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dude, gold standard is NOT a magic bullet that solves all economic ails.
boom bust cycle will still happen under gold standard. root cause of boom bust cycle is not federal reserve or fiat currency. it's caused by people acting like a herd of cattle. when times are good everyone overspends or gets loans. bam rapid growth. when times are bad everyone saves, money circulation drops. bam recession.
real argument for gold standard is denying government ability to deficit spent (i.e. tax wealth via inflation) and deny gov control over the money supply.
second bit is also its downfall. control of money supply in gold standard is basically tied to the rate of gold production. no way to implement monetary policy.
there's nothing inherently wrong with a central bank or monetary policy... the problem is making sure the central bank uses that power responsibly. debate of fiat vs gold is really debate on how much power to allocate to central bank. fiat = alot; gold = very little.
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