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And the actual evidence behind the author's claim that deflationary currencies aren't successful? crickets Gold has been deflationary for all of recorded hist
by alexeisadeski3 13y ago
And the actual evidence behind the author's claim that deflationary currencies aren't successful?
crickets
Gold has been deflationary for all of recorded history, insofar as I'm aware (ie: rate of gold discovery was slower than economic expansion), yet it seemed to work pretty well for a little while.
- Nursie 13y ago>> Gold has been deflationary for all of recorded history, insofar as I'm aware (ie: rate of gold discovery was slower than economic expansion), yet it seemed to work pretty well for a little while. Gold has been a terrible choice of currency in the past. Read about it. There are a variety of very good reasons (and probably one or two bad ones, sure) why most modern countries have decoupled currency from precious metals.
- gahahaha 13y agoGold didn't work very well as a currency. There is plenty of proof, but just look at the first graph in this article. http://fabiusmaximus.com/2010/09/13/21514/ http://fabiusmaximus.com/2010/09/13/21514/ Industrial production and when a country left the gold standard. Obviously clinging to the gold standard for so long was a huge mistake. (my point is purely related to that one graph, not the rest of the article (that I have not read))
- deleted 13y ago[deleted]