Europe had the Great Bullion Famine in the 15th century causing deflation across the continent, which was ended by the Spanish flooding Europe with gold from th

Europe had the Great Bullion Famine in the 15th century causing deflation across the continent, which was ended by the Spanish flooding Europe with gold from the Americas, causing massive inflation instead. https://en.wikipedia.org/wiki/Great_Bullion_Famine https://en.wikipedia.org/wiki/Great_Bullion_Famine A long period of deflation followed by a long period of over-inflation doesn't scream stability to me.