It is hard for bankers to cause recessions

Regular readers of this blog probably know that I hold the Bank of France – and its insane gold accumulation policy after rejoining the gold standard in 1928 – primarily responsible for the deflation that inevitably led to the Great Depression. 

I might say the gold standard led us to the great depression, but by no means caused it.  The problem with 'bankers cause recessions' is that paper is cheap, that is what we are using.  Accounting is natural, we can always count value. 

It is almost always the government behind the central banker which slows the adaptation process, and government is almost always broke at the end of each generation. And it is government, and the threat of force, that force bankers into fraud.

In the case of France, the government would have been unable to back up the gold horde with real production, the other nations should have known. We are left to suppose the Bank of England ends up with a vault full of French francs and did not suspect them over valued?