He doesn't seem to have ever understood the critical role of Fed policy and mistakenly thought that arbitrarily raising the price of gold would make money easier.

In contrast, if we look at normal recessions, where the country is not at war, is on the gold standard, and where Keynesian policy is not dominant, we find a much different story.

But if the actions of central Banks are themselves pushing up the gold price, can they use that same price as justification for tightening policy?