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That is exactly the problem. They issued more currency than there was gold in the reserve. I.e. they broke the gold standard.
by Geee 3y ago
That is exactly the problem. They issued more currency than there was gold in the reserve. I.e. they broke the gold standard.
- marcinzm 3y agoLooking at charts of the US gold supply it seems to have grown fairly significantly in the early 1900s up to the great depression, and seems to have been more than the 60% cited for money supply growth.