I assume you are talking about loss of productive capacity, Bob?  We somehow came to believe that money shuffling was productive work and the real creation of wealth could be sent overseas much to our dismay.

I love the thought of a gold standard to prevent the banks from getting a free ride while the people have to pay. But deflation would be the result.  All farmers who owe debt should be glad we are not on a gold standard for this depression.  If you think about it, individuals still have access to a gold standard when you can freely purchase gold.  Only it is a free market floating standard.  The free gold market (when not manipulated by central banks) sets the "standard" when it determines the dollar/gold ratio each day.  This ratio will keep increasing until deflation is no longer occuring.

The more I think about it, the more I like having the choice to own gold, and yet avoid a debt collapse.  I just take issue with who gets the printed money.  If the central banks weren't the keymaster, the govt could become debt free, stop deflation, and stimulate the economy at the same time, all while savers have the option of saving in gold.  So I say END THE FED.