>This presumes that inflation wouldn't happen with gold, which isn't straightforwardly true. Technological advances could make gold easier to extract which woul

>This presumes that inflation wouldn't happen with gold, which isn't straightforwardly true. Technological advances could make gold easier to extract which would increase their supply, which in effect is printing money. Yes, but it's unlikely there'd be such advances made consistently year after year, given that's not what we've seen historically. The US had a gold-backed currency for the entire 1800s and there wasn't any significant inflation: https://www.minneapolisfed.org/about-us/monetary-policy/inflation-calculator/consumer-price-index-1800- https://www.minneapolisfed.org/about-us/monetary-policy/infl... . >The only difference is that it would go to miners rather than "elites in the financial system". Yes you're right. Based on historical data though I'd expect them to receive overall much less than the financial industry currently does, given how much less inflation there was in the period prior to Bretton Woods ending. As per that link I shared earlier, the CPI was 51 in 1800, 25 in 1900, 116.7 in 1970, and 900 in 2023.