Hampering government’s ability to generate debt to “respond” to crises is a feature of a hard money standard, not a bug. Even if I granted that the state should have this authority (I do not), history has proven that state intervention actually makes the highs and lows worse rather than flattening out the volatility. We’ve had tons of bubbles, crashes and mini recessions since the founding of the Federal Reserve in 1913. All their activity does is enrich the politically favored, socialize losses rather than force foolish or nefarious actors to suffers the economic consequences of their actions, and drain purchasing power from the plebs.