the Fed has been in existence, the more stable the economy has been. Likewise, the business cycle was far more volatile before the US abandoned the gold standard altogether (“End the Fed” proponents seem to believe that speculative bubbles didn’t exist before central banking).