CHAPTER NINE CENTRAL BANKING IN THE MODERN ERA A HISTORY OF MONEY AND BANKING 3. A modern money and banking textbook writes: "From our vantage point in the 21" century, the gold standard is a historical artifact that caused nothing but trouble. It is hard to understand why anyone would want to bring it back." a. In its 142-year existence, give one major instance where the gold standard contributed to an economic crisis. Then explain how in one or two sentences. b. Give one advantage of bringing back the gold standard. Defend your answer. c. The textbook concludes: "We know enough today to design and implement a monetary and financial system that functions better than the gold standard did, one that keeps inflation low without risking deflation." Looking back over the last 100 years, do you think the claim made in the last sentence is true? Explain why or why not. d. In contrast to the claims quoted above, can you think of a different reason for why the gold standard was abandoned