There is plenty of empirical evidence from the 1800 to 1930s showing how a deflationary currency affects the economy. Amongst other things getting stuck in perm

There is plenty of empirical evidence from the 1800 to 1930s showing how a deflationary currency affects the economy. Amongst other things getting stuck in permanent boom and bust cycles wasn’t that great. > But the same criticism can be leveled at Treasury bonds Not to the same extent. Bond returns are usually barely above inflation. e.g. back in the second half of the 1800s you’d get 4% interest plus 1.5-2% average yearly deflation (since the economy was growing due to technological progress/etc. yet money was relatively very scarce).