(There were several, which is why historically, deflation is seen as a highly destructive to economies. It's only the Austrians at the fringe making the argument that deflation is correlated with growth. Even Milton Friedman argues that the Golden Age was such an unprecedented growth period, that it...

No depressions. Bank panics are necessary if the bank is corrupt or insolvent.

If you think the goal of a healthy economy is to never have banking problems or never have contractions, then you believe a Disney fairy tale. Fiat and central banking does not prevent nor stop them. It makes them *systemic* rather than surface layer. In other words, they simply build for 10x as lo...